Market Overview:
Medical robots are increasingly being adopted in healthcare facilities for minimally invasive surgical procedures. These robots are equipped with advanced computer technology and imaging devices that provide high-definition 3D views of surgical areas inside the patient’s body. They also enable precision and flexibility during complex surgical procedures. Medical robots assist surgeons in performing surgeries with more accuracy and reducing human errors. These robotic systems provide surgeons with enhanced vision, wrists with precise movements, and a magnified view with high-definition cameras. Surgeries performed with medical robots have benefits like reduced postoperative pain, scarring, recovery time and incidence of surgical site infections for patients.
The global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2023 and is expected to exhibit a CAGR of 16% 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:
Robotic surgery has emerged as a major application area for medical robots. Surgical robots help surgeons perform complex minimally invasive surgeries accurately by facilitating precision, flexibility and enlarging capabilities. These surgical robots provide improved imaging, maneuverability and dexterity compared to conventional laparoscopy. Their adoption is growing rapidly across urology, gynecology and general surgeries. Rising awareness about benefits of robotic and minimally invasive approach over open surgery is driving adoption.
Another key trend is the growing demand for robotic rehabilitation and assistive robots for elderly population. Rising prevalence of chronic diseases and disabilities is driving this segment. Robotic devices are increasingly being used physiotherapy and mobility assistance like robotic exoskeletons and prosthetics. They help perform repetitive tasks effectively and consistently in rehabilitation therapy.
Porter’s Analysis
Threat of new entrants: The medical robots market requires high RD investments as well as regulatory approvals which makes the threat of new entrants low.
Bargaining power of buyers: The bargaining power of buyers is moderate as medical robots technology is niche but growing.
Bargaining power of suppliers: Key components used in medical robots such as sensors, controllers etc are highly specialized limiting the bargaining power of suppliers.
Threat of new substitutes: Being an emerging technology, threat of substitutes for medical robots is currently low.
Competitive rivalry: The medical robots market is growing rapidly leading to high competition among established players.
Key Takeaways
The global medical robots market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing demand for minimally invasive surgical procedures. North America dominates the global medical robots market currently due to high healthcare spending and rapid adoption of medical robots. Asia Pacific is expected to exhibit fastest growth over the forecast period with China and India emerging as major markets.
Key players operating in the medical robots market are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. Auris Surgical Robotics, Inc. specializes in surgical robots for use in otolaryngology and Accuray Incorporated focuses on radiation therapy robots. iRobot Corporation provides medical robots for rehabilitation as well as disinfection cleaning robots. Medrobotics Corporation manufactures flexible surgical robots.
