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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Medical Robots Market Outlook
The global medical robots market stood at a value of around USD 15.56 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 22.2% to reach USD 94.67 billion by 2032.
Neurosurgery is Predicted to Hold a Significant Market Share in Medical Robots Industry over the Forecast Period
Based on application, neurosurgery is predicted to hold a significant market share in the medical robots industry during the forecast period due to improvement in the quality and accuracy of medical robots, increased safety, minimally invasive surgical procedure, rising cases of brain related disorders, considerable cost savings, and faster recovery periods due to minimally invasive surgical procedure. These factors are expected to aid the growth of the market.
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North America Secured the Largest Market Share and is Anticipated to Retain its Dominance
Geographically, North America dominates the global medical robots industry due to the rapid growth in demand for surgical robots, hospital robots, and others, along with an increasing focus of major market players to fulfil the demand for advanced medical solutions within the region. Moreover, an increasing number of research and development activities related to the medical sector and the growing approval for robotics based research funds will also propel the growth of the medical robots industry.
Medical Robots: Market Segmentation
The combination of medical science and artificial intelligence technology has inspired the invention of medical robots. These robotic solutions provide precision lasers and miniaturised cameras to conduct minimally invasive surgery, including cystectomy, prostatectomy, and many other procedures.
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By type, the industry can be segmented into:
- Surgical Robotic Systems
- Rehabilitative Robotic Systems
- Non-invasive Radiosurgery Robots
- Hospital and Pharmacy Robotic Systems
- Others
Based on application, the industry can be segmented into:
- Cardiology
- Laparoscopy
- Pharmacy
- Neurosurgery
- Orthopaedic Surgery
- Others
On the basis of end use, the industry can be segmented into:
- Hospitals and Clinics
- Speciality Centres
- Rehabilitation Centres
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rapid Technological Improvements to Bolster the Growth of the Global Medical Robots Industry
The rising demand for advanced medical solutions and the growing healthcare sector are aiding the growth of the global medical robots industry. The growth in medical robotics is propelled by a combination of technological improvements, advancement in medical imaging solutions, such as magnetic resonance imaging, higher resolutions, and 3D ultrasound, the increasing adoption of surgical robots, and a rise in funding for research activities related to medical robots. Additionally, the growing demand for minimally invasive surgeries and a rise in surgeon/patient acceptance of both robotic assistance and laparoscopic procedures are expected to further aid the market growth over the forecast period.
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Key Industry Players in the Global Medical Robots Market
The report gives a detailed analysis of the following key players in the global medical robots market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Auris Health, Inc.
- Intuitive Surgical, Inc.
- Medrobotics Corporation
- Stryker Corporation
- Omnicell, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global medical robots market attained a value of nearly USD 15.56 billion.
The market is projected to grow at a CAGR of 22.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 94.67 billion by 2032.
The rapid advancements in technology and medical science, the growing healthcare sector, increasing adoption of surgical robots, and the growing demand for minimally invasive surgical procedures are the major factors driving the market growth.
The key market trends guiding the growth of the industry include the rise in funding for medical robots-based research activities and a rise in surgeon/patient acceptance of both robotic assistance and laparoscopic procedures.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest share in the market.
Surgical robotic systems, rehabilitative robotic systems, non-invasive radiosurgery robots, and hospital and pharmacy robotic systems, among others are the significant types of medical robots in the market.
Cardiology, laparoscopy, pharmacy, neurosurgery, and orthopaedic surgery, among others are the significant applications of the product.
The major end users of the product include hospitals and clinics, speciality centres, and rehabilitation centres, among others.
The major players in the industry are Auris Health, Inc., Intuitive Surgical, Inc., Medrobotics Corporation, Stryker Corporation, and Omnicell, Inc., among others.
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