Clinic Segment to Account for 64.61% Global Medical Robots Market Share

 

Medical robots are service robots that are utilized in and out of hospitals to improve patient care. They reduce medical staff workloads, allowing them to spend more time directly caring for patients while also establishing a robust operational system that ensures efficacy and lowers healthcare facility costs. Medical robot sales climbed by 73 percent in 2017 over 2016, accounting for 2.7 percent of total professional service robot sales, as per the International Federation of Robotics World Robotics 2018. Because of the growing senior population and the need to perform minimally invasive surgery on patients, the medical roots are being used.

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Data Bridge Market Research analyses that the medical robots market is expected to grow at a CAGR of 15.7% in the forecast period of 2022 to 2029 and is expected to reach USD 34,470.62 million by 2029. The primary aspect driving market growth is the increased applicability of robot-assisted training in rehabilitation therapy, as well as the growth of technological innovations, increased disbursements and funding for medical robot startups, and the rising demand for minimally invasive surgeries by the patient population.  

Medical Robots Market

Rising internet of things (IoT) and artificial intelligence (AI) in the medical sector is expected to drive the market's growth rate during the forecast period.

Medical robots have developed and grown as a result of advancements in internet of things (IoT) and embedded technologies around the world. Artificial intelligence (AI), which has raised the bar for automation, has helped to propel the medical robotics market even higher. In terms of operational stability, manual surgeries provide a danger of error, hence medical robots are added to enhance efficiency. Artificial intelligence (AI) intervention has opened up new possibilities for invasive surgery advances. As a result of the use of IoT, AI, and cloud, a wide range of applications have been developed, assisting in the growth of the medical robot market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (External Large Robots, Geriatric Robot, Assistive Robots, Miniature in Vivo Robots), Product (Surgical Robots, Rehabilitation Robots, Hospital and Pharmacy Robots, Bio Robotics, Non-invasive Radio Surgery Robots, Telepresence Robots, Medical Transportation Robots, Sanitation and Disinfectant Robots), Modality (Compact, Portable), Components (Actuators, Sensors, Robot Controller, Patient Cart, Surgeon Console, Vision Cart, Dispensing System and Additional Products), Application (Research, Clinic, Pharmacy, and Others), End User (Hospitals, Specialty Clinics, Research Institutes, Ambulatory Surgical Centers, Laboratories, Rehabilitation Centers, and Others), Distribution Channel (Direct Tender, Retail Sales, Third Party Distributors, Others)

Countries Covered

U.S., Canada, Mexico, U.K., Germany, Italy, France, Spain, Russia, Netherland, Switzerland, Turkey, Belgium, Rest of Europe, China, India, Japan, Australia, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America

Market Players Covered

ARxIUM (U.S.), Ekso Bionics (U.S.), Capsa Healthcare (U.S.), ReWalk Robotics (lsrael), Renishaw plc (U.K.), Hocoma (Switzerland), Asensus Surgical, Inc. (U.S.), Paro Robots U.S., Inc. (U.S.), Yukai Engineering Inc. (Japan), Stryker (U.S.), Accuray Incorporated (U.S.), Corindus (A Siemens Healthineers Company) (U.S.), Kuka AG (Germany), Auris Health, Inc. (a subsidiary of Johnson and Johnson) (U.S.), CMR Surgical Ltd. (U.K.), Stereotaxis, Inc. (U.S.), InTouch Health Inc. (subsidiary of Teladoc Health, Inc.) (U.S.), Medtronic (Ireland)

Data Pointers Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The medical robots market is segmented on the basis of type, product, modality, components, application, end user and distribution channel.

  • On the basis of type, the global medical robots market is segmented into external large robots, geriatric robots, assistive robots, and miniature invivo robots. In 2022, the external large robots segment is expected to dominate the global medical robots market with a share of 65.57% due to the increasing medical robots app launches and the prevalence of COVID-19 pandemic.
  • On the basis of product, the global medical robots market is segmented into surgical robots, rehabilitation robots, hospital and pharmacy robots, bio robotics, non-invasive radio surgery robots, telepresence robots, medical transportation robots, sanitation and disinfectant robots, and others. In 2022, the surgical robots segment is expected to dominate the global medical robots market with a share of 5,339.38% because robotic surgeries are minimally invasive surgeries that enable fast recovery.

In 2022, the surgical robots segment is projected to hold the largest share of product segment in the medical robots market

In 2022, the surgical robots segment is anticipated to hold the largest share of global medical robots market because robotic surgeries are minimally invasive surgeries that enable fast recovery. The surgical robots segment is growing with a CAGR of 16.7% in the forecast period of 2022 to 2029.

  • On the basis of components, the global medical robots market is segmented into actuators, sensors, robot controller, patient cart, surgeon console, vision cart, dispensing system, and additional products. In 2022, the actuators segment is expected to dominate the global medical robots market with a share of 3,321.73% surging demands of technologically advanced medical robots across the globe.

In 2022, the actuators segment of components segment is anticipated to dominate the medical robots market

In 2022, the actuators segment of this market will dominate the medical robots market because they are highly flame retardant and can also be used in a wide range of industrial applications. The actuators segment is expected reach the highest CAGR of 18.3% in the forecast period of 2022-2029.

  • On the basis of modality, the global medical robots market is segmented into compact and portable. In 2022, the portable segment is expected to dominate the global medical robots market with a share of 68.62% owing to the reduced errors, increasing overall efficiency and, proactively addressing the ever-evolving regulatory environment.
  • On the basis of application, the global medical robots market is segmented into research, clinic, pharmacy, and others. In 2022, the clinic segment is expected to dominate the global medical robots market with a share of 64.61% owing to the increasing demand of medical robots.
  • On the basis of end user, the global medical robots market is segmented into research, clinic, pharmacy, and others. In 2022, the hospitals segment is expected to dominate the global medical robots market with a share of 38.32% due to the rising funding and increasing technological advancements in medical robots
  • On the basis of distribution channel, the global medical robots market is segmented into direct tender, retail sales, and third party distributor. In 2022, the direct tender segment is expected to dominate the global medical robots market with a share of 40.22% due to fast delivery and multiple options of product choice.

Major Players

Data Bridge Market Research recognizes the following companies as the major medical robots market players in medical robots market are Stryker (U.S.), Accuray Incorporated (U.S.), Medtronic (Ireland), Corindus (A Siemens Healthineers Company) (U.S.), Kuka AG (Germany), Auris Health, Inc. (a subsidiary of Johnson and Johnson) (U.S.).

Medical Robots Market

Market Development  

  • In November 2021, Renishaw had announced the completion of an agreement between them and Verisurf Software Inc., in North America. This helps company in expansion of technological advancement and plan to support other REVO sensors. This agreement, which focuses on Verisurf's popular CMM Programming and Inspection Suite, allows companies to take advantage of Renishaw's advanced inspection technologies, such as the REVO 5-axis measurement system and the Equator flexible gauging system, as well as both organizations' support networks.
  • In February 2020, Medtronic (U.S) had announced the acquisition of Digital Surgery, a pioneer in surgical artificial intelligence, data, and analytics. Digital Surgery will be integrated into the Surgical Robotics division of Medtronic's Minimally Invasive Therapies Group. Medtronic's portfolio and robotic-assisted surgery platform are likely to benefit from the acquisition.
  • In June 2020, Accuray Incorporated had announced the launch of CyberKnife S7™ System. It is an advanced precision, innovative device combining speed, real-time artificial intelligence (AI)-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments. The CyberKnife S7 System is the next-generation CyberKnife platform, a robotic, non-invasive radiation therapy system that can treat malignant and benign tumors as well as neurologic problems across the body. The new CyberKnife technology is the most recent example of Accuray radiation treatment innovation, which empowers healthcare providers to provide their patients the best possible care by providing new capabilities.

Regional Analysis

Geographically, the countries covered in the medical robots market report are U.S., Canada, Mexico, U.K., Germany, Italy, France, Spain, Russia, Netherland, Switzerland, Turkey, Belgium, Rest of Europe, China, India, Japan, Australia, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in medical robots market during the forecast period 2022 - 2029

Asia-Pacific will continue to dominate the medical robots market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the increasing technological advancement in this region. Also, increasing the geriatric population, which further results in higher usage of robots in performing various tasks, will propel the market’s growth rate in this region. China dominates the Asia-Pacific region due to rising disposable income and the presence of key market players.

Europe is estimated to be the fastest growing region in medical robots market the forecast period 2022 - 2029

Europe region is anticipated to grow at the highest rate during the forecast period of 2022-2029 due to the rising adoption of advanced technology in the region. Due to the large number of players in the market, Germany dominates the Europe region.

COVID-19 Impact Analysis

The COVID-19 pandemic had a negative influence on the market for medical robots. The outbreak had resulted in a temporary restriction on elective surgeries all over the world, resulting in elective surgery cancellations all over the world. As the revenue from the sale of instruments and accessories could not be obtained due to the drop in surgical procedures, the medical robotics market has suffered. Due to the increased incidence of COVID-19 in various regions, a further drop was projected in the third quarter.

Additionally, the COVID-19 outbreak had a detrimental impact on global stock markets and economies, and it may result in a prolonged regional or global economic crisis. As the current pandemic has put a lot of financial burden on healthcare institutions, who have cut their capital and overall spending, such economic upheaval could negatively influence medical robots producers. The majority of hospitals had also postponed capital equipment acquisitions. Medical robot demand is likely to return to pre-COVID-19 levels in mid-2022.

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