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The medical robots market mainly comprises surgical robots used to perform MIS surgeries. Surgical robots offer greater precision, flexibility, and control over minimally invasive surgical instruments. They reduce hand tremors and allow physicians to track surgical movements in 3D. Surgical robots have transformed complex surgeries and improved patient recoveries.
The global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for surgical robots is being driven by the rising geriatric population globally. People aged above 65 are more prone to develop health conditions that require surgery such as cancer, cardiovascular diseases etc. According to the United Nations, the global population aged above 65 will reach 1.5 billion by 2050 from 703 million in 2019. Surgical robots provide surgeons enhanced control, precision, and flexibility over minimally invasive surgeries allowing for improved clinical outcomes in ageing patients and reducing post-operative recovery time. The ability of surgical robots to deliver improved care to elderly patients undergoing complex healthcare conditions requiring surgery is a major factor fuelling their adoption worldwide.
SWOT Analysis
Strength: Medical robots offer increased accuracy and precision during surgical procedures which leads to better clinical outcomes for patients. They also reduce risks of human error.
Weakness: High initial costs associated with purchasing, maintaining and upgrading medical robots limits their adoption. Additionally, lack of surgeon experience with such systems can affect clinical workflow.
Opportunity: Growing elderly population and rising prevalence of chronic diseases increases the demand for surgical procedures. This wide treatment gap presents an opportunity for medical robots to improve clinical outcomes.
Threats: Stringent regulatory guidelines and ethical concerns around the use of robots in surgery can delay product approvals and market access. Emergence of alternative technologies like artificial intelligence in healthcare poses competition.
Key Takeaways
The global Medical Robots market is expected to witness high growth. The global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
North America dominates the global medical robots market currently due to presence of major players in countries like the US and rapid increase in adoption of robotic-assisted surgeries for diseases like cancer. The Asia Pacific region is expected to grow at a highest CAGR during the forecast period due to increasing healthcare expenditures and rising medical tourism in countries like India and China.
Key players operating in the medical robots market are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. These major companies focus on new product launches and enhance existing portfolio through partnerships and acquisitions to strengthen their market presence. For instance, Medtronic acquired Mazor Robotics to expand in the medical robot-assisted surgery segment.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
