Medical Robots Market

Report Overview

The global medical robots market was pegged at US$ 6.1 billion in 2020 and is expected to witness a CAGR of 16.2% during the forecast period.

Market Fundamentals  

Medical robots are a type of professional service robots used in and out of hospital settings to improve the overall level of patient care. It comprises a variety of technical apparatuses and machines employed in the medical field either to perform work of a mechanical nature or to assist in activities. They help to ease the workload of medical staff, allowing them to spend more time on patient care. Medical robots also ensure operational efficiencies and cost reductions for healthcare facilities.

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Market Dynamics

The global medical robots market is mainly driven by increasing demand for non-invasive/minimally invasive surgeries, technological advancements, increasing adoption of surgical robots and rising geriatric population. Rising investments for development of effective robotic systems by prominent players is also driving the market globally. However, high costs associated with installation and maintenance of medical robots is likely to restrain the market growth to a certain extent.

Market Ecosystem

The global medical robots market has been analyzed from four perspectives: Type, Application, End User and Region.

Medical Robots Market by Type

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Based on type, the market has been segmented into robotic systems, instruments & accessories and services. The robotic system segment is further categorized into surgical robotic systems, hospital & pharmacy robotic systems, rehabilitation robotic systems and others (noninvasive radiosurgery robotic systems, emergency response robotic systems, telepresence robotic system, and other robotic systems). The instruments & accessories segment is expected to be the fastest growing segment in the market. The growth of the segment can primarily be attributed to frequent purchase of accessories unlike robotic systems.

Medical Robots Market by Application

Based on application, the medical robots market has been segmented into orthopedic surgery, laparoscopy, neurosurgery, pharmacy applications, cardiology, and others (external beam radiation therapy, physical rehabilitation, and other applications). The orthopedic surgery is expected to be the fastest growing application segment in medical robots market during forecast period. The growth of the segment can be attributed to rising prevalence of musculoskeletal conditions such as rheumatoid arthritis, osteoarthritis, osteoporosis, among others. High placement accuracy provided by medical robots during orthopedic surgeries is another key factor driving its demand.

Medical Robots Market by End User

Based on end user, the market has been segmented into hospitals, ambulatory surgery centers and others (rehabilitation centers, pharmacies, and others). The hospitals segment accounted for the largest share in the market. The growth of the hospitals segment can primarily be attributed to the rapid adoption of technologically advanced medical robots in hospitals to reduce the drawbacks of traditional methods in surgeries and to gain higher precision and better outcome.

Medical Robots Market by Region   

Based on region, the global medical robots market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the medical robots market, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to its developed infrastructure, rapid adoption of minimally invasive procedures, and rising investments & funding for robotic research.

Competitive Landscape

Some of the prominent players operating in the medical robots market includes:-

• Stryker
• BD
• Medtronic
• Smith+Nephew
• Intuitive Surgical
• Accuray Incorporated
• myOmnicell
• Hocoma
• ARxIUM
• Titan Medical Inc., among others

Strategic Developments

• In Oct 2020, Chinese health company MicroPort agreed with four investment funds to invest €40million into Robocath and its project to develop a robot that can remove blood clots in the brain
• In Feb 2020, Medtronic announced acquisition of Digital Surgery, privately-held pioneer in surgical artificial intelligence (AI), data and analytics, and digital education and training. The acquisition of Digital Surgery will strengthen the Medtronic robotic assisted surgery platform and has applicability for the Medtronic broader portfolio
• In Jan 2020, The Bristol Robotics Laboratory of the University of the West of England (UWE Bristol) partnered with North Bristol NHS Trust (NBT) for developing robotics and other healthcare technology for one of the UK's leading medical centres, Southmead Hospital

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