Medical Robotic Systems Market

Report Description
Table of Contents

Report Description

The global medical robotic systems market size is estimated to be USD 7,942.1 Million in 2021 and is expected to witness a CAGR of 22.71% during the forecast period. Increasing demand for accurate and minimally invasive surgeries is a key driver for the growth of the global medical robotics systems market. Additionally, increase in number of surgical procedures being conducted for the elderly population and growing incidence of trauma injuries are some of the other drivers propelling the market growth. Nevertheless, presence of strict regulatory policies by various governments at national and international levels and high cost of these products are expected to restrain the global market growth.

Global Medical Robotic Systems Market Size (USD Million), 2021-2029

Source: Erevna Healthcare

By Product

Based on product, the market is categorized into surgical robotic systems, neurosurgical systems, neruomate systems, prosthetics, assistive & rehabilitation systems, and non-medical hospital robotics systems. In 2021, the surgical robotic systems segment accounted for the highest revenue share due to the rising demand for minimally invasive surgeries. The assistive & rehabilitation segment is anticipated to grow at the fastest CAGR during the forecast period owing to high acceptance for physiotherapy as a cure for stroke and neurological disorders related to movement disability.

By Application

Based on application, the market is categorized into neurology, orthopedics, laparoscopy, and others. In 2021, the laparoscopy segment accounted for the highest revenue share due to research and development for new systems that help with devices that are easily handled along with enhanced maneuverability &magnification worldwide. The neurology segment is expected to grow at the fastest CAGR during the forecast period owing to an increase in neurological disorders.

By End-User

Based on end-user, the market is categorized into hospitals, diagnostic laboratories, and others. In the global market, the hospitals segment accounted for the largest revenue share in 2021 owing to the increasing requirement of developed and advanced technologies for surgeries. The diagnostic laboratories segment is expected to grow with the highest CAGR during the forecast period.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the increase in geriatric population that are susceptible to weak bone density and injuries faced during accidents and technological advancement in the region. Asia Pacific market is expected to grow at the fastest CAGR over the forecast period owing to the presence of a large population base and improved medical facilities in this region.

Competitor Insights

Some of the major companies in the medical robotic systems market are iRobot Corporation (U.S.), Medrobotics Corporation (U.S.), Titan Medical Inc. (Canada), Hansen (Australia), Renishaw Plc (U.K.), Omnicell (U.S.), OR Productivity plc (U.K.), Intuitive Surgical (U.S.) Medtronic, Inc. (U.S.), Accuray (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 medical robotic systems market report is categorized into the following segments and subsegments: