Fastest Growing Market:
The Medical Robotic System market was valued at USD 6.97 billion in 2019 and is expected to reach USD 25.53 million by 2025, at a CAGR of 20% over the forecast period 2020 - 2025. Consumer perception about the deployment of medical robots in old-age shelters has changed positively in current times. Implementing robotic care could reduce the number of ER visits owing to unexpected falls and could make-at-home care much more accessible and affordable.
- Growing demand for accurate and proper laparoscopic surgeries, rising requirement for surgical procedures in geriatric population and mounting cases of trauma injuries are the factors driving and managing the growth of this market. Medical robotics system is seeing a change in trend over a couple of years due to technological upgradations in some areas such as 3D-Imaging, HD surgical microscopic cameras, data recorders & data analytics, motion sensors, robotic catheter control system (CCS), and remote navigation.
- Furthermore, the growth in demand for minimally invasive surgeries further encourages the medical robotic systems market. Medical robotic systems have been extensively used for minimally invasive surgeries in the area of open surgery, gynaecology, cosmetology, laparoscopic procedures, and flexible endoscopic procedures.
- Also, cardiovascular diseases have been the leading cause of death, accounting for nearly 17.3 million deaths per year, and the number is estimated to cross 23.6 million by 2030. The increasing incidence of cardiac diseases worldwide has created the demand for robot-assisted surgery, making it a cutting-edge procedure.
- However, the high cost of installation and maintenance is a major barrier for the medical robotics market. The cost of medical robotic products, such as robotic surgical systems, ranges from USD 1 million to USD 2.5 million per unit. Another factor is the device adaptation time - a surgeon needs to perform a minimum of 150 surgical procedures to completely get used to the adaption of these devices.
Scope of the Report
Performing operative procedures with the assistance of robotic technology are referred to as medical robotic systems. These are in most telemanipulators which use the surgeon's actions on one side to control the "effector" on the other side. A medical robotic system ensures precision and is used for remotely controlled, minimally-invasive procedures. The current systems comprise of computer-controlled electromechanical devices that work in response to controls manipulated by the surgeons.
| By Product |
| ||Surgical Robotic Systems |
| ||Rehabilitative Robotic Systems |
| ||Noninvasive Radiosurgery Robots |
| ||Hospital & Pharmacy Robotic Systems |
| ||Other Robotic Systems |
| Geography |
| || |
| North America |
|United States |
| || |
| Europe |
|United Kingdom |
|Rest of Europe |
| || |
| Asia Pacific |
|Rest of Asia-Pacific |
| || |
| Rest of the World |
|Latin America |
|Middle East & Africa |
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Key Market Trends
Surgical Robots to Dominate the Market
- Robotic surgery is a type of minimally invasive surgery which utilizes robotics for performing surgical procedures. These robotic systems are operated by surgeons and consists of miniaturized surgical instruments which are mounted on robotic arms, thus allowing surgeons to perform the surgeries precisely.
- The key factors boosting the surgical robots segment are increasing need for automation in the healthcare industry and the shifting trend towards advanced robotic surgeries.
- The surgical robotics segment accounted for the largest portion of the medical robotics, owing to rising adoption of surgical robotic systems across Tier-1 hospitals, demand for highly efficient replaceable components, increase in the volume of robotic procedures performed worldwide and growing demand of instruments & accessories due to their recurring need per procedure.
- The general surgery segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest growth. This can be attributed to the rise in application of surgical robots for various surgery types including bariatric surgery, heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy as well as increased procedural volume across the globe under the general surgery category.
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Asia-Pacific to Witness the Highest Growth
- The growing demand for the advance healthcare infrastructure system in APAC is expected to witness healthy growth during the forecast period. China contributes to a majority of market share in the region. Chinese demand for medical robots is mainly driven by the increasing adoption of instrument-based services. The demand is also supported by other factors, such as lack of skilled physiotherapists and caretakers.
- Healthcare spending in Korea has shot up dramatically, according to the report by the Korea Institute for Health and Social Affairs, medical spending in South Korea jumped by an annual average of 6.8% between 2005 and 2015.
- The country has been actively promoting personal robotics, and focusing on surpassing other countries in the Asia-pacific in care assistance and service robots. Ageing of South Korea’s population and massive government focus on the robotics industry is expected to impact the South Korean medical robots market.
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The market for medical robotic system is moderately concentrated as the majority of the market demand is satisfied by the advanced offerings from major players despite the presence of several players. The growth and competitiveness can be attributed to western partnerships to improve healthcare, development of surgical robots by domestic manufacturers as well as multiple collaborations of the government with regional universities for research and development purpose. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- May 2019 - Accuray Incorporated signed an agreement with Hong Kong Sanatorium & Hospital (HKSH) for the acquisition of two Synchrony motion tracking and correction technology upgrades, to be used with the hospital's Radixact Systems. Synchrony is a sophisticated tool developed to make it easier to provide precise radiation treatments to all tumours, even those that move.
- October 2018 - Medrobotics, announced the first sale of their Flex Robotic System for gastroenterology applications in Europe. The hospital, A.O. Universitaria Città della Salute e della Scienza di Torino, was the first European facility to offer Scarfree interventional endoscopic procedures.
Table Of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Prevalence of Diseases like Cancer Neurological Disorders, Orthopedic Surgery, and Cardiovascular Diseases
4.3.2 Technological Advancements
4.3.3 Rising Global Geriatric Population
4.3.4 Introduction of Cost Effective Medical Robots
4.4 Market Restraints
4.4.1 High Initial Cost of Installation and Maintenance
4.4.2 Safety & Security Concerns over Robotic Surgery Devices
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Surgical Robotic Systems
5.1.2 Rehabilitative Robotic Systems
5.1.3 Noninvasive Radiosurgery Robots
5.1.4 Hospital & Pharmacy Robotic Systems
5.1.5 Other Robotic Systems
5.2.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.2.3 Asia Pacific
188.8.131.52 Rest of Asia-Pacific
5.2.4 Rest of the World
184.108.40.206 Latin America
220.127.116.11 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accuray Incorporated
6.1.2 Auris Surgical Robotics, Inc. (Hansen Medical Inc.)
6.1.3 Intuitive Surgical Inc.
6.1.4 Medrobotics Corporation
6.1.5 iRobot Corporation
6.1.6 Tital Medical Inc.
6.1.7 Stryker Corporation
6.1.8 Omnicell Technologies
6.1.9 Renishaw PLC
6.1.10 Mazor Robotics, Ltd.
6.1.11 MAKO Surgical Corp. (Stryker Corporation)
6.1.12 Hitachi Medical Systems
6.1.13 Siemens Healthineers AG
6.1.14 Smith & Nephew Plc
*List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS