Healthcare Robotics Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Robotics in the healthcare industry, means, the merger of medical services and products with Artificial Intelligence. Since the implementation and introduction of AI in the healthcare sector, its application has been huge as they serve the healthcare sector with myriad advantages like enhanced operations, error-free diagnosis, and treatment. With that said, major developments are still around the corner. To date, some widely used robots in this field include Surgery Robots, Rehabilitation Robots, Biorobots, Telepresence Robots, Pharmacy Automation Robots, Companion Robots, and Disinfection Robots. Out of these, surgical robotics contributed to the highest market share of the global healthcare robotics market in the past few years with Rehabilitations Robots expected to grow at the highest rate in the next few years. The global healthcare robotics market is estimated to thrive at around $11 Billion by 2027 at a whopping CAGR of 21.5%.
The growth of this market is attributed towards major relying factors including increasing automation technologies, increase in funding and investment for medical robot research and market, the issuance of IPOs by medical robot companies, patient preference for minimally invasive surgeries, growth in the geriatric population, growing disabilities in humans, supply shortage of medical professionals, Food and Drug Administration (FDA) approval of critical surgeries and government backing for the healthcare market.
Additionally, healthcare centers have been investing heavily in robotics to minimize surgical expenses and also as they provide assistance to surgeons during many complex surgical procedures including surgery, diagnosis, and treatment, which call for extreme precision and flexibility at all times.
Moreover, robots are also effective and efficient in disinfecting patient rooms and operating suites, reducing risks for patients and medical personnel, working in laboratories to take samples and to transport, analyze, and store them. Nowadays, Automatic Guided Vehicles or AGVs are also being used for the purpose of transporting patients.
Furthermore, the demand for minimally invasive surgeries is on the rise globally, mainly due to the advantages associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, and considerable cost savings etc. This further adds to the growth of the market.
On the contrary, huge purchasing and installing costs of healthcare robots, reluctance to imbibe technological change, mechanical reliability issues, risks associated with the use of robots which often makes patients prefer conventional surgery over robotic surgery are some of the various factors that restrain the growth of the medical robots market.
HEALTHCARE ROBOTICS MARKET SEGMENTATION:
On the basis of Product:
- Instruments & Accessories
- Robotic Systems
- Surgical Robotic Systems
- Rehabilitation Robotic Systems
- Noninvasive Radiosurgery Robotic Systems
- Hospital and Pharmacy Robotic Systems
- Other Robotic Systems
On the basis of Application:
- Orthopedic Surgeries
- Pharmacy Applications
- Other Applications
On the basis of End User:
- Hospitals and Clinics
- Specialty Centers
- Rehabilitation Centers
On the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America has been typically leading the global market for healthcare robots owing to stronger economic conditions, enhanced awareness amongst the patients towards the utility of new, innovative technologies, rapidly increasing geriatric population, rising number of robotic surgeries & rate of robot installation, continuous technological developments etc.
The market is projected to grow at a greater pace in the near future mainly due to the high levels of initial medical investment in this region, rising government investment in healthcare infrastructure, increasing expenditure on healthcare, and rising investments and funding for robotic research.
Europe is expected to hold the second-largest position in the global medical robotics market. Since their governments have been initiating innovative policies for improving well-being and health of their citizens, Europe is forecasted to have substantial growth in the near future. The presence of reimbursement and national funding in 11 European countries, namely France, Germany, Italy, Austria, Belgium, Denmark, England, the Netherlands, Norway, Sweden, and Switzerland for robotic surgical procedures are contributing to the market growth.
The other region of enormous growth in the healthcare robotics market is the Asia Pacific region because of developing healthcare sector, rapidly increasing technological developments in robotics, presence of significant opportunities for the market etc. Moreover, growing disposable income levels, technological evolution and rapidly changing lifestyle scenario are the main reasons behind the impressive growth rates in this region. Increase in the number of government subsidiaries dedicated to installing and implementing healthcare robots, with industries in India, South Korea and China, Japan using healthcare robots in hospitals and rehabilitation centers and also due to the increasing aging population, the region is expected to massively grow in the healthcare robotics market.
FEW KEY PLAYERS IN HEALTHCARE ROBOTICS MARKET:
- Smith & Nephew (UK)
- Stryker (US)
- Aethon (US)
- Intuitive Surgical (US)
- Mazor Robotics (Israel)
- InTouch Technologies Inc. (US)
- Renishaw plc (UK)
- Medtech SA (France)
- Ekso Bionics (US)
- ReWalk Robotics (US)
- Medrobotics Corporation (US)
- McKesson Corporation (US)
- Other Key & Niche Players
- In January 2019, Zimmer Biomet, received FDA clearance for the ROSA Knee System for Robotically- assisted total knee-replacement surgeries.
- In 2020, CMR Surgical announced the launch of their Versius Surgical Robotic System which was reportedly said to aid in MAS, also known as keyhole surgery.
- In October 2020, Neocis raised $72 million in a new funding round which included new investors like DFJ Growth and Vivo Capital with an aim to aid in the sales of their dental surgery robots.
Timeline Considered for Analysis:
2021: Estimated Year
2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global healthcare robotics market by the following segments:
- End Users
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Healthcare Robotics Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which submarket will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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