July 20, 2024

Medical Robots Market Growing Demand for Minimally Invasive Surgeries Drives Market Growth

Market Overview:

Medical robots are advanced technological devices that are used in healthcare settings to assist surgeons during complex procedures. These robots offer numerous advantages such as precision, accuracy, and reduced risk of human error. The increasing demand for minimally invasive surgeries is driving the growth of the medical robots market. Minimally invasive surgeries offer benefits such as smaller incisions, quicker recovery time, and reduced post-operative complications. As a result, there is a growing need for medical robots that can assist surgeons in performing these procedures.

Market Key Trends:

One key trend in the medical robots market is the integration of artificial intelligence (AI). AI technologies, such as machine learning and deep learning, are being incorporated into medical robots to enhance their capabilities. AI-powered medical robots can analyze large amounts of patient data, assist in surgical planning, and provide real-time feedback to surgeons during procedures. This integration of AI is expected to revolutionize the field of robotic-assisted surgery and improve patient outcomes.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants in the medical robots market is low. The industry requires significant investments in research and development, manufacturing, and regulatory approvals. Additionally, existing companies have established strong brand recognition and intellectual property rights, creating barriers for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have the option to choose from a few key players, the high costs associated with medical robots and the critical nature of the equipment give suppliers some leverage in negotiations.

Bargaining power of suppliers: The bargaining power of suppliers is moderate to high. The market is dominated by a few key players who have established relationships with suppliers and have control over the supply chain. Suppliers may have some power to negotiate prices and terms due to the specialized nature of components required for medical robots.

Threat of new substitutes: The threat of new substitutes in the medical robots market is low. Medical robots provide unique advantages such as precision, control, and minimally invasive procedures, making them difficult to substitute with other technologies.

Competitive rivalry: The competitive rivalry in the medical robots market is high. The market is dominated by a few key players who constantly strive to innovate and capture a larger market share. Intense competition leads to price wars, product differentiation, and aggressive marketing strategies.

Key Takeaways:

The Global Medical Robots Market Demand is expected to witness high growth, exhibiting a CAGR of 17.4% over the forecast period (2023-2030). This growth is primarily driven by the increasing adoption of robotic-assisted surgery in hospitals and the rising demand for minimally invasive procedures. Medical robots offer improved precision, fewer complications, shorter hospital stays, and faster recovery for patients.

Regionally, North America is the fastest-growing and dominating region in the medical robots market. The region has a well-established healthcare infrastructure, high awareness regarding advanced medical technologies, and favorable reimbursement policies. The increasing prevalence of chronic diseases, aging population, and the presence of key players contribute to the market growth in this region.

Key players operating in the medical robots market are Intuitive Surgical, Inc., Stryker Corporation, Mazor Robotics Ltd, Hansen Medical Inc., Hocoma AG, Omnicell, Inc., Kirby Lester LLC, Accuray Incorporated, Ekso Bionics Holdings Inc., and Engineering Services Inc. These companies have a strong market presence, extensive product portfolios, and a focus on research and development. They continuously invest in technological advancements and strategic collaborations to maintain their competitive edge and drive market growth.

North America is expected to lead the market, while key players like Intuitive Surgical and Stryker Corporation will continue to dominate the industry.

Note:

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