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Hospital Robots Market Analysis 2024: Technological Advances and Industry Growth
Hospital Robots Market Analysis
According to The Business Research Company's, The hospital robots market size has grown rapidly in recent years. It will grow from $1.75 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to shortage of healthcare professionals, increasing elderly population, rising demand for minimally invasive surgery, demand for patient safety,.
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Market Drivers and Trends:
Increasing healthcare automation is expected to propel the growth of the hospital robot market going forward. Healthcare automation refers to using technology and software to streamline and optimize various processes in the healthcare industry. Hospital robots are used in healthcare automation to assist surgeons in minimally invasive procedures in operating rooms. For instance, in May 2021, according to a survey conducted among 112 provider chief financial officers and financial and revenue cycle executives by The Healthcare Financial Management Association, a US-based healthcare association, stated that the deployment of automation technologies in hospitals increased three times from 2020 to 2021, where 50% of hospitals had deployed automation technologies in 2021 compared to 15% of hospitals in 2020. Therefore, increasing healthcare automation is driving the growth of the hospital robot market.
Major companies operating in the hospital robot market are increasing their focus on introducing hospital delivery robots with elevator technology to maximize their revenues in the market. Elevator technology is a solution used in hospital robots to enable them to move efficiently and quickly between floors. For instance, in June 2023, Relay Robotics Inc., a US-based robotics solutions company, launched RelayRx for healthcare. RelayRx is a hospital delivery robot introduced to address nursing shortage. These robots help transport hospital supplies such as test specimens, drugs and equipment, ensuring safe passage through congested hospital settings with improved navigational capabilities and chain-of-custody security features. It can move freely throughout a hospital, linking areas such as the pharmacy and blood bank with patient rooms in an average of seven minutes using Relay's proprietary elevator technology.
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Major Key Players of the Market:
McKesson Corporation, Johnson and Johnson, Siemens Healthineers, Yujin Robot, Medtronic PLC, ABB Group, Aethon, Becton Dickinson and Company, Stryker Healthcare, Zimmer Biomet Robotics, Intuitive Surgical Inc., KUKA, Omnicell Inc., iRobot Corporation, Globus Medical, Renishaw PLC, Auris Health Inc., Blue Ocean Robotics, PAL Robotics, SoftBank Robotics, Stereotaxis Inc., Verb Surgical Inc., Cyberdyne Inc., Mazor Robotics, Medrobotics Corporation.
Hospital Robots Market 2024 Key Insights:
• The hospital robots market size is expected to grow to $3.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Rising Healthcare Automation Fuels Growth In The Hospital Robot Market
• Innovative Elevator Technology Powers Next-Generation Hospital Delivery Robots
• North America was the largest region in the hospital robots market in 2023.
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