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The global medical robotic systems market size was valued at USD 2,257.8 Million in 2018 and is projected to reach USD 10,710.6 Million by 2026, exhibiting a CAGR of 21.5% in the forecast period
Robots used in the medical industry, ranging for various applications surgical interventions to rehabilitation are known as medical robots. The ever increasing efficiency of these robots in performing tasks which include surgeries have been pivotal in the rapid adoption of these robots in the medical industry.
A similar pattern has been in other industrial sectors such as the automobile industry, construction and machinery industry among others. Constant focus by market players to innovate and introduce advanced surgical, and other robots in the global market, has been instrumental in driving medical robotic systems market growth.
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"Rapid shift towards laparoscopic surgical procedures is key factor driving the adoption of surgical robots in the global market"
There is a rapid shift from conventional open surgical procedures towards minimally invasive surgical procedures globally, owing to various clinical benefits of the latter. These benefits include reduced post-surgical complications, reduced hospital inpatient stays, and lower cost of the procedures. Higher efficiency of surgical robots in performing laparoscopic surgical procedures, along with new and advanced procedure-specific robots being introduced in the global market, were some of the major factors that drove the medical robotic systems demand and adoption of surgical robots in the global market in 2018.
Also, new entrants in the medical robotic systems market are focusing on developing robots for rehabilitation, including assistive robots, therapy robots (for patients suffering from neurological conditions), along with exoskeletons, and these are fueling the overall medical robotic systems demand. However, comparatively higher acquisition and maintenance costs of these robots, along with higher cost per procedure especially in surgical robotic procedures, are some of the major factors restraining the medical robotic systems market growth.
Based on product, the market segments include surgical robots, telepresence robots, rehabilitation robots, and others (pharmacy automation robots, etc.). Among the product segment, the surgical robots dominated the global market in 2018, accounting for 64.8% share of the market.
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Rapid advances in the surgical robots, along with increasing per capita healthcare expenditure in emerging countries, and rising number of patients undergoing minimally invasive surgical procedures, are some of the major factors responsible for higher share of the surgical robots segment in the global market in 2018. Based on end user, the medical robotic systems market segments include hospitals, ambulatory surgery centers, rehabilitation centers, and others.
"Higher Adoption of Advanced Surgical and Rehabilitation Robots Are Responsible for Dominant Share of North America in the Global Market"
North America dominated the global market in 2018. The North America market value was US$ 1,685.7 Mn in 2018. There is an increasing demand for advanced surgical robots from healthcare settings in North America, owing to higher per capita healthcare expenditure, and increasing number of patients undergoing minimally invasive surgical procedures. Increasing prevalence of chronic diseases, coupled with higher number of patients suffering from neurological disorders, are factors driving the market demand for surgical, rehabilitation, and other robots in North America.
North America Medical Robotic Systems Market Size, 2018
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A rapidly developing hospital and healthcare infrastructure in Asia Pacific, and Middle East & Africa, is projected to lead to increasing demand for surgical and rehabilitation robots during forecast period. The medical robotic systems market share in Europe and Latin America is poised to register moderate CAGR during forecast period.
"Intuitive Surgical dominated the global medical robots market in 2018"
Intuitive is the leading market player operating in the surgical robots segment. A large installed base of its Da Vinci surgical robots, and constant focus on R&D leading to introduction of new surgical robots in the market were factors attributed to the dominance of Intuitive in the global market in 2018.
Ekso Bionics, Cyberdyne Inc., and BIONIK, Inc., are some of the major players operating in the rehabilitation robots segment, offering exoskeleton robots, assistive robots and others. The medical robots market is a consolidated market with few market players accounting for major share of the market in 2018.
The advent of surgical robots and other robots enabling healthcare providers to provide more efficient care and treatment, has been pivotal in the market growth. Market players receiving regulatory approvals for robots performing specific procedures such as orthopedic surgical procedures, neurology procedures, and rehabilitation robots targeting specific group of patients is another major factor fueling the demand for medical robots in the global market.
The medical robotic systems market report provides qualitative and quantitative insights on the market trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by product, and end user. Based on product, the global market is segmented into surgical robots, rehabilitation robots, telepresence robots, and others.
Based on end user, the global market is segmented into hospitals, ambulatory surgery centers, rehabilitation centers, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report on medical robotic systems market analysis includes market dynamics and competitive landscape. Various key insights provided in the report are prevalence of key disease, by region; pricing analysis, key players; technology advances in medical robotic systems; key mergers and acquisitions; new product launches; among others.
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Fortune Business Insights says that the Medical Robotic Systems market was valued at USD 2,257.8 Mn in 2018 and is projected to reach USD 10,710.6 Mn by 2026.
In 2018, the market was valued at USD 2,257.8 Mn.
Growing at a CAGR of 21.5%, the market will exhibit steady growth in the forecast period (2019-2026)
Surgical Robots segment is expected to be the leading segment in this market during the forecast period.
Growing shift towards laparoscopic surgeries and other minimally invasive surgeries are driving the market of Medical Robotic Systems.
Intuitive Surgical Inc., Ekso Bionics, Cyberdyne Inc., and BIONIK, Inc are the top players in the market.
North America is expected to hold the highest market share in the market.
Rising trend of minimally invasive surgeries leading to fuel adoption of Medical Robotic Systems is one the key trends of Medical Robotic Systems Market.