The Global "Medical Robotics Market" is expected to grow at a high CAGR of 15.5% during the forecasting period (2022-2029).
Medical Robotics is an integration of healthcare with robotic technology. Robots enhance the quality of services and eliminate human error, thereby offering more accurate results to healthcare professionals.
These robots help professionals to perform complex surgeries and utilize their application to different types of end-users across the medical sector.
Treatment with the assistance of medical robotics is advantageous when compared to conventional treatment methods. For instance, surgical robots help minimize blood loss and increase precision during surgeries which lead to a fast recovery rate of patients along with reduced complications.
Rapid technological advancements have been making medical robots more reliable, safe, and accurate. Thereby, increasing the adoption of medical robots into the healthcare sector.
The global market for medical robots is driven by the rising numbers of technological innovations in the medical field and increasing adoption of medical robots in a diverse range of areas such as neurology, orthopedics, cardiology, etc. Rising applications of robot-assisted programs such as rehabilitation therapy further boost the demand for such an efficient medical robot.
Future scope of robotic technology in exploring new functions for the existing procedure is expected to continue to drive the need for medical robotics. For instance, the development of nanobots which can be used for treating some diseases such as cancer has opened new doors for the medical treatment facility, which is indirectly helping the growth of the medical robot market.
However, expensive equipment and the high cost of installation, and safety concerns regarding malfunctioning of the robot, and the need for technical professionals for the robots may hamper the growth of the global medical robot market.
By product, medical robotics is segmented into instruments and accessories and robotic systems. Robotic systems hold the largest segment and are sub-segmented into surgical robots, rehabilitation robots, non-invasive radiosurgery robots, and hospital and pharmacy automation robots.
Surgical robots dominated the market share owing to increasing acceptance and demand of robotic systems in hospital and rise in the need for minimally invasive surgeries.
Furthermore, technological advancements reduce drawbacks of operations and offer higher precision, delivering better outcomes due to faster healing and minimal scarring is anticipated to drive the market.
Rehabilitation robots are anticipated to be the fastest-growing share owing to their growing acceptance for physiotherapy in the treatment of neurological disorders or stroke, which are related to movement disability. With increasing importance in therapy treatments, the number of patients being treated with medical robots are also growing.
By application, the medical robotics market is segmented into neurology, orthopedics, cardiology, laparoscopy, and others. Laparoscopy accounted for the highest share in the application segment.
Owing to the advances in new systems with enhanced magnification and maneuverability, user-friendly, and improved micro motions device in the patient’s body resulting in higher precision during surgical procedures. Moreover, this robotics have proven to be technically viable and are customized to the needs of surgeons.
The market growth can be attributed to the growing geriatric population, increasing demand for laparoscopic diagnostic, therapeutic procedures, and an increasing number of unhealthy lifestyle habits such as fast food & alcohol.
The neurology segment is expected to show the fastest growth owing to the global surge in neurological disorders such as Alzheimer's and Depression.
The advent of innovative technologies and their developments of hardware and software in the field of robotic neuro-technologies with an improved scope of ergonomics and neurology will further facilitate the growth of medical robotics.
Orthopedics robotic systems are anticipated to show significant market growth owing to substantial developments in terms of software used for Anterior Cruciate Ligament Reconstruction (ACL), Total Knee Arthroplasty (TKA), and Total Hip Arthroplasty (THA).
It will trigger the demand for minimally-invasive robot-assisted surgeries. Other factors motivating the market are rising numbers of musculoskeletal conditions such as osteoarthritis, rheumatoid arthritis, and osteoporosis.
North America dominated the global medical robotic market owing to the increasing adoption of robotics into healthcare, better reimbursement policies, and advanced health care infrastructure.
It is a crucial contributor to the market as it is a technologically advanced and developed region. Other factors are the broad base of the patient population and the presence of significant medical companies in the area.
Moreover, the extensive research activities are undertaken by key players in the region are likely to show a profitable growth of the medical robotics market.
Europe’s medical robotics market is anticipated to show significant growth owing to the rapid advancements in surgical procedures by increasingly adopting robot-assisted surgeries.
Its advantages being faster patient recovery, fewer health risks, and minimal scarring are expected to boost the market growth.
On the other hand, Asia Pacific is projected to be the fastest-growing medical robotics market owing to it to improving healthcare infrastructure, rising patient awareness, technological developments, and the increased adoption of minimally invasive surgeries.
The emerging economies in this region, as well as government incentives, give scope for significant market players to introduce their products in the area.
For instance, in Feb. 2019, under Thailand 4.0 vision, Thailand plans to leverage its excellence in medical services and devices to strengthen its position as the regional medical hub. To promote medical robotics, the Thailand Board of Investment offered a wide range of investment promotion incentives including medical robots. The major products contributing to the growth of Asia Pacific include surgical robots and non-invasive radiosurgery systems.
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New and innovative product launches are another strategy adopted by the leading players to improve their market presence.
In February 2019, Johnson & Johnson bought the robotic platform Auris Health for 3.4bn in an effort to speed up J&J’s move into digital surgery. Auris Health develops robotic technologies and its first product, the monarch platform, was approved by the US FDA.
The monarch platform allows surgeons to reach small and hard-to-access lung nodules early to diagnose and treat lung cancer. The deal is worth up to 5.75bn, including additional payments dependent on reaching milestones.
In February 2019, Corindus Vascular Robotics, a leading developer of precision vascular robotics, sought premarket clearance from the U.S. Food and Drug Administration (FDA) to use the CorPath GRX System in neurovascular intervention. CorPath GRX, the second-generation robotic platform, received FDA clearance for percutaneous coronary intervention (PCI) in 2016 and peripheral vascular intervention (PVI) in 2018.
In January 2019, the Chinese University of Hong Kong (CUHK) established partnerships with ETH Zurich, Imperial College London, and Johns Hopkins University from the US to deepen ties on transdisciplinary medical robotics research.
The three top-notch overseas institutions will collaborate with CUHK through the planned Multi-Scale Medical Robotics Center (MRC) which aims to develop practical and accessible imaging and robotic technologies.
In February 2019, Motion Industries, a leading distributor of maintenance, repair, and operation replacement parts and a wholly-owned subsidiary of Genuine Parts, is to acquire Axis New England and Axis New York, an automation and robotics company based in Danvers, MA. Execution of the transaction is to occur on March 1, 2019.