Medical robotic systems are advanced computer-assisted technologies used in various surgical procedures. These include robotic surgical systems, surgical planning systems, robotic rehabilitation systems, hospital pharmacy automation systems, and non-invasive radiosurgery systems. The advantages of medical robotic systems over traditional open surgeries include reduced blood loss, less pain for patients, shorter hospital stays, quicker recovery times, minimal scarring, and improved accuracy and precision owing to 3D visualization and wristed instrumentation. The growing preference for minimally invasive surgeries (MIS) to minimize postoperative complications has fueled the demand for medical robotic systems across hospitals.
The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the key trends in the medical robotic system market is the increased adoption of robot-assisted surgery. Robot-assisted surgery uses robotic instruments to conduct minimally invasive surgery with more precision, flexibility and control than conventional MIS techniques. This has allowed complex procedures like cardiac, gastro intestinal and urological surgeries through a few small incisions with increased accuracy. Owing to the benefits of smaller incisions, shorter hospital stays, reduced postoperative complications and pain, the adoption of robot-assisted surgery has increased significantly over the past few years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high RD and capital costs required to develop medical robotic systems. However, potential new entrants with good technological skills and financial resources can enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as medical robotic systems are expensive and require expertise to operate. However, there are many suppliers in the market giving buyers options.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for medical robotic systems. However, some key technologies essential to these systems originate from few suppliers giving them some power.
Threat of new substitutes: The threat of new substitutes is low as there are few substitutes for advanced medical robotic systems capable of minimally invasive surgeries. However, traditional open surgeries continue to be used for some cases.
Competitive rivalry: The competitive rivalry is high due to the presence of many global players offering differentiated technology. players compete based on technology, product quality, services, and pricing.
Key Takeaways
The global Medical Robotic System market is expected to witness high growth. The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
North America dominates the market currently due to advanced healthcare infrastructure and high adoption of new technologies. Asia Pacific is expected to grow at a high rate due to increasing healthcare expenditures and growing medical tourism.
Key players operating in the Medical Robotic System market are Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt.
