Medical Robots Transforming Healthcare Market - Forecast(2024 - 2030)

Medical Robots Transforming Healthcare market Overview

Medical Robots Transforming Healthcare Market size was estimated at $7.9 billion in 2020, is projected to increase at a CAGR of 11.4% during the forecast period 2021-2026. Increased demand for managed care and a shortage of healthcare professionals drive the growth of the Medical Robots Transforming Healthcare industry. It is used to execute repeated activities at fast speeds, reliably, and without weariness using telemanipulators. The use of technology in the performance of duties in the pharmacy is referred to as pharmacy automation. This involves storing, administering, filling, packaging, and labelling pharmaceuticals for distribution in the case of a pharmacy. These automated services are provided by a variety of resources, including automated pharmacy systems, pharmacy dispensing robots, and outpatient pharmacy automation. Medical robots reduce medical staff workloads, allowing them to spend more time directly caring for patients while also establishing a robust operational method that ensures efficacy and lower costs for healthcare services. Medical robot sales surged by 73% in 2017 over 2016, accounting for 2.7% of total professional service robot sales, according to the International Federation of Robotics World Robotics 2018 Service Robots. Leading researchers and clinicians highlight the exciting new relationship between surgeons and technology such as computers and robots, enabling them to execute some skilled tasks better than either can accomplish alone in Computer-Integrated Surgery. The use of intraoperative navigation in computer-assisted surgery (CAS) or computer integrated surgery demands preoperative or intraoperative 2D or 3D imagery coupled to a navigation unit.

Medical Robots Transforming Healthcare Market Report Coverage

The report: “Medical Robots Transforming Healthcare Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Medical Robots Transforming Healthcare Market.

By Product Type:  Surgical Robots, Non-Invasive Radiosurgery Robotic Systems, Rehabilitation Robotic System, Hospital and Pharmacy Robotic Systems
By Application: Orthopedics, Laparoscopy, Neurology, Cardiology, Gynecology, Others
By End User: Hospitals, Ambulatory Surgical Centers
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America), and Rest of the World (Middle East and Africa)

Key Takeaways

• The rising use of robot-assisted training in Rehabilitation Therapy is a major factor driving the market growth. As it provides high-dose and high-intensity training, robotic rehabilitation therapy is effective for patients with motor difficulties caused by stroke or spinal cord damage.
• The enhancement of gait function in stroke patients is one of the applications of robot-assisted therapy. Bionik, a robotics company focused on enabling rehabilitation and assistive solutions for patients suffering from neurological disorders, announced the completion of the Robot-Assisted Training for the Upper Limb after Stroke (RATULS) trial in May 2019 by utilizing the Companies in Motion Robotic Therapy Systems.
• Expensive surgical procedures and rising healthcare costs are poised to create hurdles for the Medical Robots Transforming Healthcare Market.

Medical Robots Transforming Healthcare Market: Market Share (%) by Region, 2020

Medical Robots Transforming Healthcare Market Segment Analysis – By Product:

Based on Products, Medical Robots Transforming Healthcare Market is segmented into Surgical Robots, Non-Invasive Radiosurgery Robotic Systems, Rehabilitation Robotic System, Hospital and Pharmacy Robotic Systems. In 2020, the Surgical Robots category accounted for the greatest revenue market share. When compared to human surgeons, surgical robots have a high success rate, they also do precision surgery in small spaces, which aids impaired patients in improving their movement and communication. With the help of telemanipulators, it completes repetitive operations quickly and consistently without becoming fatigued. Few hospitals can afford to invest in new technology devices, and those that do are forced to charge a premium for their services. Rehabilitation Robotic System is anticipated to expand with the fastest CAGR of 13.8% in the forecast period 2021-2026. The adoption of cloud-based deployment modes in all applications is outpacing market need. Rehabilitation robots are employed in physiotherapy in treating stroke and neurological illnesses connected to movement limitation, and this segment is expected to develop owing to the rising acquisition rate of robotic systems in hospitals and the requirement for minimally invasive procedures. Pharmacy automation is not a new concept, in fact, many pharmacies have had some kind of automation since the 1960s. However, improved artificial intelligence and machine learning capabilities, paired with decreasing automated system costs, have brought pharmacy automation within reach of even smallest pharmacies.

Medical Robots Transforming Healthcare Market Segment Analysis – By Application:

Based on Products, Medical Robots Transforming Healthcare Market is segmented into Orthopedics, Laparoscopy, Neurology, Cardiology, Gynecology and Others. The neurology segment is estimated to hold the largest share of the market throughout the forecast period 2021-2026, based on application. This segment growth is being driven by an increase in the prevalence of neurological disorders such as depression and Alzheimer's disease, as well as technological advancements in the field of robotic systems, such as improved scope ergonomics. The laparoscopy application segment is estimated to account for the fastest CAGR of 12.1% during the forecast period 2021-2026, owing to the growing number of surgical laparoscopies performed worldwide and the growing usage of surgical robots. The ease with which the gadgets can be handled, as they are primarily designed to meet the needs of surgeons

Medical Robots Transforming Healthcare Market Segment Analysis – By Geography    

Based on Geography, in 2020, the North America Medical Robots Transforming Healthcare Market accounted for 39.9% of total sales. Because of the quick adoption of new technology, North America has been a promising geographical market globally for the previous decade. The increasing number of hospitals being built with advanced equipment is expected to boost market demand. In addition, the increasing prevalence of encouraging effective treatment in the interest of patients' health drives the market demand in this region. Owing to an increase in the number of healthcare centers, Asia-Pacific has overtaken America as the most prominent area. Increasing funds from both public and private entities are putting pressure on the market to expand. A growing number of trained people in charge of monitoring the gadgets is also helping to level the playing field in the medical field. The Asia region's growing demand for modern healthcare infrastructure systems is likely to continue to expand in the future years. The increasing adoption of instrument-based services is driving demand for medical robots in China, but other issues, such as a shortage of experienced physiotherapists and caretakers, are also driving demand. In a hospital setting, medical robots are utilized to transport drugs and other sensitive materials. The Healthcare Industry of India's Initial Public Offerings (IPOs) are expected to accelerate market growth.

Medical Robots Transforming Healthcare Market Segment Analysis-Drivers

Growing Demand For Minimally Invasive Surgeries:

Minimally invasive procedures (MIS) are becoming more popular around the world as a result of the advantages they provide, such as smaller incisions, fewer cuts, less scarring, less discomfort, increased safety, faster recovery times, and significant cost savings. Robotic minimally invasive surgery amplifies these advantages by ensuring greater accuracy, reproducibility, control, and efficiency. The straight-stick laparoscopy to open surgery conversion rate was 25%, according to a 2018 publication on a gynecological investigation of laparoscopy hysterectomy. The conversion rate for procedures performed on a robotic platform, on the other hand, was less than 5%, resulting in less morbidity and blood loss. Robotic surgery also has improved visualization capabilities, allowing surgeons to see up to small structures using high-definition cameras and have a better perspective of the operating area. These technologies have better dexterity than the human hand; their capacity to spin 360 degrees and superior mobility allow surgeons to reach even the most difficult-to-reach locations.

Medical Robots Transforming Healthcare Market Segment Analysis-Challenges

Expensive Surgical Procedures:

Robot-assisted operations and computer integrated surgery are significantly more expensive than minimally invasive procedures. Robotic hysterectomy is only recommended by the American Congress of Obstetricians and Gynecologists for unique and complex clinical situations. According to the group, utilizing robotic surgery for all hysterectomies increases the annual cost of hysterectomy surgeries in the United States by USD 960 million. One of the most commonly used robotic systems, the da Vinci, costs between USD 1.5 million and USD 2.5 million per unit, whilst the CyberKnife radiosurgery robotic system costs between USD 4 and 7 million per unit. Likewise, a Lokomat rehabilitation robot costs around USD 380,000 on average. According to a research letter published in the Journal of the American Medical Association (JAMA) in August 2018, each robotic surgical procedure is expected to cost USD 3,568. As a result of the rising cost of procedures owing to the usage of robotic systems, the medical robotics market is predicted to slow down. Hospital expenditures around the world have been shrinking in recent years, owing mostly to decreased federal appropriations. In 2017, the Florida government cut USD 160 million from the budgets of South Florida hospitals. In 2017, budget cuts ranging from 0.1 million to $20 million were made to 44 Denver metropolitan hospitals.

Medical Robots Transforming Healthcare Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Robots Transforming Healthcare Market. In 2020, the Medical Robots Transforming Healthcare Market share is consolidated by the top ten players present in the market Medical Robots Transforming Healthcare Market top 10 companies are Accuray Inc., Hacoma AG. Major Robotics Ltd, Stryker Corporation, Titan Medical Inc., MedtEch S.A., Kuka Roboter GMBH, and Irobot Corporation, Intuitive Surgical Inc., Hansen Medical Inc.

Acquisitions/Product Launches:

• In 2020, Stryker Corporation gained regulatory approval in Japan for the MAKO robotic surgery system for partial knee indication.
• Accuray introduced the CyberKnife S7 System in 2020, a next-generation CyberKnife platform with advanced precision, real-time artificial intelligence (AI)-driven motion tracking, and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
• Medtronic bought Medicrea in 2020, a pioneer in the evolution of spinal surgery with artificial intelligence, predictive modeling, and patient-specific implants.

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