March 2, 2024
Medical Robotic System Market

Medical Robotic System Market is Estimated To Witness High Growth Owing To Increasing Adoption of Surgical Robots in Hospitals and Rise in Minimally Invasive Procedures

The Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2019 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Medical Robotic System Market involves the use of robotic systems in the field of healthcare. These systems assist in performing complex surgical procedures with precision and accuracy. They offer benefits such as reduced post-operative pain, faster recovery time, and minimal scarring. Medical robotic systems find applications in various surgical procedures, including orthopedic surgery, neurosurgery, urology, and gynecology. The increasing adoption of surgical robots in hospitals and the rise in minimally invasive procedures are driving the growth of the market.

Market Dynamics:

The market is driven by two main factors. The first driver is the increasing adoption of surgical robots in hospitals. Surgical robots offer several advantages, such as improved surgical outcomes, reduced hospital stays, and shorter recovery times. As a result, hospitals are increasingly adopting these robotic systems to enhance patient care and surgical efficiency.

The second driver is the rise in minimally invasive procedures. Minimally invasive procedures offer numerous benefits over traditional open surgeries, including smaller incisions, less scarring, reduced pain, and faster recovery. Medical robotic systems play a crucial role in performing minimally invasive procedures, driving the demand for these systems in the market.

The Medical Robotic System Market is poised for significant growth due to the increasing adoption of surgical robots in hospitals and the rise in minimally invasive procedures.

Segment Analysis:

The medical robotic system market can be segmented into surgical robots, rehabilitation robots, non-invasive radiosurgery robots, and hospital & pharmacy robots. Among these segments, surgical robots dominate the market due to their widespread adoption and use in various surgical procedures. Surgical robots offer enhanced precision, control, and flexibility, which reduces the risk of human errors and improves patient outcomes. These robots are increasingly being used in minimally invasive surgeries such as laparoscopic procedures, where they assist surgeons in performing complex tasks with improved dexterity. Additionally, the demand for surgical robots is driven by the rising geriatric population and the increasing prevalence of chronic diseases that require surgical interventions.

PEST Analysis:

Political: The medical robotic system market is influenced by government regulations and policies regarding the use of robotics in healthcare. Governments design favorable policies to encourage the adoption of advanced technologies and promote patient well-being.

Economic: Economic factors such as healthcare expenditure, reimbursement policies, and the availability of funds play a crucial role in the growth of the medical robotic system market. Rising per capita income and increasing healthcare spending contribute to the market growth.

Social: The social factors influencing the market include the aging population, increasing prevalence of chronic diseases, and the need for improved surgical outcomes. The demand for medical robotic systems is driven by the desire for better patient care and reducing healthcare costs.

Technological: Advancements in technology, such as artificial intelligence, machine learning, and robotic-assisted surgery techniques, are driving the growth of the medical robotic system market. Technological advancements enable greater precision, efficiency, and improved patient safety.

Key Takeaways:

The global medical robotic system market is expected to witness high growth, exhibiting a CAGR of 14.3% over the forecast period. This growth is primarily attributed to the increasing adoption of surgical robots in minimally invasive procedures, driven by the rising geriatric population and the prevalence of chronic diseases.

Regionally, North America is the fastest-growing and dominating region in the medical robotic system market. The region’s dominance is attributed to factors such as well-established healthcare infrastructure, high healthcare expenditure, and increasing awareness and acceptance of robotic-assisted surgeries.

Key players operating in the medical robotic system market are Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt. These key players play a significant role in driving market growth through technological advancements, product innovation, and strategic collaborations and partnerships.

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