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According to The Business Research Company’s research on the medical robots market, the rising demand for precise and proper laparoscopic operations is expected to propel the growth of the medical robot market going forward. The laparoscopic operation allows a surgeon to perform complex procedures within the abdomen without having to place his hands directly into the body cavity. Medical robots are more efficient at performing laparoscopic procedures. As a result, there is rising demand for precise and proper laparoscopic operations that boost market growth. For instance, in March 2022, the Cleveland Clinic, a US-based nonprofit academic medical centre, stated that over 13 million laparoscopic procedures have been performed globally every year and are projected to grow by 1% over the next five years. Therefore, the rising demand for precise and proper laparoscopic operations is driving the medical robots market growth.
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The global medical robot market size is expected to grow from $9.45 billion in 2021 to $11.11 billion in 2022 at a compound annual growth rate (CAGR) of 17.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The medical robot market share is expected to grow to $21.65 billion in 2026 at a CAGR of 18.1%.
Technological advancements are a key trend gaining popularity in the medical robot market. Major companies operating in the medical robot market are focused on developing new technological solutions to strengthen their position. For instance, in April 2022, Diligent Corporation, a US-based healthcare robotics company, created Moxi, an AI-enabled robot that can handle time-consuming logistical tasks in hospitals such as setting up patient rooms and replenishing supplies. Moxi is able to deliver teleboxes, manage the "do not tube" medications, and pick up patients' personal items. Moxi’s core technical features comprise social intelligence, mobile manipulation, and human-guided learning. This launch represents another step forward for Diligent’s product portfolio.
Major players in the medical robot market are Smith and Nephew Plc, Strikers, Aethon, Intuitive Surgical Inc, Major Robotics, Intouch Technologies Inc, Renishaw Plc, MedTech SA, Ekso Bionics Holdings Inc, ReWalk Robotics, Medrobotics Corporation, McKesson Corporation, Hocoma AG, Cyberdyne Inc, and BD Rowa.
The global medical robots market is segmented by type into hospital and pharmacy robotic systems, surgical robotic systems, noninvasive radiosurgery robotic systems, rehabilitation robotic systems, other types; by solutions into on-premises, cloud; by application into cardiology, laparoscopy, pharmacy, neurosurgery, orthopedic surgery, other applications; by end users into specialty centers, hospitals and clinics, rehabilitation centers, other end users.
North America was the largest region in the medical robot market in 2021. Asia-Pacific is expected to be the fastest-growing region in the medical robot market during the forecast period. The regions covered in the medical robot market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical Robots Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical robots market forecast size and growth, medical robots market segments, medical robots market trends, medical robot market drivers and restraints, medical robot market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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