Global Medical Robots Market to Record Considerable Growth Over 2021-2027

July 21, 2021

According to the recent research report titled ‘Medical Robots Market Size By Product Type, By Application , COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report LLC, global medical robots market is expected to showcase appreciable growth trend over 2021-2027.

Technological advancements, increasing number of surgical procedures, and access to health coverage plans for robot-assisted surgeries are primarily driving global medical robots market growth. Besides, growing adoption of surgical robots is enhancing the overall market outlook.

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Emphasis on protecting healthcare professionals involved in standard surgical procedures from risk of infections is further adding to the industry progression. The outbreak of COVID-19 has mandated the protection of healthcare workers due to exposure to the novel coronavirus.

Medical robots enable medical workers to care for patients without the risk of infection in various settings. During minimally invasive procedures, surgeons can use the robots to operate surgical instruments in and around the patient's body.

Coming to challenges, strict regulatory approval, lack of awareness, and hefty cost of robotic systems are likely to hinder the overall industry expansion.

Based on product type, surgical robots segment of worldwide medical robots market was worth USD 4,622 million in 2020 and is expected to record 17.4% CAGR through 2027, owing to growing acceptance of these equipment to cater to surging number of surgical procedures. 

As per application spectrum, cardiology application generated revenues amounting to USD 843 million in 2020 and is projected to expand further at 18.1% CAGR over the coming years. The growth can be ascribed to increasing number of patients suffering from chronic diseases and inclination towards robotic surgeries due to shorter recovery period.

Moving on to end use scope, hospitals segment was valued at USD 4,895 million in 2020 and is anticipated to record 17.4% CAGR between 2021 and 2027, creditable to mounting demand for robot-assisted surgeries fueled by lack of surgeons in various economies worldwide.

Regionally, Asia Pacific medical robots industry valuation crossed USD 1,606 million mark in 2020 and is predicted to bolster at 17.8% CAGR over the analysis period. The growth can be attributed to booming elderly population, and rising investment towards healthcare automation, along with favorable health coverage policies by the governments.

Major contenders operating in global medical robots market sphere are Zimmer Biomet, Aethon Inc., ARxIUM, Renishaw plc, Johnson & Johnson (J&J), Intuitive Surgical Inc., Omnicell Inc., Capsa Healthcare, Accuray Inc., Hocoma AG, iRobot Corporation, Smith & Nephew plc, Medtronic plc, and Stryker Corporation.

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