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Surgical Systems to Dominate Medical Robotic Systems Market till 2030
The global medical robotic systems market, which generated $7,626.1 million in 2019, is expected to display a CAGR of 20.1% during the forecast period (2020–2030) and value $55,528.1 million by 2030. The increasing geriatric population, rising expenditure on medical robotics and healthcare, surging demand for robotic procedures, and escalating adoption of automated pharmacy systems are driving the market.
Segmentation Analysis of Medical Robotic Systems Market
The surgical category is predicted to continue holding the largest share in the medical robotic systems market till 2030, based on type. This would be a result of the rising preference for minimally invasive surgeries done with robotic systems, as they are shorter and less labor-intensive than those performed the traditional way. Further, robotic surgeries result in less post-operative pain, shorter stay at the hospital, and lesser recovery time.
In 2019, the treatment division, under the application segment, dominated the market, owing to the rapidly rising popularity of robotic medical procedures, because of their higher accuracy and shorter duration.
The cardiothoracic surgery classification, on the basis of indication, would witness the highest CAGR in the medical robotic systems market during the forecast period. This is attributed to the widespread incidence of cardiovascular diseases (CVDs) and increasing usage of robots for treatment procedures.
During the historical period (2014–2019), hospitals and ambulatory surgery centers (ASCs) were the highest-revenue-generating end user in the market. This is because these establishments are financially stronger to procure such advanced systems and patients generally prefer these settings for treatment.
North America is projected to witness the fastest growth in the medical robotic systems market during the forecast period, on account of the strong presence of established market players, rising investments by private and public firms to improve medical robotic systems, and advanced healthcare sector, which allows caregivers to procure such expensive equipment.
Technological Advancements Biggest Trend in Market
The key trend in the medical robotic systems market currently is technological advancements. For instance, the California Institute of Technology (Caltech) is developing the microbot target therapy, which uses near-microscopic mechanical particles for drug localization and administration to a particular part inside the body, while being controlled from outside. The microbots are being developed to reduce the side-effects of medication and destroy tumors via radiation. These robots contain gold nanowires and a coating of platelets and red blood cells, which can clear the bacteria from the body. Additionally, companion robots are also being developed for the mentally disabled, elderly, and infirm people, who have diminished motor functions.
Increasing Population of Elderly Driving Market Growth
Among the most significant drivers for the medical robotic systems market is the growth in the geriatric population. With the increasing cost of healthcare and lack of caregivers, the need for alternative methods to make them comfortable is being felt. As per the American Association of Retired Persons (AARP), for every person in the U.S. in the age group of 80 and above, seven people in the age group 45–64 can provide care, and by 2030, only four caregivers would be available for everyone who is 80 years or older. Thus, efforts are being stepped up to create autonomous robots, which can perform tasks similar to caregivers.
Emerging Economies Offer Opportunities for Market Growth
The untapped consumer base in emerging economies can be a potential area of growth for the medical robotic systems market players. Several countries, such as Thailand and India, have already started using robots for medical procedures. For instance, in December 2019, Apollo Hospitals in Bangalore, India, unveiled an operating room dedicated to robotic cardiac surgery. Similarly in July 2019, Fortis Hospital in Mulund, Mumbai, deployed the fourth-generation da Vinci Xi robotic surgical system for the oncology, urology, neurology, and gastroenterology fields.
|Market Size by Segments||Type, Application, Indication, End User|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa|
|Market Players||Accuracy Incorporated, Hocoma AG, Capsa Healthcare, Medrobotics Corporation, Medrobotics Corporation, ARxIUM Inc., Intuitive Surgical Inc., Omnicell Inc., Medtronic plc, Globus Medical Inc., Zimmer Biomet Holdings Inc., Stryker Corporation, Smith & Nephew plc, Johnson & Johnson|
Collaborations and Joint Ventures are Strongest Strategic Measures among Market Players
Players in the medical robotic systems market have engaged in numerous collaborations in the past few years, to leverage each other’s technology and widen their portfolio. For instance, in May 2019, Stereotaxis Inc. and Osypka AG entered into a strategic collaboration to work on the robotic catheter technology. The agreement involves the creation of an improved magnetic ablation catheter, which will be navigated by Stereotaxis' robotic technology. Under the agreement, Stereotaxis will fund the project and be the sole owner of the product.
In the same vein, in January 2019, Accuray Asia Limited and CNNC High Energy Equipment (Tianjin) Co. Ltd. announced a joint venture, named CNNC Accuray (Tianjin) Medical Technology Co. Ltd., to produce and provide radiation oncology systems in China.
The major companies in the global medical robotic systems market are Accuracy Incorporated, Hocoma AG, Capsa Healthcare, Medrobotics Corporation, Titan Medical Inc., ARxIUM Inc., Intuitive Surgical Inc., Omnicell Inc., Medtronic plc, Globus Medical Inc., Zimmer Biomet Holdings Inc., Stryker Corporation, Stereotaxis Inc., Smith & Nephew plc, and Johnson & Johnson.
Market Size Breakdown by Segment
The medical robotic systems market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
Based on Indication
Based on End User