Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global medical robots market was valued at US$ 6.1 billion in 2020 and is expected to register a revenue CAGR of 16.2% to reach USD 31.8 billion by 2031.

Medical Robots Market Fundamentals

Medical robots are a type of professional service robot used in and out of hospital settings to improve the overall level of patient care. A medical robot 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 different activities. They help to ease the workload of medical staff, allowing them to spend more time on patient care. Medical robots also help achieve operational efficiencies and cost reductions for healthcare facilities.

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Medical Robots Market Dynamics

The global medical robots market revenue growth is driven by rise in demand for noninvasive/minimally invasive surgeries, technological advancements, increase in adoption of surgical robots, and rising geriatric population. Rise in investments in the development of advanced robotic systems by prominent players is also driving the market revenue growth.

However, the high costs associated with the installation and maintenance of medical robots are likely to restrain the market revenue growth in the next few years.

Medical Robots Market Ecosystem

The global medical robots market has been analyzed based on four parameters: type, application, end user, and region.

Medical Robots Market by Type

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Based on the type, the market is segmented into robotic systems, instruments & accessories, and services. The robotic system segment is sub-segmented into surgical robotic systems, hospital & pharmacy robotic systems, rehabilitation robotic systems, and others (noninvasive radiosurgery robotic systems, emergency response robotic systems, telepresence robotic systems, and other robotic systems). 

The instruments & accessories segment is expected to show revenue growth at the fastest pace during the forecast period. This can be attributed to increase in demand for accessories, such as robotic systems, in the healthcare industry.

Medical Robots Market by Application

Based on the application, the medical robots market is segmented into orthopedic surgery, laparoscopy, neurosurgery, pharmacy applications, cardiology, and others (external beam radiation therapy, physical rehabilitation, and other applications). 

The orthopedic surgery segment is expected to show growth at a significant revenue CAGR during the forecast period. This can be attributed to rising prevalence of musculoskeletal conditions, such as rheumatoid arthritis, osteoarthritis, and osteoporosis. Advantages such as high placement accuracy provided by medical robots during orthopedic surgeries drive revenue growth in this segment.

Medical Robots Market by End User

Based on the end user, the global medical robots market is segmented into hospitals, ambulatory surgery centers, and others (rehabilitation centers, pharmacies, and others). 

The hospital segment accounts for the largest revenue share in the market. The revenue growth of the hospital segment can be attributed to rapid adoption of technologically advanced medical robots in hospitals to avoid the drawbacks of traditional techniques in surgeries and to gain higher precision and improved outcomes.

Medical Robots Market by Region

Based on the region, the global medical robots market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). 

North America dominates the medical robots market, followed by Asia Pacific in terms of revenue share. The increased revenue growth of the market in North America can be attributed to presence of developed infrastructure, rapid adoption of minimally invasive procedures, and rise in investments and funding for projects associated with robotic research.

Medical Robots Market Competitive Landscape

The prominent players operating in the medical robots market include: -

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

Medical Robots Market Strategic Developments

• In Oct 2020, MicroPort announced that it has agreed 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 the acquisition of Digital Surgery, a privately held pioneer in surgical artificial intelligence (AI), data and analytics, and digital education and training
• In Jan 2020, Bristol Robotics Laboratory of the University of the West of England (UWE Bristol) partnered with North Bristol NHS Trust (NBT) to develop robotics and other healthcare technology for one of the UK's leading medical centers, Southmead Hospital

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