The medical robot market is projected to grow at a CAGR of 12.21% to reach US$4,984.210 million by 2026, from US$2,225.233 million in 2019.
Medical robots make all medical operations simpler, secure, and efficient. These robots are being used to performed surgeries with high precision as the error rate is negligible. Hospitals make use of medical robots worldwide for tasks requiring precision and promptness. The success rate of the surgeries performed by robots is much higher as compared to those by humans, which is the primary reason behind the surge in the demand for medical robots across the globe. Also, increasing the investment in the healthcare sector by the governing bodies of various countries will fuel the market growth during the forecast period. According to CMS, 2020, in the United States, health care spending grew 4.6% in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7%. In addition, in countries like the United States and Europe, robots are used for mixing and measure medicines especially those used in chemotherapy. These are very helpful in avoiding the chances of human error which otherwise can cause deleterious effects. The use of robots for the mixing and measuring of medicines in chemotherapy will propel the market growth as the number of patients suffering from cancer, nationwide are on a surge which will increase the demand for the robots in the next few years. According to the National Cancer Institute, 2020, there will be an estimated 1,806,590 new cases of cancer diagnosed in the United States.
Moreover, the increase in funding for medical robots, technological advancements, and issuing IPOs by the medical robot companies are some of the driving factors driving the growth of the global medical robots market in the forecast period. The key market players have been launching new products, acquiring and merging with competitors, to remain competitive in the market which will further strengthen the market growth. For instance, in October 2019, Stryker Corporation, acquired Wright Medical Group N.V., a global medical device company focused on extremities and biologics to complement their product portfolio. Also, with the adoption of minimally invasive surgeries, the number of invasive surgeries being performed has spiked, which in turn will bolster the demand for surgical robots emanating the market growth in the coming years. According to the NCBI, 2019, at least 230 million invasive procedures were being performed annually, worldwide. Furthermore, the medical robots can be used in several applications such as telepresence, surgical assistants, rehabilitation robots, medical transportation robots, sanitation, and disinfection robots, and many more, which will further contribute to their market growth during the forecast period. For instance, In May 2019, Bionik, a robotics company, completed the training for Robot-Assisted Training for the Upper Limb after Stroke (RATULS) trial by applying to the companies in Motion Robotic Therapy Systems.
By product, rehabilitation Robotic Systems are the leading segment owing to the early adoption of robots used in rehabilitation therapy. By application, the laparoscopy segment is expected to have a dominant market share due to the increasing surgical laparoscopic procedures being conducted globally using the adoption of surgical robots in the surgeries. Geographically, Asia Pacific will witness significant market growth on account of the increasing geriatric population of the region and the rising incidence of chronic diseases in countries like India and China. North America will also hold a notable market share owing to the early adoption of robots for medical procedures.
The increase in the geriatric population across the globe is expected to drive the market growth of the medical robots market as the population aged above the age of 65 years are more prone to chronic diseases for which they will require precision surgeries, which in turn will accelerate the demand for robots in the market. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period.
Robot-assisted surgeries are much costlier than minimally invasive surgeries which may restrain the market growth in the long run as the majority of the population might not be able to afford it. Also, many small hospitals might not adopt this technology as the regularly maintained cost of these robots is very high which they might not be able to afford due to budgetary constraints. The annual maintenance cost of a robot is nearly USD 125,000, which further adds to the existing high cost of robotic surgery. Thus, the high costs associated with the medical robots may hamper the market growth during the forecast period.
The Covid-19 pandemic negatively impacted the medical robots market as due to the nationwide lockdown restrictions, many patients deferred their ongoing treatments to avoid public places which hampered the market growth. The pandemic led to a temporary ban on elective surgeries across the globe, which resulted in cancellations of elective surgeries worldwide, which further declined the demand for medical robots in 2020. However, with the ease of restrictions, the ban on surgeries has been lifted owing to which the market is expected to rebound during the forecast period.
The market leaders for the medical robots market consist of Intuitive Surgical, Inc., Stryker Corporation, Hocoma, Medtronic PLC, Auris Health, Inc., Accuray Incorporated, Omnicell, Inc., ARxIUM group of companies, Ekso Bionics Europe GmbH, and Capsa Healthcare, LLC. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in December 2018, Medtronic PLC, a medical device company, acquired Mazor Robotics, an Israeli medical device company and manufacturer of a robotic guidance system for spine surgery to enhance their medical robotics technology.
|Market size value in 2019||US$2,225.233 million|
|Market size value in 2026||US$4,984.210 million|
|Growth Rate||CAGR of 12.21% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Intuitive Surgical, Inc., Stryker Corporation, Hocoma, Medtronic PLC, Auris Health, Inc., Accuray Incorporated, Omnicell, Inc., ARxIUM group of companies, Ekso Bionics Europe GmbH, Capsa Healthcare, LLC|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the medical robots market?
A1. The global medical robots market is projected to grow at a CAGR of 12.21% over the forecast period.
Q2. What will be the medical robots market size by 2026?
A2. The medical robots market is projected to reach a total market size of US$4,984.210 million in 2026.
Q3. What is the size of the global medical robots market?
A3. Medical Robots Market was valued at US$2,225.233 million in 2019.
Q4. Which region holds the largest market share in the medical robots market?
A4. Geographically, Asia Pacific will witness significant growth in the medical robots market on account of the increasing geriatric population of the region and the rising incidence of chronic diseases in countries like India and China.
Q5. What factors are anticipated to drive the medical robots market growth?
A5. The success rate of the surgeries performed by robots is much higher as compared to those by humans, which is the primary reason behind the surge in the demand for medical robots across the globe.