Medical Robotics Market to Grow Significantly by 2029- Brandessence Market Research

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30 May, 2023, 14:01 GMT

LONDON, May 30, 2023 /PRNewswire/ -- The healthcare sector has been undergoing a drastic technological transformation. With prime focus on enhancing the quality of life of the citizens, government and health organizations have joined forces to enhance their healthcare infrastructure. The integration of robotic technologies has indeed revolutionized the medical sector. It predominantly involves the use of robotic machines, devices, and computer assistance systems. These entities are equipped with the ability to perform or provide assistance in various medical activities with accuracy, precision, and efficiency. In addition to performing or assisting in surgeries, they also provide real-time imaging, feedback, and guidance, allowing surgeons to make informed decisions during procedures. The complete potential of medical robots is yet to be unleashed. When used with efficiency and security, health robots can redefine the dynamics of the healthcare sector.

The business intelligence report on Medical Robotics Market by Brandessence Market Research presents a detailed overall of the crucial aspects of this industry. It includes a thorough assessment of the growth drivers, opportunities, restraints, and challenges with an aim to provide an understanding on the profit trajectory of this business sphere. The key segments and geographies of this market are analysis with prime focus on their market performance. It also highlights the key players operating in this industry. The report aims to assist stakeholders, including industry players, investors, researchers, and policymakers, in making informed decisions and formulating effective business centric strategies.

Key Takeaways

  • High prevalence of chronic ailments and increasing number of surgeries are aiding market expansion.
  • By product type, the surgical assistants segment is likely to amass notable gains due to the elevating demand for minimally invasive surgeries.
  • MEA is projected to capture a significant revenue share due to the growing cases of chronic diseases and high number of laparoscopic surgeries.

The Medical Robotics Market is anticipated to grow substantially over the forecast duration of 2022-2029.

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Elaborating the Key Trends and Dynamics of Medical Robotics Market

Growing prevalence of chronic and lifestyle-based disorders, increase in the number of surgeries, and rapid rise in the healthcare expenditure of various nations are the primary growth drivers of this business vertical. Alongside, widespread technological advancements in the field and the presence of favourable medical reimbursement schemes in many regions are creating profitable prospects for this marketplace to prosper. Moreover, growing government investments in the same, rising efforts to reduce work burden on healthcare professionals, and increased adoption of remote healthcare systems are adding momentum to the progression of this industry sphere.

Major Growth Drivers

Growing prevalence of chronic ailments- There has been a rising frequency in the occurrence of chronic and lifestyle-based diseases across the globe. Changing lifestyle trends, rapidly aging population, sedentary lifestyle, adulterated and fast-food consumption, along with genetic issues are some of the factors leading to the onset of these ailments. Severe diseases like cancer require surgical intervention that needs to be accurate and precise. These surgeries can be effectively assisted by medical robots and ensure surgical outcomes and enhancing their quality of life.

Rise in the elderly populace- The aging populace is highly susceptible to chronic and lifestyle diseases. Many a times they require to undergo surgeries to get rid of these diseases. With age, the immune system weakens which in turn increases the risk of fatalities and severe post operative repercussions. Elderly individuals require medical interventions that are more precise, less invasive, and have shorter recovery times. Medical robotics enable healthcare professionals to address the specific needs of these patients and reduce surgical risks. This in turn is stimulating the overall dynamics of this market space.

Challenges

High cost- Robotic equipment and services are highly expensive due to their high-end nature. Advanced technologies and raw materials are required to develop them. Apart from that hospitals and other medical organizations are requirement to make heavy infrastructural investments to accommodate these entities. This in turn is hindering the remuneration scope of this business vertical.

Competitive Landscape of Medical Robotics Market

The prominent players defining the competitive terrain of this business vertical are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics, Titan Medical Inc., Renishaw Plc, Smith & Nephew plc, Hansen Medical Inc., MedRobotics, TransEnterix Inc., Verb Surgicals, Microbot Medicals, MedTech, Aethon, Aesynt, Ekso Bionics, Barrett Medicals, Cyberdyne, Xenex Technologies, Accuray Inc., Carefusion Inc., ReWalk Robotics, Synaptive Medical, Honda Robotics, McKesson Corporation, Hansen Medical, iRobot Corporation, OR Productivity plc, and Others.

Segmental Assessment

By product type, the surgical assistants segment is likely to amass notable gains over 2022-2029. This is due to the elevating demand for minimally invasive surgeries across the globe.

Based on application type, the laparoscopy segment is anticipated to garner significant returns over the stipulated timeline. This is because medical robots have high efficiency in assisting medical professionals during laparoscopic surgeries.

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Geographical Analysis and Landscape

Middle East & Africa Medical Robotics Market

The industry in MEA is projected to capture a significant revenue share. This is ascribed to the growing cases of chronic diseases, increasing number of laparoscopic surgeries, and rising healthcare expenditure. Besides, surging awareness about the benefits offered by medical robots and growing focus of the government to provide citizens with advanced healthcare services are adding traction to the development of this regional market.

Europe

Europe is poised to showcase an upward trend in this market vertical. This is credited to the surging elderly populace, rapidly evolving healthcare infrastructure, and escalating demand for minimally invasive surgeries. Also, technological advances, presence of prominent players, and accelerating research activities in the field are aiding the expansion of the industry in Europe.

Opportunities in this Industry

Rising popularity of remote healthcare- Remote healthcare and telemedicine systems are gaining immense popularity worldwide. Remote consultations, health monitoring, and diagnostics can be efficiently supported by medical robotic systems. Robotic telepresence systems and surgical robots with remote operation capabilities allow doctors to provide healthcare services to patients located in distant or underserved areas. This is positively swaying the dynamics of this business vertical.

Major developments in Medical Robotics Market

Acquisitions

In 2020, Intuitive Surgical, a leading developer robotic-assisted surgery systems announced the acquisition of healthcare video management and analytics solutions provider Orpheus Medical.

In 2020, Stryker Corporation announced the acquisition of Cardan Robotics, a company known for developing robotic systems for image-guided navigation in spine surgery.

Porter's Five Forces Analysis

Threat of New Entrants: The threat of new entrants in the medical robotics market is relatively moderate. While the industry requires significant investments in research and development, manufacturing capabilities, and regulatory compliance, there is still room for innovative startups to enter the market. However, established players benefit from strong brand recognition, extensive distribution networks, and patents or intellectual property rights, creating barriers to entry. Moreover, the complex nature of medical robotics and the need for compliance with stringent regulatory standards act as further deterrents for new entrants.

Bargaining Power of Suppliers: Suppliers in the medical robotics market, including component manufacturers, technology providers, and software developers, typically have moderate to low bargaining power. While certain suppliers may possess unique and critical technologies or components, the market usually offers a range of options, allowing manufacturers to switch suppliers if needed. Additionally, the increasing competition and advancements in technology provide manufacturers with more leverage in negotiating favourable terms and pricing.

Bargaining Power of Buyers: Buyers in the medical robotics market, such as hospitals, clinics, and healthcare providers, generally have moderate bargaining power. While the market offers a variety of medical robotic systems, buyers often prioritize factors such as system performance, reliability, training, and service support. However, the high switching costs associated with medical robotics, including training, integration, and maintenance expenses, limit the bargaining power of buyers. Additionally, the critical nature of medical robotics in providing advanced healthcare solutions gives manufacturers some leverage in negotiations.

Threat of Substitutes: The threat of substitutes in the medical robotics market is relatively low. Medical robotics plays a unique and pivotal role in enhancing surgical procedures, improving patient outcomes, and enabling less invasive interventions. While traditional surgical methods and non-robotic technologies exist, they often lack the precision, stability, and advanced capabilities provided by medical robotics. Moreover, the continuous advancements in robotic technology and the integration of artificial intelligence and machine learning further solidify the position of medical robotics as a preferred option.

Competitive Rivalry: The medical robotics market is characterized by intense competition among key players. Market leaders invest significantly in research and development to advance their robotic systems, enhance capabilities, and expand their product portfolios. This intense rivalry is driven by the desire to capture market share, gain a competitive edge through technological innovations, and establish strong brand recognition.

On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:

North America                                                                                           

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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