May 21, 2024

Medical Robots Market is Estimated to Witness High Growth Owing to Technological Advancements in Surgical Robotics

Medical robots are advanced robotic systems utilized in various medical applications such as surgical procedures, rehabilitation, mobility assistance, and hospital management. These robots assist surgeons in performing complex minimally invasive medical procedures with more precision, flexibility, and control than conventional open surgery techniques. Medical robots offer benefits such as reduced hospital stay, minimal blood loss, minimal scarring, and faster recovery time.

The Global Medical Robots Market is estimated to be valued at US$ 11.47 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Medical Robots are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. These players are focusing on developing innovative robotic technologies for medical applications.

The key opportunities in the medical robots market include increasing investments from both private and public sectors for the development of advanced robotic technologies. There is a rising demand for medical robots from hospitals and healthcare facilities to perform minimally invasive surgeries.

Technological advancements such as artificial intelligence, 3D vision systems, sensor integration and miniaturization of components are allowing medical robots to undertake complicated procedures with enhanced accuracy and autonomy. Companies are developing AI-powered surgical robots with machine learning capabilities.

Market drivers
Rising geriatric population susceptible to various medical conditions is driving the demand for medical robots. As per the United Nations, the population aged 60 years and above is expected to double by 2050 and reach nearly 2.1 billion globally. Growing prevalence of chronic diseases like cancer requiring surgical treatments also propels the need for medical robots. Other factors like increasing healthcare expenditure per capita, advancements in robotics technology and benefits of medical robots over traditional open surgeries are fueling the medical robots market growth.

Current challenges in Medical Robots Market
The medical robots market is still in a nascent stage with many technological and operational challenges. Issues around accuracy, sense of touch and integration with existing medical systems need to be addressed. High initial costs also limit widespread adoption. Training medical staff to effectively use robots during procedures is another hurdle. Regulation and certification takes time which delays product launches.

SWOT Analysis
Strength: Medical robots offer higher accuracy, minimal invasive capabilities and flexibility during complex surgeries reducing human errors. Their three-dimensional vision systems produce highly precise movements.
Weakness: High R&D and equipment costs. Limited tactile feedback and ability to make subjective decisions.
Opportunity: Rapidly aging populations driving demand for quality healthcare. Growing investments in AI, 5G to make robots smarter and more affordable.
Threats: Resistance from medical practitioners to adopt new technologies. Stringent regulations delay market entry. Concerns around cyber security and equipment malfunction.

In terms of value, North America dominates the medical robots market currently owing to significant investments in healthcare robotics by hospitals and research organizations. Parts of Europe and Japan are also major markets driven by their technologically advanced healthcare infrastructure and aging demographics.

The Asia Pacific region excluding Japan is fastest growing for medical robots market. China in particular is witnessing mass adoption of robots due to large patient base, favorable government policies promoting indigenization and increasing healthcare expenditures. Other emerging countries in Southeast Asia and Latin America also present lucrative prospects.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it