Medical Robotic Systems Market Size [2022 - 2028] to reach USD 10,710.6 Million [CAGR 21.5%]
Posted on Jun 22 2022 8:16 AM
"Medical Robotic Systems Market research report 2022 CAGR Status, Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, consumption by regions, business development, technologies and growth trends, demand status and future product."
The increasing efficiency of robots in performing complicated tasks such as surgeries is leading to wider adoption of medical robots and thus, boosting the global medical robotic systems market, says Fortune Business Insights in their new study. The study is titled,” Medical Robotic Systems Market: Global Market Analysis, Insights, and Forecast, 2019-2026”.
According to the report, the market is presumed to witness an exponential CAGR of 21.5%. The market for medical robotics systems, which was valued at US$ 2,257.8 Mn in 2018 is anticipated to reach US$ 10,710.6 Mn by the end of 2026. It is expected to gain traction as market players are focusing constantly on introducing innovative and advanced surgical robots.
In terms of product type, the global medical robotic systems market was dominated by the surgical robot’s segment in 2018 and the segment is likely to continue dominating the market in the coming years. This segment accounted for 64.8% of the market in 2018. This is attributable to the rapid advancement in surgical robots and their efficient performance in minimally invasive surgeries.
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Introduction of Da Vinci Robots Helped Intuitive Surgical Robots Emerge as Leading Market Player
Various companies operating in the global medical robotic systems market are investing huge sums in research and development for improved and upgraded features in robots. This is done with special focus on rehabilitation robots and surgical robots as the demand for both has increased due to their efficient performance in the past.
Other company strategies for better revenue generation include merger and acquisitions, product upgrades, and launch of new robots that will not only assist humans for various medical procedures but also perform surgeries accurately. Currently, Intuitive Surgical Company is leading the global market owing to large number of installations of their Da Vinci Surgical robots.
Some of the companies operating in the global medical robotic system market are Smith & Nephew, Intuitive Surgical Inc., CYBERDYNE INC., Zimmer Biomet, Stryker, Ekso Bionics, BIONIK, Medtronic.
Surgical Robots Segment to Lead Market with Increasing Prevalence of Neurological Disorders
The rapid advancement in technology and its implementation in the medical sector has helped the surgical robots segment to emerge dominant, in terms of product. As per Fortune Business Insights, surgical robots segment accounted for 64.8% of the market share and is anticipated to continue its dominance in the coming years. Additionally, the increasing number of neurological disorder cases has propelled the demand for surgical robots, making it earn larger revenues.
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Rising Cases of Co-morbidity Diseases Boosting Market
Various factors are aiding growth of the booming medical robotic systems market including the rise in number of trauma injury cases, advancement in technology and increasing healthcare facilities and expenditures. Besides this, the rise in geriatric population and the co-morbidity diseases is creating growth opportunities for surgical procedures. The advent of robots into the medical industry is considered an important factor creating lucrative growth opportunities for the overall market in the long run.
The rapid shift from conventional open surgeries towards minimally invasive surgical procedures is another major factor accelerating growth of the market. The efficiency of surgical robots to perform laparoscopic surgical procedures is getting higher by the day. This is further helping to increase the demand for medical robots, thus boosting the market globally.
However, the market may face challenges in terms of the safety concerns related to using robotic surgical tools. This, coupled with the high installation, upgradation, and maintenance cost of medical robots, may restrict its growth during the forecast period.
Nevertheless, the increasing funding on medical robots, advantages offered by robot-assisted surgeries, and training services in rehabilitation centers are presumed to bring lucrative growth opportunities for the global medical robotic systems market in the coming years.
North America to Hold Dominance on Account of Higher Per Capita Income to Afford Robotic Surgical Procedures
Fortune Business Insights foresees the global medical robotic systems market to be dominated by North America. This is owing to the increasing number of patients undergoing minimally invasive surgeries and the high per capita income of people in the developed nations of the U.S., and Canada. In addition to that, the number of patients suffering from neurological disorders is also increasing which further propels the demand for rehabilitation and surgical robots for treatment facilities along with the others. Such factors are responsible for North America to enjoy a dominant position in the global medical robotic systems market.
Market players are investing huge sums in the research and development for upgrading surgical robots and other medical robots in order to provide better medical assistance. Some of the players operating in the global medical robotic systems market are Zimmer Biomet, BIONIK, Stryker, Intuitive Surgical Inc., Smith & Nephew, CYBERDYNE INC., Ekso Bionics, Medtronic, among others.