Medical Robots Market Growth Predicted at 17.5% Through 2027: GMI
The hospitals segment dominated more than 67% of the medical robots market share in 2020.
According to the latest report "Medical Robots Market by Product Type (Surgical Robots, Telemedicine Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Pharmacy and Hospital Automation Robots), Application (Neurology Applications, Cardiology Applications, Orthopaedic Applications, Laparoscopic Applications, Physical Rehabilitation, Pharmacy Applications), End-use (Hospitals, Rehabilitation Centers, Ambulatory Surgical Centers (ASCs)), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027," by Global Market Insights Inc., the market valuation of medical robots will cross $22.1 billion by 2027.
The growing focus of major players operating in the industry to collaborate with other companies or to acquire smaller leaders with advanced product offering is one of the key strategies adopted by industry participants. Supportive government policies, availability of better reimbursement plans, and the increasing population suffering from chronic diseases are impelling the adoption of medical robots in the market. A shorter recovery period due to more precise surgery incisions is also supporting the penetration of medical robots in the healthcare sector.
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Robotics has brought in a sea change in the medical sciences field in last couple of decades. However, robotic surgeries were not part of most health insurance plans in various countries around the world. But considering the growing popularity and increasing preference for robot-assisted minimally invasive surgeries, various insurance companies operating in the health coverage space now offers partial or fully robotic surgeries. Now the insured will bear a certain percentage of the surgery cost and the rest will be taken care by the insurer.
The surgical medical robots market is anticipated to witness a 17.4% growth rate through 2027. Growing preference for robotic-assisted surgeries, rise in a number of patient's suffering from chronic diseases and increase in the number of inpatient hospitalizations across the globe will spur the market growth. A lesser recovery period for elective surgeries is another factor supporting the segment progression. Moreover, increasing trend for minimally invasive surgeries will also propel the market expansion.
The cardiology application segment in the medical robots market accounted for USD 843 million in 2020. Increasing number of patients suffering from chronic diseases is among the primary factors fueling the segment growth. For example, according to the World Health Organization (WHO) statistics, nearly 4 in 5 deaths in the developing countries are owing to chronic diseases. Similarly, as per the American Heart Association (AHA), around half of the U.S. adults are suffering from cardiovascular disorders. All these parameters indicate a high growth for cardiovascular surgeries over the forecast timeframe, thereby supporting the industry growth.
The hospitals segment dominated more than 67% of the medical robots market share in 2020. High-risk patients with critical illnesses go for hospitals as a preferred choice for their treatment especially complex surgeries. Also, hospitals highlight benefits of robotic surgeries such as minimal visibility of scars and less complications in surgery than traditional surgery which encourages patients to opt for robotic-assisted surgeries. All these parameters encourage patients to opt for robotic-assisted surgeries, thereby driving the acceptance of medical robots in hospitals.
Japan dominated the Asia Pacific medical robots market and accounted for more than 50% of revenue share in 2020. Japan has a significant adult population and is projected to maintain a similar trend over the forecast period. Supportive government policies focusing on research and development of healthcare robots is among the primary growth factor for high penetration and deployment of medical robots in the country. Country's ageing population has immensely benefitted from robot adoption in healthcare facilities. Not only the surgical and rehabilitation robots, but the country is investing in other types of advanced medical robots which can assist healthcare staff to serve patients in all possible manner.
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Some of the major companies operating in the medical robots market include Stryker Corporation, Smith & Nephew, Medtronic, Zimmer Biomet, ACCURAY, Intuitive Surgical, and Johnson & Johnson among others. The market leaders are focusing on technological advancements, getting faster regulatory approvals for the introduction of new products in order to sustain their position in the industry.
Table of Contents (ToC) of the report:
Chapter 3 Medical Robots Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.3.2.3 Stringent regulatory approval
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Technology landscape
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.9.1 Competitive matrix analysis, 2020
3.10 PESTEL analysis
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Original Source: Medical Robots Market Revenue to Cross USD 22.1 Bn by 2027: Global Market Insights Inc.
