Global Medical Robotic Systems Industry To Generate $56.5 Billion Revenue by 2030

Factors such as the surging demand for robotic procedures, rising use of automated pharmacy systems, growing geriatric population leading to the increasing need for elderly care, and mounting medical robotics and healthcare expenditure are projected to drive the growth of the medical robotic systems market at a CAGR of 20.2% during the forecast period. According to P&S Intelligence, the market size is expected to reach $56.5 billion by 2030 from $7.6 billion in 2019. Moreover, the market is witnessing a trend of technological advancements in the robotics sector.

One of the prime factors aiding the medical robotic systems market is the growing geriatric population. As per the United Nations (UN) report, there were 962 million individuals aged 60 or above globally, which is expected to reach 2.1 billion by 2050. The surge in financial burden and shortage in the number of caregivers direct the demand for finding a more efficient way to care for elderly people. Researchers are proactively motivated to solve this problem and create self-sufficient robots capable of performing similar tasks. Thus, the booming aging population is driving the demand for medical robotic systems.

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The type segment of the medical robotic systems market is classified into automated dispensers, surgical, radiosurgery, rehabilitation, and others. Out of these, the surgical category accounted for the largest share in 2019, and it is projected to show the same trend during the forecast period as well, advancing at the highest CAGR. This can be attributed to the rising need for minimally invasive robotic surgeries that involve lesser effort and time, and offer several benefits to patients, including shorter hospitalization periods, reduced pain and discomfort, and faster recovery time.

Moreover, the medical robotic systems market is classified into hospitals and ambulatory surgery centers (ASCs), rehabilitation centers, pharmacies, and others, based on the end user segment. Among these, the hospitals and ASCs category dominated the market during the historical period, and it is also projected to witness the fastest growth in the coming years. This can be ascribed to the rise in deployment of technologically advanced products in hospitals and ASCs, the large number of patients visiting hospitals to seek proper treatment, and the high efficiency of these systems.

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Geographically, the North American medical robotic systems market accounted for the largest share in 2019, and it is expected to witness the same trend in the coming years as well, witnessing the highest CAGR. This can be ascribed to the presence of big market players, well-established healthcare sector, surge in investments by public and private organizations to support the development of healthcare systems, increase in need for minimally invasive surgeries in the region. Moreover, the market players are aggressively involved in focusing on raising funds and strategic developments to establish a strong foothold in the sector.

Thus, the growing geriatric population and the mounting medical robotics and healthcare expenditure are expected to propel the market growth in the future.

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