July 18, 2024

Medical Robotic Systems Market is soar by increasing demand for minimally invasive surgery

Medical robotics technologies continue to transform operating rooms around the world by enabling minimally invasive surgical procedures that deliver improved patient outcomes. Medical robotic systems leverage advanced robotics, computer vision and machine learning to provide surgeons with enhanced vision, precision, dexterity and control during complex surgical procedures. With robotic surgical systems, procedures that once required large incisions can be completed via only a few small incisions, dramatically speeding recovery times. The use of medical robotics has grown substantially in recent years across various clinical applications like general surgery, gynecology and urology.

The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rapid adoption of minimally invasive surgical techniques is a key trend driving the medical robotic systems market. Robotic surgery platforms allow surgeons to carry out even the most intricate procedures through small incisions with enhanced vision, range of motion and control. As patients recognize the benefits of reduced recovery time, scarring and blood loss associated with robotic procedures, demand for medical robotic systems from hospitals and surgical centers is growing substantially. Another major trend is the increasing collaboration between robotic technology developers and medical device manufacturers to develop next generation robotic platforms integrated with artificial intelligence, augmented reality and other advanced technologies. This is helping expand clinical applications for medical robotic systems beyond core specialties into new areas like bariatric surgery, oncology and cardiac surgery.

Porter’s Analysis

Threat of new entrants: Low capital requirement and established medical device giants pose moderate threat of new entrants.

Bargaining power of buyers: Large hospitals and healthcare providers have significant bargaining power influencing pricing and purchase decisions.

Bargaining power of suppliers: Suppliers of medical robotic system components like robot arms, end effectors etc have low to moderate bargaining power due to availability of substitutes.

Threat of new substitutes: Emerging technology like AI-assisted robotics poses moderate threat of substitution to conventional medical robotic systems.

Competitive rivalry: High as major players compete on technology differentiation, pricing and partnerships with healthcare providers.

Key Takeaways

The global Medical Robotic System Market is expected to witness high growth. The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.

Regional analysis comprises North America dominates the market currently due to rapid technology adoption and supportive regulatory environment. Asia Pacific is expected to witness fastest growth due to increasing healthcare expenditure and large patient pool.

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. Intuitive Surgical leads the market with da Vinci robotic surgical system. Medrobotics received FDA clearance for its flexible robot-assisted surgery system in 2021.

*Note:

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