The global medical robotics market was valued at US$ 8.04 Billion in 2020 and expected to reach US$ 22.23 Billion by 2027 and is expanding at a CAGR of 16.1% during the forecast period
Robotics has been widely accepted by the healthcare industry, especially in the area of surgery, diagnostics, emergency response, companionship, and other disciplines of the medical field. The precision and accuracy offered by a robot in a surgical process deserves enhanced attention. Telerobotic systems such as da Vinci Surgical System have attracted investors with its ability to perform surgery that offers more reliable outcomes for some procedures. As per the International Federation of Robots (IFR) the demand for medical robotics is anticipated to grow at a substantial growth rate owing to its ability to carry out complex and precise tasks with high efficiency and accuracy.
The growing demand for better healthcare facilities along with technological advancements in the field of robotics are prime factors boosting the sales of medical robotics. The period of pandemic made many economies realize their limitations in terms of medical services. As per World Health Organization (WHO) more than 5,404,512 confirmed cases of COVID19 were reported worldwide with 343,514 causalities. The scenario had put forth a major challenge for the healthcare providers as well as governments of countries across the world. Robotics in healthcare has been proven to be a viable solution to address these concerns. Use of medical robots limits human interactions and can avoid further spread of virus effectively. For instance, telemedicine robots are being used by doctors and nurses to provide their consultation or monitoring of patients for psychological analysis as well as diagnosis of diseases remotely. Moreover, the emergence of nanobots in medical robotics is expected to revolutionize the industry in coming years.
The market for surgical robots is expected to grow at a substantial rate during the forecast period. These robots offer various benefits such as fewer complications, quicker recovery of patients, precise and smaller scars. Robots can be used in various types of surgeries including heart, urologic, gynaecological, colorectal, head, neck, and general, among others. The global demand for surgical robotics is majorly driven by an increasing geriatric population and increase in disposable income in Asia Pacific region. Additional factors contributing to this growth include rising demand for process automation in healthcare sector, considerable increase in lifestyle-based diseases, and supportive reimbursement policies in developed economies such as the U.S. Mapping the expected growth in the field, various new start-ups are coming in the picture with their innovative solutions in medical robotics market. For instance, ZAP Surgical Systems is a U.S.-based start-up that has built a radio-surgical robot for the non-invasive ablation of neck and brain tumors. The solution ZAP-X is designed to eliminate the need of traditional radiation vaults that allows simple point-of-care delivery in delicate places.
In terms of region, North America medical robotics market accounted for the largest followed by Europe. Growing adoption of surgical robots, high number of emerging players in the region, and favorable technological infrastructure as well as healthcare facilities are few of the dominant factors driving the market growth in the region. The medical robotics market in Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to increased healthcare spending on medical equipment and growing need to tend ageing population & physically challenged patients who need consistent monitoring.