Medical Robotic Systems Market Opportunities And Future Scope 2030

Medical Robotic Systems Industry Overview

The global medical robotic systems market size was valued at USD 21.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030.

Due to pathological and psychological changes that occur with age, the geriatric population is more common to injuries and other medical conditions that will require surgical procedures. The rising demand for accurate laparoscopic surgeries and the increasing percentage of trauma injuries are the key factors propelling the market growth. Furthermore, growing technological advancement in medical equipment and a rise in per capita healthcare spending are projected to drive the market in emerging economies.

Gather more insights about the market drivers, restrains and growth of the Global Medical Robotic Systems Market

Continuous technological advancements such as motion sensors, robotic catheter control systems (CCS), 3D-Imaging, data recorders, data analytics, HD surgical microscopic cameras, and remote navigation are expected to fuel market growth. In addition, increasing FDA clearances for products are expected to propel market growth in the forecast period. For instance, ReWalk Robotics proclaimed that the FDA had authorized the sale of its ReStore soft exo-suit system to rehabilitation centers throughout the U.S. in 2019.

Globally, there is a surge in the demand for robotic minimally invasive surgeries majorly due to advantages related to the procedures, such as lesser cuts, smaller incisions, reduced pain, decreased scarring, higher safety, and quicker recovery periods. Moreover, the procedures offer highly advanced visualization capabilities to the surgeons by using HD cameras to illustrate microscopic structures. Thus, providing greater control and ensuring higher accuracy. In the past few years, there is a rise in the number of research into rehabilitation robotics and a rapid surge in the number of therapeutic rehabilitation robots.

The developing countries are projected to offer noteworthy opportunities for players in the market. During the past decade, emerging regions have witnessed a persistent surge in the percentage of surgical procedures, driven by the increasing target patient population and growing medical tourism. Furthermore, growing healthcare expenditure along with adaptive and business-friendly regulatory strategies are encouraging key players to focus more on emerging markets in the future.

One of the major challenges expected to restrain the market growth is the high price of robotic systems. Robot-assisted procedures are more expensive than other surgeries. The most commonly used robotic system, the da Vinci system, costs between USD 1.0 million and USD 3.0 million, whereas the cost of the CyberKnife radiosurgery robotic system ranges from USD 4.2 to 5.2 million per unit. Furthermore, an additional USD 100,000 is required for maintenance. Thus, the rising cost of surgeries due to the adoption of the robotic system is expected to hamper the market growth.

Like other industries, COVID has also hampered the growth of the market for medical robotic systems. The pandemic has led to a provisional ban on elective surgeries throughout the world, which resulted in withdrawals of elective surgeries. As per the report of the World Economic Forum, during the pandemic, about 28 million elective surgeries were canceled in 12 weeks. About 38% of the global cancer surgeries were stopped. Moreover, COVID-19 caused economic disruption throughout the world, which further badly affected the market growth. However, the market is expected to recover soon and the adoption of medical robots can be expected to be back to pre-covid levels.

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Market Share Insights

• June 2020: Accuray introduced its next-generation CyberKnife platform called the CyberKnife S7 System with advanced precision and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic body radiation therapy (SBRT) treatments and stereotactic radiosurgery (SRS).

Key Companies profiled:

Some prominent players in the global medical robotic systems market include

• 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

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