Medical Robots Market

Introduction-

Medical robots are used in medical procedures to provide accurate and efficient medical care. They assist in surgical procedures, diagnose diseases, and perform various other medical tasks. The demand for medical robots has been growing significantly in recent years due to their ability to provide advanced and precise medical care. The medical robots market is expected to grow substantially in the coming years, driven by increasing demand for minimally invasive surgeries and technological advancements in the medical industry.

Market Size and Market Share-

The global medical robots market is expected to reach ~USD 17.9 billion by 2026, growing at a CAGR of +14% during the forecast period.

The surgical robots segment dominated the market in 2020, accounting for more than half of the market share. The therapeutic robots segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for rehabilitation and assistance robots.

Key Players-

 

• iRobot Corporation

• Medrobotics Corporation

• Titan Medical Inc.

• Renishaw Plc

• Health Robotics SLR

• OR Productivity plc

• Intuitive Surgical

• Mako Surgical Corp.

• Varian Medical Systems

• Stereotaxis Inc.

• Mazor Robotics

• Medtronic

• Stryker

• Zimmer Biomet

• Smith & Nephew

 

Segmentation-

By Type

• External Large Robots
• Geriatric Robot
• Assistive Robots
• Miniature in Vivo Robots

By Product

• Surgical Robots
• Rehabilitation Robots
• Hospital and Pharmacy Robots
• Bio Robotics
• Non-invasive Radio Surgery Robots
• Telepresence Robots
• Medical Transportation Robots
• Sanitation and Disinfectant Robots

By Modality

• Compact
• Portable

By Components

• Actuators
• Sensors
• Robot Controller
• Patient Cart
• Surgeon Console
• Vision Cart
• Dispensing System and Additional Products

By Application

• Neurology Applications
• Cardiology Applications
• Orthopedic Applications
• Laparoscopic Applications
• Physical Rehabilitation
• Pharmacy Applications

By  End User

• Hospitals
• Specialty Clinics
• Research Institutes
• Ambulatory Surgical Centers
• Laboratories
• Rehabilitation Centers
• Others

By Distribution Channel

• Direct Tender
• Retail Sales
• Third Party Distributors
• Others

Major Trends and Drivers Affecting the Industry-

The increasing demand for minimally invasive surgeries and the growing prevalence of chronic diseases are the major drivers of the medical robots market. Medical robots provide accurate and efficient medical care, which helps reduce the risk of complications and post-operative infections. The use of medical robots also reduces the length of hospital stays and speeds up the recovery process. The technological advancements in the medical industry have also led to the development of advanced medical robots with improved accuracy and precision.

Opportunities and Threats in the Industry-

The increasing demand for medical robots presents significant opportunities for market players. However, the high cost of medical robots and the lack of skilled professionals to operate them are major challenges facing the industry. The regulatory and legal issues surrounding the use of medical robots in medical procedures also pose a threat to the industry. The lack of standardization and interoperability among medical robots is also a significant challenge facing the industry.

Regulatory and Legal Issues Affecting the Industry-

The regulatory and legal issues surrounding the use of medical robots in medical procedures vary from country to country. In the United States, medical robots are regulated by the Food and Drug Administration (FDA) under the Medical Device Regulation Act. The FDA ensures that medical robots are safe and effective for their intended use. In Europe, medical robots are regulated by the European Medicines Agency (EMA). The EMA ensures that medical robots comply with the European Union's Medical Device Regulation.

Target Demographics and Preferences-

The target demographics of the medical robots market include hospitals, clinics, and ambulatory surgical centers. These healthcare facilities use medical robots to provide advanced medical care to their patients. The preferences of healthcare providers include medical robots that are easy to use, accurate, and efficient. Healthcare providers also prefer medical robots that are cost-effective and provide a good return on investment.

Pricing Trends in the Industry-

The pricing of medical robots varies depending on the type and functionality of the robot. Surgical robots are generally more expensive than diagnostic robots. The pricing of medical robots also varies depending on the region and the demand for medical robots in that region. The high cost of medical robots is a significant challenge facing the industry, and market players are investing in research and development to develop cost-effective medical robots.

Conclusion-

In conclusion, the medical robots market is witnessing significant growth, driven by the increasing demand for accurate and efficient medical care, especially in the field of minimally invasive surgeries. The market is highly competitive, with several key players investing heavily in research and development to develop advanced medical robots. However, the high cost of medical robots, the lack of skilled professionals to operate them, and regulatory and legal issues are major challenges facing the industry. Nevertheless, the market presents significant opportunities for market players, and the growing demand for medical robots is expected to drive the market's growth in the coming years. As the industry evolves, it is crucial for market players to stay abreast of the latest technological advancements, regulatory changes, and pricing trends to remain competitive and meet the evolving needs of healthcare providers and patients.