Medical Robotic System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 22, 2021 by manojshinde

The Medical Robotic System market was valued at USD 8.307 billion in 2020 and is expected to reach USD 28.34 billion by 2026, at a CAGR of 22.18 % over the forecast period 2021 - 2026.
 
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.


- The growing demand for accurate and proper laparoscopic surgeries, with rising requirements for surgical procedures in the geriatric population and mounting cases of trauma injuries, are the major factors in driving and managing the growth of this market.

- Robot-assisted surgery has been quickly expanded due to increasing opportunities for minimally invasive surgery across the surgical domains. As robotic surgery approaches a decade of commercial use, the market is diversifying, and novel surgical modalities with the new technology, decreased costs, and smaller size are becoming available.

- Intuitive Surgical has dominated the robotic surgical market and maintained a considerable market share for a significant period of time. With original da Vinci patents now expiring, the stage is now set for an exponential increase in robotic system development. The newer systems seek to improve on the da Vinci model through three main avenues: novel technology, reduced cost, and size reduction.

- Robotic surgery has been rapidly adopted by hospitals in the US and Europe for use in the treatment of a wide range of conditions. The most widely used clinical robotic surgical system includes a camera arm and mechanical arms with the surgical instruments attached to them. Examples of robot-assisted procedures include biopsies, removal of cancerous tumors, repairing heart valves, and gastric bypasses.

- Robot surgery is burgeoning across Europe and the wider world, with one UK-built surgical robot now completing more than 1,000 operations. Versius was created by Cambridge-based CMR Surgical and is now in use in hospitals in France, Italy, the UK, and India.

- As a result of the substantial threat to surgeons during COVID-19, several surgical societies have published safety guidelines during these procedures in current pandemic scenario. To effectively reduce pathogen spread, robots can be integrated at several sections of the sequence, which each surgical patient traverses during a hospital stay. Such applications are driving the demand.

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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China 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.

- The growing demand for advanced healthcare infrastructure systems in the Asia region is expected to witness healthy growth during the coming period. China contributes to the majority of market share in the region. The Chinese demand for medical robots is mainly driven by the increasing adoption of instrument-based services, and also, the demand is supported by other factors, such as lack of skilled physiotherapists and caretakers.

- According to the South China Morning, while the da Vinci system is broadly used in China in more than 60,000 operations to date, the Chinese government is eager to reduce its dependence on foreign technology. For more than two years, it has backed more than 30 MedTechmanufacturers who develop intelligent robots and robotic medical devices, including surgical robots.

- In the ZhongkaiHi-Tech zone in Huizhou, SS Innovations is developing and testing an affordable, modular robotic surgical system that is capable of complex motion control. The company is working with a budget of around USD 15 million from the Chinese government in recruiting and training talent from around the world.

Competitive Landscape

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.

- June 2019 - ReWalkRobotics, a manufacturer of robotic medical devices for individuals with lower limb disabilities, announced that the US Food and Drug Administration had cleared its ReStoresoft exo-suit system for sale to rehabilitation centers across the United States.

- October 2019 - Stryker completed the acquisition of Wright Medical Group N.V., a global medical device company focused on extremities and biologics. Wright Medical brings complementary product portfolio and customer base to Stryker’s trauma and extremities business. The company is a recognized leader in the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics market segments, which are among the fastest growing segments in orthopaedics.

- November 2020 - Artificial Intelligence Technology Solutions, Inc. announced that its wholly-owned subsidiary Robotic Assistance Devices (RAD) had received an order from the global top 20 medical devices company with around 50,000 employees for what RAD expects as the first of several HSO (Health Screening Option) units to be deployed at one of their client’s manufacturing facilities.

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Issued By Statzy Market Research
Country India
Categories Automotive
Tags medical robotic system market , medical robotic system market forecast , medical robotic system market share , medical robotic system market size
Last Updated April 22, 2021