Minimally Invasive Medical Robotics Market

Report Description
Table of Contents

Report Description

The global minimally invasive medical robotic market is estimated to be USD 37.51 billion in 2021 and is expected to witness a CAGR of 8.64% during the forecast period. Increasing demand for minimally invasive treatment from both the developed and developing economies, rapid advancements in new technologies, increased use and acceptance of imaging, and increasing consumer awareness for preventive diagnostic screening are the major factors driving the market. However, reimbursement issues, lack of surgeon’s knowledge and learning curve expertise in robotic-assisted surgery, and declining average selling prices are hindering the market growth.

Global Microarray Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Product

On the basis of product, the global market is classified into handheld instruments, guiding devices, inflation systems, auxiliary devices, ultrasound, X-ray, CT & MRI imaging, visualization systems, electrosurgical devices, and robotic systems. Innovations and rapidly developing technologies in the field of surgical devices used in minimally invasive procedures will drive the market.

By Application

On the basis of application, the global market is classified into cardiothoracic, vascular, neurological, ENT/respiratory, cosmetic, gastrointestinal, gynaecological, urological, orthopaedic, oncology, and dental surgery. The cardiothoracic surgery segment accounted for the major share in the market in 2021. The driving forces for this growth are the growing prevalence of cardiac diseases, increasing awareness about the benefits of early detection of cardiovascular complications, and the growing number of coronary and percutaneous cardiology interventions.

By Technology

On the basis of technology, the market is segmented into surgical devices and imaging devices technology. The global market was dominated by the surgical devices segment in 2021. Increasing adoption of MIS imaging devices owing to their suitability and better results as compared to other techniques. The imaging devices segment is expected to grow at a significant rate during the forecast period.

Regional Insights

North America is expected to dominate the global minimally invasive medical robotic market. The large share of the North American minimally invasive medical robotic market can primarily be attributed to due to easy and early diagnosis and treatment, high cost of procedures as compared to developing regions, number of surgical centres, and growing adoption of minimally invasive surgical techniques are driving the growth of the North American market during the forecast period. The market for minimally invasive medical robotic in Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.

Competitor Insights

Some of the major companies in the minimally invasive medical robotic market Medtronic plc (Ireland), Johnson & Johnson (U.S.), Stryker Corporation (U.S.), B. Braun Melsungen AG (Germany), Smith & Nephew plc (U.S.), Boston Scientific Corporation (U.S.), and CONMED Corporation (U.S.). Investment in R&D, novel product launches, and strategic collaborations & acquisitions are some of the major strategies adopted by the leading players operating in the industry.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The minimally invasive medical robotic market report is categorized into the following segments and subsegments: