Medical robotic system market size was estimated to be valued at US$ 9,099.84 million in 2019, and is expected to exhibit a CAGR of 14.3% over the forecast period (2019-2027)

Market Overview

Medical robotic systems are steadily growing in popularity with surgeons. The main benefit of this technology is the ability to perform non-invasive radiosurgery, which is minimally invasive and offers long-lasting postoperative outcomes. Non-invasive radiosurgery systems use wireless or paging transmitters to deliver localized, directed energy to the affected tissue or organ. This method of surgery is particularly useful for soft-tissue disorders and organ transplant operations, as it offers painless surgery and minimally invasive recovery. One of the most important advantages of using medical robots is the ability to provide patients with more comprehensive healthcare. Independence from humans gives patients greater freedom and a higher chance of experiencing pain relief or symptom management that may be life-saving. For this reason, medical robots will continue to prove invaluable in the years to come.

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Market Dynamics- Driver & Restraint

Technological advancements in surgical robots are expected to drive growth of the global medical robotic system market during the forecast period. Key companies in the medical devices industry are focused on launching advanced robotic surgical systems. For instance, in September 2019, Medtronic plc launched its new robot-assisted surgery system Hugo RAS. Furthermore, in November 2020, Johnson & Johnson launched its new robot-assisted surgery system Ottava for flexibility and superior control.

High cost associated with robotic systems combined with concerns regarding the safety & security of these systems is expected to restrain growth of the global medical robotic system market during the forecast period.

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COVID-19 Impact Analysis

Although the medical robotic system market was impacted by the COVID-19 pandemic, the adoption of telerobotic systems is expected to witness significant demand. The COVID-19 pandemic has resulted in physical distance, in order to limit the spread and transmission. Many healthcare facilities have started adopting medical robotic systems for regular activities.

Key Takeaways

The global medical robotic system market is expected to witness significant growth, exhibiting a CAGR of 14.3% during the forecast period. This is owing to rising prevalence of chronic diseases including cancer, cardiovascular diseases, etc. According to the World Health Organization (WHO), in 2018, around 9.6 million died due to cancer with over 300,000 new cases of cancer being diagnosed each year among children aged 0-19 years across the globe.

Among product types, medical robotics systems are expected to hold a major revenue share in the global medical robotic system market in 2027. This is due to technological developments in surgical robotics.

Among regions, North America is expected to witness significant growth in the global medical robotic system market. This is owing to increasing demand for robot-assisted surgeries across the region.

Key players operating in the global medical robotic system market are Intuitive Surgical, Verb Surgical, Hansen Medical, Medtech, Titan Medical, Aethon, Microbat Medical, Transenterix, and Aesynt.

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