Medical Robots Market Report
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Global Medical Robots Market, By Product Type (Surgical Robots, Rehabilitation Robots, Telepresence Robots, Others); By End-User (Hospitals, Ambulatory, Surgery Centers, Rehabilitation Centers, and Others); By Region (North America, Europe, Asia-Pacific (APAC); Latin America (LATAM); Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
- Published Date: May 2021
- Report ID: BWC20352
- Available Format: PDF
- Page: 151
Report Overview
The global medical robots market is flourishing by leaps and bounds and was worth USD 8.7 billion in the year 2020. The market is further projected to grow at a CAGR of 14.9% and to reach worth USD 22.8 billion during the forecast period (2021-2027).
Global Medical Robots Market- Industry Trends & Forecast Report 2027
The global medical robots market is flourishing by leaps and bounds and was worth USD 8.7 billion in the year 2020. The market is further projected to grow at a CAGR of 14.9% and to reach worth USD 22.8 billion during the forecast period (2021-2027). Robot-assisted training and surgeries are used for a variety of purposes, including surgeries, recovery, and more. They provide several advantages over traditional healthcare services. Furthermore, the high accuracy offered by robots, combined with the industry's growing focus on research and development, are significantly contributing to the market's growth.
Source: BlueWeave Consulting
Global Medical Robots Market- Overview
Medical robots are fast, efficient, and accurate in their execution of tasks. These robots are becoming more common these days because, as compared to human surgeons, they are capable of performing vital and complicated surgeries with extreme precision. The application of robots in the medical industry is very vast. Robots are nowadays increasingly used in orthopedic surgery, laparoscopy, emergency medicine, neurosurgery, and a variety of other medical fields. Robotic surgery has a high success rate, which is why it is gaining popularity worldwide.
Due to the increasing incidences of chronic diseases, an aging global population, enhanced reimbursement strategies, and public initiatives and funding to develop technologically advanced devices, the global medical robots market is expected to grow at a rapid pace during the forecast period.
Global Medical Robots Market Forecast and Trends
Growth Drivers
Increase in Laparoscopic Surgical Procedures
Robot-assisted laparoscopic surgery is one of the most commonly performed general surgical procedures. In recent years, there has been a rapid transition toward robot-assisted laparoscopic surgical procedures over traditional surgeries. This is because these surgeries are minimally invasive and offer lower risks as they involve smaller incisions on the body which ensures little blood loss. Robotic-assisted services are highly efficient in performing laparoscopic surgeries and offer high precision. Surgical robots are being devised to expand human surgeons' capacities beyond the limitations of traditional laparoscopy. As a result, the demand for these robots is gaining traction and is expected to multiply during the forecast period, thereby propelling the growth of the global medical robots market.
The Precision Offered by Robot-Assisted Surgeries
The medical robots are highly efficient and can perform minimally invasive surgeries with ease as compared to human surgeons. In comparison to traditional open surgery, robotic surgery requires fewer incisions, which reduces pain and scarring while also allowing for a shorter hospital stay and quicker recovery. Therefore, robot-assisted surgeries are getting more and more popular among patients. Hospitals are, therefore, increasingly investing in medical robots, which is fueling the growth of the medical robots market. Robot-assisted surgeries are also beneficial to surgeons because it allows them to perform complicated surgical procedures that would have been challenging, without the assistance of the robot.
Restraints
Expensive Robotic System and Devices may hinder the Market
The manufacturing of medical robots involves high production costs which may hinder the market growth as not many hospitals and private clinics can afford such a large investment. Moreover, the hospitals equipped with those medical robots only use them for complicated and life-saving procedures. In addition, the costs of maintaining these devices put additional financial pressure on healthcare facilities. Additionally, hospital budget cuts have stifled the introduction of medical robots. What’s more, over the forecast era, the lack of qualified medical professionals and safety issues concerning robotic surgery systems are expected to restrict the adoption of medical robotics.
Impact of Covid-19 on Global Medical Robots Market
The COVID-19-induced pandemic situation has had a negative impact on the global medical robots market. As soon as the WHO declared the novel coronavirus a pandemic, numerous non-emergency surgical procedures were postponed or canceled to prevent the spread of the virus, resulting in a significant drop in demand for medical robots.
Furthermore, due to the economic recession in several countries and the unavailability of resources, the healthcare system went under a lot of strain. As a result, the investments in medical robots were cut down tremendously due to which the demand for medical robots witnessed a sudden slump. However, the demand for medical robots is likely to return to pre-COVID levels by 2022.
Global Medical Robots Market - By Product
Based on product, the global medical robots market is segmented into surgical robots, rehabilitation robots, telepresence robots, and others. Among these, the surgical robots registered the highest demand in the year 2020 and are further estimated to grow during the forecast period. Surgical robots are self-powered devices controlled by computers. These robots can be programmed to assist with surgical instrument positioning and manipulation, which in turn increases the precision, flexibility, and control of surgeons. The growing demand for surgical robots across the globe is driving the growth of the global medical robots market.
Global Medical Robots Market - By End-User
Based on end-user, the global medical robots market is categorized into hospitals, ambulatory, surgery centers, rehabilitation centers, and others. The hospital segment held the largest market share in the year 2020 and is further estimated to grow at an impressive CAGR in the forecast period. The rising adoption of medical robots in hospitals for conducting various medical procedures, along with the rising number of people approaching hospitals for surgeries is expected to fuel the market demand for medical robots during the forecast period.
Global Medical Robots Market - Regional Insights
Geographically, the global medical robots market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). North America dominated the market in the year 2020 with the highest market share. The region's advanced healthcare infrastructure is a major factor driving the growth of the medical robots market in North America. Furthermore, with a high GDP and per capita income, healthcare expenditure is also high in the region, which drives the demand for hospital and surgical robots for critical surgeries in North America.
Competitive Landscape
The leading players of the global medical robots market are Smith & Nephew, Zimmer Biomet, Intuitive Surgical, Inc., Ekso Bionics, BIONIK, Stryker, Cyberdyne, Inc., Medtronic, Accuray, ARxIUM, Hocoma AG, BD Rowa, Omnicell, Inc., Varian Medical Systems, Renishaw plc., Mckesson Corporation, Intouch Technologies Inc., Capsa Healthcare, Aethon, and other prominent players.
The competitive landscape of this market is very consolidated with only a few players dominating the larger share in the market. The companies are focusing and investing huge amounts into research and development for launching new products and expanding their product portfolio for market growth.
Recent Development
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In February 2021, SS Innovations—an India-based non-profit organization aiming to expand access to robotic surgical procedures through clinical experience, patient outreach, and technological development, announced its plan to commercially launch India's first and the world's most affordable general robotic surgery platform within the next 4-6 months.
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In October 2020, Medical Microinstruments, based in Italy, unveiled its Symani Surgical System, a robotic device that enables surgeons to execute some of the most complex microsurgeries with greater accuracy and fewer complications.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical data – 2017-2020 |
Base Year – 2020 |
|
Forecast – 2021 – 2027 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa |
Product Service/Segmentation |
By Product, By End-User, By Region |
Key Players |
Smith & Nephew, Zimmer Biomet, Intuitive Surgical, Inc., Ekso Bionics, BIONIK, Stryker, Cyberdyne, Inc., Medtronic, Accuray, ARxIUM, Hocoma AG, BD Rowa, Omnicell, Inc., Varian Medical Systems, Renishaw plc., Mckesson Corporation, Intouch Technologies Inc., Capsa Healthcare, Aethon, and other prominent players. |
By Product
-
Surgical Robots
-
Rehabilitation Robots
-
Telepresence Robots
-
Others
By End-User
-
Hospitals
-
Ambulatory
-
Surgery Centers
-
Rehabilitation Centers
-
Others
By Region
-
North America
-
Europe
-
Asia-Pacific (APAC)
-
Latin America (LATAM)
-
Middle-East & Africa (MEA)
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary and Secondary Sources
2.2. Quantitative Research
2.2.1. Primary and Secondary Sources
2.3. Breakdown of Primary Research Respondents
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Industry Participants
2.5. Key Questionnaire asked during Primary Interviews
2.6. Key Primary Responses
2.7. Market Size Estimation
2.8. Assumption for the Study
2.9. Market Breakdown & Data Triangulation
3. Executive Summary
4. Global Medical Robots Market – Industry Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.1.2. Restraints
4.1.3. Opportunity
4.1.4. Challenges
4.2. Recent Developments / Technical Landscape
4.3. Regulatory Framework
4.4. Porter’s Five Forces Analysis
4.5. Value Chain Analysis
4.6. PESTEL Analysis
4.7. Strategic Outlook
5. Global Medical Robots Market Overview
5.1. Market Estimates & Forecast by Value, 2017-2027
5.1.1. By Value (USD Million)
5.1.2. By Volume (Thousand Units)
5.2. Market Share & Forecast
5.2.1.1. Surgical Robots
5.2.1.2. Rehabilitation Robots
5.2.1.3. Telepresence Robots
5.2.1.4. Others
5.2.2. By End-User
5.2.2.1. Hospitals
5.2.2.2. Ambulatory
5.2.2.3. Surgery Centers
5.2.2.4. Rehabilitation Centers
5.2.2.5. Others
5.2.3. By Region
5.2.3.1. North America
5.2.3.2. Europe
5.2.3.3. Asia-Pacific (APAC)
5.2.3.4. Latin America (LATAM)
5.2.3.5. Middle-East & Africa (MEA)
6. North America Medical Robots Market Overview
6.1. Market Size and Forecast
6.1.1. By Value (USD Million), 2017-2027
6.2. Market Share and Forecast
6.2.1. By Product
6.2.2. By End-user
6.2.3. By Country
6.2.3.1. U.S.
6.2.3.2. Canada
7. Europe Medical Robots Market Overview
7.1. Market Size and Forecast
7.1.1. By Value (USD Million), 2017-2027
7.2. Market Share and Forecast
7.2.1. By Product
7.2.2. By End-user
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. U.K.
7.2.3.3. France
7.2.3.4. Italy
7.2.3.5. Spain
7.2.3.6. Russia
7.2.3.7. Netherlands
7.2.3.8. Rest of Europe
8. APAC Medical Robots Market Overview
8.1. Market Size and Forecast
8.1.1. By Value (USD Million), 2017-2027
8.2. Market Share and Forecast
8.2.1. By Product
8.2.2. By End-user
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. South Korea
8.2.3.5. Rest of APAC
9. LATAM Medical Robots Market Overview
9.1. Market Size and Forecast
9.1.1. By Value (USD Million), 2017-2027
9.2. Market Share and Forecast
9.2.1. By Product
9.2.2. By End-user
9.2.3. By Country
9.2.3.1. Mexico
9.2.3.2. Brazil
9.2.3.3. Rest of LATAM
10.MEA Medical Robots Market Overview
10.1. Market Size and Forecast
10.1.1. By Value (USD Million), 2017-2027
10.2. Market Share and Forecast
10.2.1. By Product
10.2.2. By End-user
10.2.3. By Country
10.2.3.1. Saudi Arabia
10.2.3.2. UAE
10.2.3.3. South Africa
10.2.3.4. Rest of Europe
11.Competitive Landscape
11.1.1. List of Key Producers and Their Offerings
11.1.2. Market Share / Ranking Analysis (2020)
11.1.3. Competitive Benchmarking, By Operating Parameters
12.COVID-19 Impact
12.1. Future Impact
12.2. Key Developments during COVID-19
12.3. Impact on Market
12.3.1. Different Scenario
12.3.2. Impact on Companies
12.4. Regional Impact
13.Key Strategic Recommendations
14. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
14.1. Smith & Nephew
14.2. Zimmer Biomet
14.3. Intuitive Surgical, Inc.
14.4. Ekso Bionics
14.5. BIONIK
14.6. Stryker
14.7. Cyberdyne, Inc.
14.8. Medtronic
14.9. Accuray
14.10. ARxIUM
14.11. Hocoma AG
14.12. BD Rowa
14.13. Omnicell, Inc.
14.14. Variun Medical Systems
14.15. Renishaw plc.
14.16. Mckesson Corporation
14.17. Intouch Technologies Inc.
14.18. Capsa Healthcare
14.19. Aethon
14.20. Other Prominent Players
* Financial information of non-listed Companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.
List of Figures
Fig: Global Medical Robots Segmentation
Fig: Global Medical Robots Market Value Chain Analysis,
Fig: Company Market Share Analysis, 2020
Fig: Global Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: Global Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: Global Medical Robots Market Share (%), By End Users, By Value, 2017-2027
Fig: Global Medical Robots Market Share (%), By Country, By Value, 2017-2027
Fig: North America Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: North America Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: North America Medical Robots Market Share (%), By End Users, By Value, 2017-2027
Fig: North America Medical Robots Market Share (%), By Country, By Value, 2017-2027
Fig: Europe Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: Europe Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: Europe Medical Robots Market Share (%), by End Users, By Value, 2017-2027
Fig: Europe Medical Robots Market Share (%), By Country, By Value, 2017-2027
Fig: Asia-Pacific Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: Asia-Pacific Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: Asia-Pacific Medical Robots Market Share (%), By End Users, By Value, 2017-2027
Fig: Asia-Pacific Medical Robots Market Share (%), By Country, By Value, 2017-2027
Fig: Latin America Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: Latin America Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: Latin America Medical Robots Market Share (%), By End Users, By Value, 2017-2027
Fig: Latin America Medical Robots Market Share (%), By Country, By Value, 2017-2027
Fig: Middle East & Africa Medical Robots Market Size, By Value (USD Million), 2017-2027
Fig: Middle East & Africa Medical Robots Market Share (%), By Product, By Value, 2017-2027
Fig: Middle East & Africa Medical Robots Market Share (%), By End Users, By Value, 2017-2027
Fig: Middle East & Africa Medical Robots Market Share (%), By Region, By Value, 2017-2027
List of Tables
Table: North America Medical Robots Market Size, By Product, By Value (USD Million), 2017-2027
Table: North America Medical Robots Market Size, By End-User , By Value (USD Million), 2017-2027,
Table: Europe Medical Robots Market Size, By Product, By Value (USD Million), 2017-2027
Table: Europe Medical Robots Market Size, By End User Type, By Value (USD Million), 2017-2027
Table: the Asia-Pacific Medical Robots Market Size, By Product, By Value (USD Million), 2017-2027
Table: the Asia-Pacific Medical Robots Market Size, By End User Type, By Value (USD Million), 2017-2027
Table: Latin America Medical Robots Market Size, By Product, By Value (USD Million), 2017-2027
Table: Latin America Medical Robots Market Size, By End User Type, By Value (USD Million), 2017-2027
Table: The Middle-East & Africa Medical Robots Market Size, By Product, By Value (USD Million), 2017-2027
Table: The Middle-East & Africa Medical Robots Market Size, By End User Type, By Value (USD Million), 2017-2027
Table: Smith & Nephew Financial Analysis
Table: Smith & Nephew Business Overview
Table: Zimmer Biomet Financial Analysis
Table: Zimmer Biomet Business Overview
Table: Intuitive Surgical, Inc. Financial Analysis
Table: Intuitive Surgical, Inc. Business Overview
Table: Ekso Bionics Financial Analysis
Table: Ekso Bionics Business Overview
Table: BIONIK Financial Analysis
Table: BIONIK Business Overview
Table: Stryker Financial Analysis
Table: Stryker Group Business Overview
Table: Cyberdyne, Inc. Financial Analysis
Table: Cyberdyne, Inc. Business Overview
Table: Medtronic Financial Analysis
Table: Medtronic Business Overview
Table: Accuray Financial Analysis
Table: Accuray Business Overview
Table: ARxIUM Financial Analysis
Table: ARxIUM Business Overview
Table: Hocoma AG Financial Analysis
Table: Hocoma AG Financial Analysis
Table: BD Rowa Financial Analysis
Table: BD Rowa Business Overview
Market Segmentation
By Product
- Surgical Robots
- Rehabilitation Robots
- Telepresence Robots
- Others
By End-User
- Hospitals
- Ambulatory
- Surgery Centers
- Rehabilitation Centers
- Others
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle-East & Africa (MEA)
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