Medical Robotic Systems is Estimated to Witness High Growth Owing to Opportunity in Increasing Minimally Invasive Surgeries

Medical robotic systems incorporate robotic technologies in various surgical procedures through minimally invasive surgery. These systems assist surgeons in performing complex procedures accurately and precisely. Medical robotic systems provide flexible robotic arms, surgical instruments, visualization systems and other accessories that help identify anatomical structures and guide instruments during surgery. Robotic surgery allows for smaller incisions, less blood loss, shorter hospital stay and quicker recovery time than open surgeries.

The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing number of minimally invasive surgeries being performed presents a key growth opportunity for the medical robotic system market. Minimally invasive surgery is beneficial for patients as it is associated with less pain, fewer complications, shorter hospital stays and quicker recovery compared to traditional open surgeries. Robotic systems aid surgeons in performing complex procedures through small incisions, thereby reducing risks associated with open surgeries. With enhancements in medical robotic technology, complex surgeries such as cardiac, gynecological and general laparoscopic procedures are increasingly being performed robotically. This is expected to drive the demand for medical robotic systems over the forecast period.

Porter’s Analysis

Threat of new entrants: There is a moderate threat of new entrants as large capital investments are required for R&D and to gain approval from medical regulatory bodies. However, advancing technologies are reducing entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high as there are many established players in the market providing differentiated products. Customers can negotiate on price and quality.

Bargaining power of suppliers: Suppliers having unique components have some bargaining power. However, there are also alternate suppliers which balance the power.

Threat of new substitutes: Newer technologies like machine learning based robotic systems pose substitution threats. However, substitutes are still in developmental stages and ongoing innovation reduces this threat.

Competitive rivalry: The market sees high competition among major players striving to gain market share through product differentiation, distribution strategies and competitive pricing.

SWOT Analysis

Strengths: Advanced technologies enabling new applications. High adoption in developed markets due toeconomic benefits.

Weaknesses: High costs of systems and maintenance limiting use in price sensitive areas. Compatibility and safety issues with existing equipment.

Opportunities: Untapped growthpotential in emerging markets. Expanding applications in therapy, rehabilitation anddisability aid.

Threats: Cybersecurityissues and data privacy risks. slower adoption in underdeveloped markets due toinfrastructure challenges.

Key Takeaways

The global medical robotic system market is expected to witness high growth due to increasing investment in healthcare robotics, rising geriatric population, and advantages of robot-assisted surgeries. The global Medical Robotic System Market is estimated to be valued at US$ 9,099.84 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.

North America currently dominates the market due to technological advancements, high healthcare spending and favorable reimbursement policies for robotic procedures in countries like United States and Canada. Asia Pacific is projected to grow at the fastest pace during the forecast period driven by developing healthcare infrastructure, rising medical tourism industry and growing GDPs of countries like China and India.

Key players operating in the medical robotic system market are Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt. Intuitive Surgical dominates with over 60% market share based on its da Vinci surgical systems installed across hospitals globally. Other players are engaging in new product launches and strategic partnerships for market expansion.