Medical Robots Market is Estimated to Witness High Growth Owing to Expanding Applications in Surgeries
Medical robots are gaining immense popularity as they help perform surgeries through minimally invasive techniques, improving treatment outcomes. Medical robots are advanced electromechanical systems controlled by computer to mimic the functions of human organs, hands, and arms. They assist doctors during complex surgeries through high precision, dexterity, and 3D imaging capabilities.
The global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Expanding applications of medical robots across surgical procedures presents a lucrative opportunity. Traditionally used for gynecology, orthopedic, and neurology surgeries, medical robots are now being explored for procedures such as cardiac bypass, general laparoscopic, and even dentistry. The dexterous nature of robotic arms coupled with precise movements allow performing complex suturing and anastomosis procedures in minimally invasive ways. This significantly improves surgical outcomes for patients by enabling faster recovery, shorter hospital stay, and reduced risk of infection. The growing adoption of medical robots for varied surgical applications is expected topropel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: High initial investments required for R&D and marketing acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of multiple vendors offering substitutable products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many component manufacturers.
Threat of new substitutes: Threat of new substitutes is moderate due to technological advancements and focus on developing robot-assisted solutions.
Competitive rivalry: Intense as major players compete on innovation, performance and price.
SWOT Analysis
Strengths: Growing geriatric population driving demand. Significant increase in surgical procedures boosts market.
Weaknesses: High equipment costs limit adoption. Lack of skilled workforce challenge growth.
Opportunities: Untapped emerging markets offer lucrative potential. Expanding application areas present opportunities.
Threats: Safety concerns over autonomous decision making challenge acceptance. Stringent approval regulations hinder speedy market entry.
Key Takeaways
The global medical robots market is expected to witness high growth over the forecast period of 2023 to 2030. The rising prevalence of chronic diseases and increasing demand for minimally invasive surgeries are key factors driving growth. The global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Regional analysis indicates North America dominated the market and is expected to maintain its leading position through 2030. Significant healthcare expenditure and rapid technological adoption support market expansion in the region. Asia Pacific is projected to exhibit the fastest growth over the coming years backed by growing medical tourism, rising disposable incomes and increasing focus on developing healthcare infrastructure in large countries like China and India.
Key players operating in the medical robots market are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. These companies focus on innovating robot-assisted surgical and rehabilitation solutions to strengthen their market presence.