April 12, 2024

Medical Robot Market set to Surpass $11.47 Billion by 2023 Driven by Rising Demand for Minimally Invasive Surgeries

Medical robots have transformed healthcare delivery by automating routine tasks and enabling minimally invasive surgeries through their highly precise movements. These robots are powered by advanced technologies such as artificial intelligence, 3D vision systems and motion sensors allowing them perform complex surgical procedures with greater accuracy, flexibility and less chances of human error. Surgical robots are being increasingly used for various clinical applications ranging from gynecology to urology to general surgery. Notable medical robotic systems available include da Vinci surgical system used for prostate removal, hysterectomies and other laparoscopic procedures. These robots offer physicians improved ergonomics, intuitive control of instruments and scaled motion aimed at reducing a surgeon’s fatigue and exposure to radiation.

The global Medical Robot Market is estimated to be valued at US$ 11.47 Billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The medical robots market is witnessing rising adoption of collaborative robots or cobots. Cobots are designed to safely work alongside humans by sensing the person and adapting their speed and movements accordingly. Manufacturers are developing dual-arm cooperative robots capable of performing complex surgical setups, passing objects and holding tissues. This allows surgeons to focus on the critical aspects of procedures with help from robot assistants. Growing investments in robotics technology by hospitals and academic medical centers will further drive innovation. Regulatory approvals of novel systems for epidural placement, neurosurgery and rehabilitation indication are also expanding the application scope of medical robotics.

Porter’s Analysis
Threat of new entrants: Low capital requirements and no major regulatory hurdles pose a low threat for new entrants in the medical robots market. However, established brands, technology differentiation and need for expertise restricts new players.
Bargaining power of buyers: Individual customers have low bargaining power due to limited buying capacity. However, large hospitals and healthcare institutions have significant influence over suppliers due to higher purchasing power and ability to decide on major capital expenditure.
Bargaining power of suppliers: Major components and parts suppliers including sensors, vision systems and actuators have moderate bargaining power due to limited availability of technologically advanced suppliers in the industry.
Threat of new substitutes: There exists a low threat from substitutes as medical robots provide differentiated capabilities in minimally invasive surgeries, pharmacy automation and rehabilitation.
Competitive rivalry: The medical robots market witnesses intense competition due to presence of global players and me-too product offerings. However, technology integration, expansion across application areas and strategic partnerships differentiates successful players.

Key Takeaways
The global medical robots market is expected to witness high growth. The global Medical Robot Market is estimated to be valued at US$ 11.47 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

Regional analysis The North America region currently dominates the medical robots market led by the US owing to high awareness levels, advanced healthcare facilities and supportive regulatory environment for robotic-assisted surgeries in the region. Asia Pacific is expected to witness the fastest growth due to expanding healthcare infrastructure, increasing medical tourism and focus of global players on emerging countries.

Key players operating in the medical robots market are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. The medical robots market has witnessed several mergers and acquisitions over the recent past. For instance, Medtronic acquired Mazor Robotics for $1.6 billion in 2018 to expand its surgical robotics business. Technological advancements, expansion across application areas and strategic partnerships are expected to differentiate key players in the highly competitive medical robots industry.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it