Medical Robots Market Size Growing at 7.52% CAGR to Hit USD 27.05 Billion by 2027

The global medical robots market is expected to reach USD 27.05 Billion by 2027, according to a new report by Reports and Data. Key factors driving the growth of the market is the use of medical robots to release healthcare personnel from routine tasks to devote their time to further pressing responsibilities, and make medical procedures cost-effective and safer for patients. AI diagnostics is one of the fields which requires widespread use of medical robots. The uses AI for in diagnostics are extensive, but there are a few instances worth mentioning, comprising the FDNA system which deploys facial recognition software for screening of patients to detect more than 8000 maladies and rare genetic disorders with an extremely high degree of precision.

The growing demand for medical robots in minimally invasive surgeries is boosting the product sale.  Benefits offered by robotic surgery comprises of enhanced dexterity, greater visualization, greater precision. It is an advanced form of minimally invasive surgery, enabling surgeons to use a computer-controlled robot to operate in very tight spaces in the body that would else only be accessible through open surgery. Surgical robots are self-powered devices that can be programmed to assist in the setting and handling of surgical instruments, offering surgeons with greater flexibility, accuracy, and control. Developed by Virtual Incision Corp, the miniature robotic system provides assistance in performing minimally invasive colon resection procedures for people suffering from colon cancer, Crohn’s disease, ulcerative colitis, and diverticulitis.

Some of the players profiled in the report are

Medrobotics, Corindus, CMR Surgical, HistoSonics, Embodied, EndoMaster, and ICan Robotics, among others

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COVID-19 Impact

Hospitals in several countries across the globe are deploying medical robots, to prevent doctors and medical staff from getting infected with coronavirus, for serving food and medicines to infected patients through COBOT-Robotics. Such measures are adopted to contain the spread of the virus following the idea of social distancing.

For the purpose of this report, Reports and Data have segmented the global medical robots market on the basis of product type, application, end-users, and region:

Product Type Outlook (Revenue, USD Million; 2017-2027)

  • Surgical Robotic Systems
  • Assistive & Rehabilitation Systems
  • Hospitals & Pharmacy Robotic Systems
  • Non-Invasive Radiosurgery Robotic Systems
  • Accessories
  • Others

Application Outlook (Revenue, USD Million; 2017-2027)

  • Orthopedics
  • Laparoscopy
  • Neurology
  • Pharmacy
  • Others

End-Users Outlook (Revenue, USD Million; 2017-2027)

  • Hospitals
  • Ambulatory Surgical Centers
  • Pharmaceutical & Biotechnology Industries
  • Others

Market Segmentation by Regions:

  • North America (U.S.A., Canada)
  • Europe (U.K., Italy, Germany, France, Rest of Europe)
  • Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Further key findings from the report suggest

  1. By product type, surgical robotic systems dominated the market in 2019 and is likely to grow at a rate of 16.2% in the forecast period. Surgical robots enable surgeons to operate with utmost precision. Areas of the human body that are difficult or impossible to reach with the human hand can be accessed using the robotic system, where the arms can rotate about 280 degrees. The Renaissance guidance system provided by Mazor Robotics is an all-inclusive surgical solution meant for spinal procedures.
  2. By application, neurology is estimated to grow at the fastest rate of 17.6% in the forecast period, owing to the use of medical robots in decreasing procedure time and improving safety in neurosurgery in both frame and frameless procedures.
  3. By end-users, hospitals held the largest market share in 2018 and is likely to grow at a rate of 15.4% in the period 2020-2027.
  4. The market in the Asia Pacific region is anticipated to grow at the fastest rate of 17.9% in the period 2020-2027, attributed to the imminent demand for sophisticated healthcare facilities and the growing prevalence of gynecological diseases, among others….Continue

Key Points Covered in the Report:

  • Key insights into the latest growth trends, developments, technological and product advancements, and research and development scenario
  • Analysis of micro- and macro-economic factors and regulatory framework
  • In-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends
  • SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the competitive landscape
  • Strategic recommendations to established market players and new entrants to overcome limitations and entry-level barriers in the global market landscape
  • Analysis of market drivers, restraints, challenges, limitations, threats, growth prospects and opportunities

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