Medical Robots Market is Expected to Reach $33.8 billion – MarketsandMarkets™
Chicago, April 05, 2024 (GLOBE NEWSWIRE) — Medical Robots market in terms of revenue was estimated to be worth $16.0 billion in 2023 and is poised to reach $33.8 billion by 2029, growing at a CAGR of 16.1% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. The growth in this market is fuelled by technological advancements, an aging population, and rising chronic diseases. Furthermore, the increasing need for automation in healthcare, improving reimbursement scenario, and advancements in healthcare funding & infrastructure is expected to increase the adoption of medical robotics in future.
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Medical Robots Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $16.0 billion |
| Estimated Value by 2029 | $33.8 billion |
| Growth Rate | Poised to grow at a CAGR of 16.1% |
| Market Size Available for | 2018–2029 |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Products & Services, Type, End User, and Region |
| Geographies Covered | North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, And Rest of Latin America), and Middle East & Africa (GCC Countries, and Rest of MEA) |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities in emerging markets |
| Key Market Driver | Growing need to minimize medication errors |
Based on products & services, the medical robots market is segmented into robotic systems, instruments & accessories, and services. Among these, the instruments and accessories segment accounted for the largest share of the medical robots market in 2023, attributed to the recurrent purchase of instruments & accessories to be used with the robotic systems.
Based on type, the medical robots market is segmented into surgical robotic system, hospital & pharmacy, rehabilitation robotic systems, radiosurgery robotic systems, and hospital & pharmacy robotic systems. The surgical robotic systems have been further segmented into surgical robotic systems by application – soft tissue surgery (general surgery, gynecological surgery, urological surgery and other applications) and hard tissue surgery (knee & hip surgery and spine surgery). The rehabilitation robotic systems have been further segmented into rehabilitation robotic systems by type -therapeutic robotic systems, assistive robotic systems, exoskeleton robotic systems, and other rehabilitation robotic systems. The hospital & pharmacy robotic systems have been further segmented into – pharmacy robotic systems (robotic dispensing systems, compounding robotic systems, other pharmacy robotic systems), and hospital robotic systems (delivery robotic systems, telepresence robotic systems, diagnostic robotic systems, and other hospital robotic systems).
In 2023, the surgical robotic segment accounted for the largest share, attributing to the rising cases of conditions needing surgeries, the increasing number of surgeries performed worldwide with greater stability than the human hand, the reduced number of incisions, and the increasing adoption of surgical robots.
Based on end user, the medical robots market is segmented into hospitals & clinics, ambulatory surgery centers, pharmacies, rehabilitation centers, and other end users. The hospitals & clinics segment accounted for the largest share of the Medical robots market. Higher adoption of medical robots in hospitals & clinics, and rising number of surgical procedures performed in these facilities amplifies the demand for medical robots for hospitals & clinics.
The Medical robots market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, Asia Pacific was the fastest growing segment in Medical robots market attributed to the growing incidence of chronic disorders, incaresed adoption of medical robots by payers and patients, rising government initiatives.
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Medical Robots market major players covered in the report, such as:
- Intuitive Surgical, Inc. (US)
- Stryker Corporation (US)
- Medtronic Plc (US)
- Smith & Nephew Plc (UK)
- Zimmer Biomet Holdings, Inc. (US)
- Aethon (US)
- and Xenex Disinfection Services Inc. (US)
- Becton, Dickinson and Company (US)
- Omnicell, Inc. (US)
- Arxium (Canada)
- Asensus Surgical, Inc. (US)
- Zap Surgical Systems, Inc. (US)
- Renishaw Plc (UK)
- Hocoma Ag (Switzerland)
- Accuray Incorporated (US)
- CMR Surgical (UK)
- Ekso Bionics Holdings, Inc. (US)
- Bionik Laboratories Corp. (US)
- Lifeward, Inc. (Israel)
- Cyberdyne Inc. (Japan)
- Avateramedical Gmbh (Germany)
- Johnson & Johnson (US)
- and Swisslog Healthcare (Switzerland)
- Zoll Medical Corporation (US)
- Relay Robotics (US)
- and Among Others
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The study categorizes the medical robots market into the following segments and subsegments:
Medical robots market, By Product & Service
- Instruments & Accessories
- Robotic Systems
- Services
Medical robots market, By Type
- Self-reported Questionnaires & Surveys
- Surgical Robotic Systems
- Surgical Robotic Systems, By Application
- Soft Tissue Robotic System
- General Surgery
- Gynecological Surgery
- Urological Surgery
- Other Applications
- Hard Tissue Robotic System
- Knee & Hip Surgery
- Spine Surgery
- Surgical Robotic Systems, By Application
- Rehabilitation Robotic Systems
- Therapeutic Robotic Systems
- Assistive Robotic Systems
- Exoskeleton Robotic Systems
- Other Rehabilitation Robotic Systems
- Radiosurgery Robotic Systems
- Hospital & Pharmacy Robotic Systems
- Pharmacy Robotic Systems, By Type
- Robotic Dispensing Systems
- Compounding Robotic Systems
- Other Pharmacy Robotic Systems
- Hospital Robotic Systems
- Hospital Robotic Systems, By Type
- Delivery Robotic Systems
- Telepresence Robotic Systems
- Diagnostic Robotic Systems
- Other Hospital Robotic Systems
- Pharmacy Robotic Systems, By Type
Medical robots market, By End User
- Self-screening mHealth Apps
- Telehealth & Virtual Care Solutions
- Continuous Monitoring Wearable Devices
- AI-based Screening Tools
- Remote Mental Health Platforms
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Pharmacies
- Rehabilitation Centers
- Other End Users
Medical robots Market, By Region,
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Rest of the Middle East & Africa
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Key Market Stakeholders:
- Manufacturers of medical robots
- Suppliers and distributors of medical robots
- Third-party refurbishers/suppliers
- Clinical settings
- Educational institutions
- Group purchasing organizations (GPOs)
- Academic medical centers and universities
- Corporate entities
- Community centers
- Government institutes
- Market research & consulting firms
- Contract manufacturing organizations (CMOs)
- Venture capitalists & investors
Report Objectives:
- To define, describe, and forecast the medical robots market by product & service, type, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall medical robots market
- To analyze the opportunities in the market for stakeholders and provide details of
- the competitive landscape for market leaders
- To profile the key players in the market and comprehensively analyze their market shares and core competencies2
- To forecast the size of the market segments with respect to five main regions:
- North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa
- To track and analyze competitive developments, such as acquisitions, product launches, expansions, agreements & collaborations, and approvals
- To benchmark players within the medical robots market using the Competitive Evaluation Matrix, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering
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