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Global Medical Robotics Market Outlook, Trends 2024-2033: An In-Depth Analysis
Global Medical Robotics Market Outlook
As per the report, the medical robotics market size has grown rapidly in recent years. It will grow from $12.76 billion in 2023 to $14.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The medical robotics market size is expected to see rapid growth in the next few years. It will grow to $29.22 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
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Surging Preference For Minimally Invasive Procedures Fuels Growth In The Medical Robotics Market
The rising preference for minimally invasive surgery (MIS) is significantly contributing to the growth of the medical robotics market. Minimally invasive surgery refers to surgery that involves a variety of techniques, including applications of medical robots to operate with less damage to the body than with open surgery. There is a rise in minimally invasive surgeries as they are increasingly being preferred by patients due to their lower postoperative pain, postoperative complications, shorter hospital stays, fast recovery times, and others. For instance, results of the research, conducted by Johns Hopkins investigators and published in JAMA Surgery, indicate that American hospitals could collectively prevent thousands of post-surgical complications and save between $280 million and $340 million a year by using more minimally invasive procedures instead of traditional open surgery for routine operations of the appendix, colon, and lungs. Similarly, in September 2023, according to the American Society of Plastic Surgeons, a US-based plastic surgeons' professional organization, 26.2 million minimally invasive and surgical treatments were carried out in the US. Therefore, the rising preference for minimally invasive surgery drives the medical robotics market.
Fostering Innovation Strategic Collaboration To Advance Medical Robotics Technologies
Strategic collaboration between companies is a key trend gaining popularity in the medical robotics market. Companies in the medical robotics industry are undergoing various collaborations to develop new technologies and products. For instance, in February 2022, a US-based advanced photonics company Novanta announced a strategic collaboration with a US-based robotics and AI company MassRobotics to advance innovations in medical and surgical robotics. Novanta's business units, namely Celera Motion and ATI Industrial Automation, will collaborate with MassRobotics to develop advanced innovations in medical or surgical robotics and improve robotic productivity.
The medical robotics market covered in this report is segmented -
1) By Product: Surgical Robotics Systems, Rehabilitation Robotics Systems, Non-invasive Radiosurgery Systems
2) By Application: Laparoscopy, Neurosurgery, Cardiology, Orthopedic Surgery, Pharmacy Applications
3) By End-User: Hospitals And Clinics, Specialty Centers, Rehabilitation Centers
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Major companies operating in the medical robotics market report are Johnson & Johnson, Medtronic plc, Siemens Healthineers AG, Stryker Corporation, GE Healthcare, Philips Healthcare, Boston Scientific Corporation, Intuitive Surgical, Smith & Nephew plc, BD Rowa, KUKA Roboter GmbH, Varian Medical Systems, Kirby, Omnicell, Auris Health Inc., iRobot Corporation, Globus Medical, Hansen Medical, Renishaw plc, Accuray Inc., Kinova Robotics, Hocoma AG, Titan Medical Inc., Ekso Bionics, TransEnterix Inc., ReWalk Robotics, Mazor Robotics, Houston Medical Robotics, ARxIUM, Medrobotics Corporation
Contents of the report:
1. Executive Summary
2. Medical Robotics Market Report Structure
3. Medical Robotics Market Trends And Strategies
4. Medical Robotics Market - Macro Economic Scenario
5. Medical Robotics Market Size And Growth
…..
27. Medical Robotics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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