Insights on Global Medical Robotics Systems Market Size & Share Projected to Hit at USD 38834 Million and Rise at a CAGR of 16.80% By 2028: Industry Trends, Demand, Value, Analysis & Forecast Report | Zion Market Research
NEW YORK, Aug. 8, 2022 /PRNewswire/ -- As per Zion Market Research study, The global medical robotics systems market size was worth USD 15,295.20 million in 2021 and is estimated to grow to USD 38,834 million by 2028, with a compound annual growth rate (CAGR) of approximately 16.80 percent over the forecast period.
Medical Robotics Systems Market: Overview
IT-enabled healthcare, also known as medical information technology, is a subset of information technology that deals with developing, designing, creating, and maintaining information systems in hospitals, clinics, and other healthcare facilities. Healthcare IT has multiple benefits and possibilities for improving and transforming healthcare, including improving clinical outcomes, minimizing human error, improving clinical efficiency, facilitating care coordination, and long-term data monitoring. Due to a large number of smartphone users and the increasing penetration of technology, the demand for telemedicine and mHealth solutions is increasing. Favorable government policies and support for medical IT solutions are driving the market growth. Big data adoption is increasing with the growing need to reduce rising medical costs along with increasing adoption of EHR and other HCIT solutions. On the other hand, the high deployment costs of IT-assisted healthcare and the lack of adequate infrastructure in developing countries can hinder market growth.
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Key Industry Insights & Findings of the Medical Robotics Systems Market Reports:
- As per the analysis shared by our research analyst, the Medical Robotics Systems Market is expected to grow annually at a CAGR of around 16.80 % (2022-2028).
- Through the primary research, it was established that the Medical Robotics Systems Market was valued at approximately USD 15295.20 million in 2021 and is projected to reach roughly USD 38834 million by 2028.
- According to a 2018 article on laparoscopic hysterectomy gynecological studies, the conversion rate from straight stick laparoscopic surgery to open surgery was 25%.
- The association states that introducing robotic surgery for all hysterectomies will increase the annual cost of hysterectomy in the United States by an estimated $ 960 million.
- Emerging markets are expected to provide significant opportunities for players in the global medical robotics systems market, primarily due to the increasing adoption of surgical robots in surgery.
- North America has the largest global share in the medical robotics systems market due to the increasing technological advances of medical robots by medical companies and the increasing demand for these robots to perform laparoscopic surgery.
- Increased investment by key players in the growth of advanced devices, an increase in the number of patients opting for minimally invasive surgery, and an increase in the number of research activities in the region are likely to drive the market in Asia Pacific.
Zion Market Research published the latest report titled "Medical Robotics Systems Market by Product & Service (Instrument & Accessories, Robotic Systems, and Services), by Application (Laparoscopy, Orthopedic Surgery, Pharmacy Applications, Physical Rehabilitation, External Beam Radiation Therapy, Neurosurgery, and Other Applications), by End User (On-premise solutions, Cloud-based solutions, Hospitals, Ambulatory Surgery Centers, Rehabilitation Centers, and Other End Users), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Medical Robotics Systems Market: Growth Drivers
- Advantages of robotic-assisted surgery & robot-assisted training in rehabilitation therapy to drive market.
Growing demand for minimally invasive surgery (MIS), primarily because of the benefits of these procedures, such as savings. Minimally invasive robotic surgery contributes to these benefits by ensuring higher accuracy and reproducibility, as well as better control and efficiency. According to a 2018 article on laparoscopic hysterectomy gynecological studies, the conversion rate from straight stick laparoscopic surgery to open surgery was 25%. On the other hand, procedures using robotic platforms usually show conversion rates of less than 5%, reducing morbidity and blood loss. Robotic surgery also provides the surgeon with advanced visualization capabilities that provide a superior view of the surgical field by visualizing the structure down to the microscopic level using an HD camera.
Medical Robotics Systems Market: Restraints
- High price of robotic systems to limit the market growth.
Robotic surgery is much more expensive than minimally invasive surgery. The American College of Obstetrics and Gynecology recommends robotic hysterectomy only for abnormal and complex clinical conditions. The association states that introducing robotic surgery for all hysterectomies will increase the annual cost of hysterectomy in the United States by an estimated $ 960 million. One of the most commonly used robotic systems, the da Vinci system, costs between $ 1.5 million and $ 2.5 million, while the CyberKnife Radiation Surgery Robot System costs about $ 4 million to $ 700 per unit. Similarly, the average price of a Lokomat rehab robot is about $ 380,000.
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Global Medical Robotics Systems Market: Opportunities
- Emerging markets and growing medical tourism to bring up growth prospects for the market.
Emerging markets are expected to provide significant opportunities for players in the global medical robotics systems market, primarily due to the increasing adoption of surgical robots in surgery. In emerging markets, the number of surgeries has continued to increase over the last decade due to an increase in the number of patients and medical tourism. In addition, emerging countries like India offer radiation therapy options at a lower cost than developed countries, creating opportunities for the market.
Global Medical Robotics Systems Market: Segmentation
- The global medical robotics systems market is segregated on the basis of product & service, application, end-user, end user, and region.
By product & service, the market is divided into instrument & accessories, robotic systems, and services. Among these, the instrument & accessories segment dominates the market.
The market, by application, is classified into laparoscopy, orthopedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery, and other applications. Over the forecast period, the laparoscopy segment is expected to develop at the fastest rate owing to increasing surgical laparoscopic procedures conducted globally and the increasing adoption of surgical robots.
By end-user, the market is classified into on-premise solutions, cloud-based solutions, hospitals, ambulatory surgery centers, rehabilitation centers, and other end users. The hospital segment dominated the market during the forecast period owing to the higher adoption of medical robots in hospitals and increasing robotic surgery procedures conducted in hospitals.
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List of Key Players in Medical Robotics Systems Market:
- Renishaw
- Intuitive Surgical
- Stryker Corporation
- Accuray
- Dickinson And Company
- Medtronic
- Omnicell
- Zimmer Biomet
- Smith & Nephew
- Becton
- Hocoma Ag
- Cyberdyne
- Ekso Bionics
- Arxium
- Transenterix
- Rewalk Robotics
- Cmr Surgical
- Gollmann Kommissioniersysteme Gmbh
- Bionik Laboratories Corp.
- Auris Health
- Avateramedical Gmbh
- Zap Surgical Systems
Key questions answered in this report:
- What are the growth rate forecast and market size for Medical Robotics Systems Market?
- What are the key driving factors propelling the Medical Robotics Systems Market forward?
- What are the most important companies in the Medical Robotics Systems Market Industry?
- What segments does the Medical Robotics Systems Market cover?
- How can I receive a free copy of the Medical Robotics Systems Market sample report and company profiles?
Report Scope:
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Recent Developments
- In 2020, Stryker Corporation (USA) received official approval from the Japanese robot-assisted surgery system MAKO for partial knee indications.
- In 2020, Accuray (USA) will launch a next-generation cyberknife platform with advanced precision, and artificial intelligence (AI) controlled real-time motion tracking and synchronous therapy for all stereotactic radiotherapy (SRS) and stereotactic radiotherapy. Launched the CyberKnife S7 system. (SBRT) Treatment.
Regional Dominance:
- Rising technological advancements in medical robots help to boost the North American market.
North America has the largest global share in the medical robotics systems market due to the increasing technological advances of medical robots by medical companies and the increasing demand for these robots to perform laparoscopic surgery. For example, in June 2021, Accuray Inc. announced the launch of the RayStation treatment planning system for robotic radiation therapy systems, the Cyberknife M6 and S7. The system provides fast and accurate dose calculations and enables real-time dose adjustment.
Increased investment by key players in the growth of advanced devices, an increase in the number of patients opting for minimally invasive surgery, and an increase in the number of research activities in the region are likely to drive the market in Asia Pacific. Increased government awareness initiatives, increased medical tourism, increased research activities in the region, increased acute & chronic diseases cases, and increased demand in the Asia-Pacific region during the forecast period will further bring significant regional market growth.
Global Medical Robotics Systems Market is segmented as follows:
Medical Robotics Systems Market: By Product & Service Outlook (2022-2028)
- Instrument & Accessories
- Robotic Systems
- Services
Medical Robotics Systems Market: By Application Outlook (2022-2028)
- Laparoscopy
- Orthopedic Surgery
- Pharmacy Applications
- Physical Rehabilitation
- External Beam Radiation Therapy
- Neurosurgery
- Other Applications
Medical Robotics Systems Market: By End User Outlook (2022-2028)
- On-premise solutions
- Cloud-based solutions
- Hospitals
- Ambulatory Surgery Centers
- Rehabilitation Centers
- Other End Users
Medical Robotics Systems Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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