Medical Robotic Systems Market Size Worth USD 94.33 Billion in 2032 | Emergen Research

Rising demand for medical robots owing to their performance is one of the major factors driving medical robotic systems market revenue growth.

Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) — The global medical robotic systems market size was USD 21.20 Billion in 2022 and is expected to register a revenue CAGR of 16.1% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for medical robots owing to their performance is a major factor driving the market revenue growth. Medical robots are designed to aid surgeons during operations or procedures on patients who require assistance in recovering from an illness or accident. Medical robots have reduced the danger of infection in hospitals by reducing necessity for human touch with patients.

Robotic systems enable minimally invasive procedures, such as laparoscopic and robot-assisted surgeries, resulting in smaller incisions, reduced pain, and shorter recovery times, hence making them attractive to both patients and healthcare providers which is driving the market revenue growth. Many medical robots are equipped with advanced imaging and visualization technologies, providing surgeons with a better view of the surgical site which leads to more informed decision-making.

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Rising technological advancements is another factor driving the market revenue growth. For instance, in July 2023, PickNik Robotics, a Colorado-based software company that specializes in unstructured robotics environments, announced a strategic partnership with SKA Custom Robots and Machines, a robotics engineering firm. The firms seek to use their collaboration to accelerate the development of advanced robotic systems by leveraging PickNik Robotics’ software experience and SKA’s hardware engineering capabilities. SKA worked with robots in the construction, medical, life sciences, mining, and inspection industries.

However, there is a danger of mechanical failure in robot-assisted surgery, in addition to the risk of human mistakes when operating the robotic system which are major factors restraining the market revenue growth.

Scope of Research

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Major Companies and Competitive Landscape

The global medical robotic systems market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Intuitive Surgical.
• Medtronic.
• Zimmer Biomet.
• Accuray Incorporated.
• Ekso Bionics.
•  Renishaw plc.
• Medical Device Business Services, Inc.
• Stereotaxis, Inc.
• CMR Surgical Ltd.
• Asensus Surgical US, Inc.
• Titan Medical Inc.
• Aethon.
•  Neocis, Inc.
•  Vicarious Surgical.
• Capsule Technologies, Inc.
• Omnicell.
• Microbot Medical Inc.
• XACT Robotics.
• Maxar Technologies.
• iRobot Corporation.

Strategic Development

• On 19 January 2021, Freehand, a U.K.-based medtech startup, announced a collaboration with Imperial Medical Solutions (IMS), a clinician-led healthcare consultancy, to help hospitals in India, Sri Lanka, Malaysia, and the Caribbean to adopt its surgical robots. Freehand, whose robots assist surgeons during keyhole surgeries by providing rock-steady images and eliminating the need for camera-holding assistants in theatre, collaborated with IMS to introduce its technology to many worldwide healthcare markets through local distributors.

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Some Key Highlights From the Report

• The surgical robots segment accounted for largest revenue share in 2022. Rising demand for surgical robots owing to various advantages such as surgeons being able to offer least invasive and more precise solutions for many complex surgical operations, ranging from knee replacements to cancer therapy, owing to the use of robotic-assisted surgery which is a major factor driving revenue growth of this segment. The robot’s hands are extremely dexterous, allowing surgeons to operate in very small areas in the body that would typically require open surgery. Robotic and minimally invasive surgery have smaller incisions, resulting in less discomfort and scars hence contributing to revenue growth of this segment. Using robotic technology, surgeons may execute difficult surgical procedures through tiny incisions results in improving surgeons’ accuracy and flexibility as a result driving revenue growth of this segment.
• The diagnostic robots segment accounted for a significantly large revenue share in 2022. Rising demand for diagnostic robots since they utilize Artificial Intelligence (AI) to develop monitoring systems that detect symptoms that can indicate a specific disease or deterioration in a patient’s health and provide advice to physicians based on these findings which is a major factor driving revenue growth of this segment. It also assists patients in better understanding their illness and adhering to their tailored treatment plans.

• The Asia Pacific market accounted for largest revenue share in 2022. Rising demand for medical robots since they perform highly precise and accurate tasks, reducing the margin of error in procedures which is a major factor driving the market revenue growth in this region. Rising demand for medical robots since they assist with repetitive and physically demanding tasks during surgeries, as a result reducing the physical strain on surgeons is another factor driving the market revenue growth. Moreover, rising strategic partnership among the companies is also contributing to the market revenue growth in this region.
• On 27 January 2022, Shanghai MicroPort MedBot Co., Ltd. announced that the National Medical Products Administration (NMPA) approved its Toumai Laparoscopic Surgical Robot for marketing, making it the first four-arm laparoscopic robot approved for marketing developed by a Chinese company. The introduction of MicroPort Toumai represents a significant advancement in the field of Chinese laparoscopic surgical robotics, significantly increasing the clinical performance of robotic surgery in China.

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Emergen Research has segmented the global medical robotic systems market on the basis of type of robot, application, product type, end-use, specialty, and region:

• Type of Robot Outlook (Revenue, USD Billion; 2019–2032)

• • Surgical Robots
  • Rehabilitation Robots
  • Diagnostic Robots
  • Telemedicine Robots
  • Pharmacy Automation Robots
  • Radiosurgery Robots
  • Robotic Prosthetics and Exoskeletons

• Application Outlook (Revenue, USD Billion; 2019–2032)

• • Minimally Invasive Surgery
  • Orthopedic Surgery
  • Neurosurgery
  • Gynecological Surgery
  • Urological Surgery
  • Cardiac Surgery
  • General Surgery
  • Rehabilitation and Physical Therapy
  • Diagnostic and Imaging
  • Telemedicine and Remote Surgery
  • Pharmacy Automation
  • Radiosurgery and Radiotherapy
  • Prosthetics and Exoskeletons

• Product Type Outlook (Revenue, USD Billion; 2019–2032)

• • Robotic Systems
  • Instruments and Accessories
  • Services

• End-Use Outlook (Revenue, USD Billion; 2019–2032)

• • Hospitals
  • Ambulatory Surgical Centers
  • Rehabilitation Centers
  • Diagnostic Centers
  • Pharmacy and Compounding Centers
  • Research and Academic Institutions

• Specialty Outlook (Revenue, USD Billion; 2019–2032)

• • Laparoscopy/General Surgery Robots
  • Orthopedic Surgery Robots
  • Neurosurgery Robots
  • Gynecological Surgery Robots
  • Urological Surgery Robots
  • Cardiac Surgery Robots
  • Other Specialty Robots

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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