Medical robot market expected to reach US$40 billion by
New York, June 21, 2022 (GLOBE NEWSWIRE) — The global medical robot market is expected to reach a valuation of US$40 billion by 2032, from US$8.1 billion in 2022, growing at a CAGR stable at 17.4% throughout the forecast period.
Trends in medical robotics, benefits of robot-assisted surgery, and robot-assisted rehabilitation treatment training are just some of the causes driving demand for medical robots.
In addition, sales of medical robots are driven by technological developments in robotic systems, improved reimbursement scenarios, increased use of surgical robots, and increased funding for medical robot research.
The major drivers for the growth of the medical robot market are the growing demand for accurate and proper laparoscopic operations, along with the growing demand for surgical treatments among the elderly and the growing number of trauma occurrences.
Additionally, greater efficiency in performing operations such as surgery has boosted the sales of medical robots.
Sales of medical robots are fueled by a global shift from open surgical procedures to minimally invasive surgical techniques.
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In addition, medical robots are becoming increasingly efficient in performing laparoscopic procedures, and new and improved procedure-specific robots are being introduced to the global market. As a result, over the forecast period, the demand for medical robots is expected to skyrocket.
Other benefits include fewer post-operative problems, shorter hospital stays, and cheaper surgery costs. As a result, the global medical robot market is expected to grow gradually over the next few years.
Key points to remember
- With a CAGR of 17.2%, the gastrointestinal surgery category is expected to hold the largest share of the medical robot market.
- The instruments and accessories segment held the highest proportion of the medical robot market throughout the forecast period. This segment is expected to grow at a CAGR of 18.5% during the forecast period.
- Hospitals are estimated to account for the largest proportion of the global medical robot market in 2032, growing at a CAGR of 16.8%, driven by increased use of medical robots in hospitals and increase in surgery procedures robotics performed in hospitals.
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- The medical robot market in the United States is estimated to be the most promising regional market, with a CAGR of 16.4% and a market size of US$13.4 billion by 2032, owing to the increased adoption of new technologies.
- The Chinese medical robot market is expected to grow at a CAGR of 16.5% during the forecast period.
- The UK medical robot market is expected to grow at the fastest rate of 17.5% throughout the forecast period. Due to an increase in the number of medical research and development institutes striving to expand these applications to other parts of the world, the market is on the rise.
- The Latin America medical robot market is expected to grow at a high rate in the coming years, owing to an increase in the occurrence of different health issues. Additionally, the demand for medical robots is increasing and emerging economies in most countries are contributing to the growth of this regional market.
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According to PMR’s new study on the medical robot market, the competitive landscape is fragmented, with multiple companies present. Intuitive Surgical, Stryker Corporation, Omnicell, BD Rowa, ARxIUM are some of the key players in the medical robot market.
The growth and competitiveness of the medical robot market is supported by western partnerships to promote healthcare, medical robot manufacturers, and numerous government collaborations with regional universities for research and development. To increase market share and profit margins, many companies rely on collaborative strategic initiatives.
Recent developmentdevelopments in the medical robot market
- MAKO Robotic Surgery System for Partial Knee Replacement received regulatory certification in Japan in 2020 from Stryker Corporation (USA).
- In 2020, Accuray (USA) launched the CyberKnife S7 system, a next-generation CyberKnife platform that provides advanced precision, real-time artificial intelligence (AI)-based motion tracking and synchronized administration treatments for all stereotaxic (SRS) and stereotactic radiosurgery. body radiotherapy treatments (SBRT).
- In 2020, Medtronic (Ireland) acquired Medicrea, a pioneer in transforming spine surgery through artificial intelligence, predictive modeling and patient-specific implants.
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- The da Vinci Single Port Surgical System was FDA cleared in 2019 by Intuitive Surgical (USA).
- Stryker Corporation (USA) purchased Mobius Imaging, LLC and Cardan Robotics in 2019. (USA). This acquisition strengthens the company’s imaging and robotics capabilities, as well as its research and development capabilities.
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