The increasing demand for robotic procedures, growing adoption of automated pharmacy systems, surge in the geriatric population creating a greater demand for elderly care, along with the increasing medical robotics as well as healthcare expenditure across the world, are the major reasons for the global medical robotic systems market growth. As a result of these factors, the industry is expected to reach $56.5 billion by 2030, at a CAGR of 20.2% during the forecast period (2020–2030).
Moreover, the ongoing COVID-19 pandemic has had a constructive impact on the medical robotic systems market, by driving its growth significantly. This is because, as a result of the pandemic, countries have started taking social-distancing measures, which include low point of contact. Medical robotics is acting as the perfect antidote to such problems, therefore exhibits enormous growth prospects for the coming years.
Surgical Robotic Systems To Remain Largest Category during Forecast Period
On the basis of type, the medical robotic systems market is categorized into surgical, automated dispensers, rehabilitation, radiosurgery, and others. Among these, the surgical category is expected to retain its market domination during the forecast period, advancing with the highest growth rate in the industry. This is because robotic surgeries offer many benefits to patients, such as shorter hospitalization periods, reduced pain and discomfort, and faster recovery time, which allow patients to return to normal activities in a short span of time.
Furthermore, on the basis of end user, the medical robotic systems market is categorized into hospitals and ambulatory surgery centers (ASCs), pharmacies, rehabilitation centers, and others. Among them, the hospitals and ASCs category is expected to advance with the highest CAGR during the forecast period. The growth of the category is attributed to the rising demand for superior systems, in terms of efficiency, in hospitals, need to cater to a large number of patients in such settings, along with the growing adoption of technologically advanced products here.
Geographically, the medical robotic systems market in North America held the largest share in 2019. Furthermore, the region is expected to remain the largest market during the forecast period. This would primarily be due to the presence of big market players, investments by private and public organizations to support the advancement of medical robotic systems, and a well-established healthcare industry, due to which hospitals in the region can afford high-cost robotic medical equipment for surgeries and rehabilitation activities.
Product Launch Is Preferred Strategic Measure among Players in Market
Players in the medical robotic systems market are involved in launching new products, to attain a competitive edge. For instance, in May 2019, Stereotaxis Inc. introduced Stereotaxis Genesis RMN, a next-generation robotic platform with Stereotaxis Imaging Model S, as an integrated solution for a robotic interventional operating room. Stereotaxis Genesis RMN is Conformité Européene (CE)-marked and available in various European Union (EU) countries.
Similarly, in April 2019, Accuray Incorporated launched the Synchrony motion tracking and correction technology for Radixact System, in the medical robotic systems industry. This new feature adds intrafraction motion synchronization capabilities to the Radixact System, enabling real-time tracking, visualization, and correction for tumor motion during treatment, with the goal of improving the dose accuracy and treatment times better, as compared to conventional radiation therapy systems.
Some of the major players operating 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, Smith & Nephew plc, Johnson & Johnson, Stereotaxis Inc., and Hansen Medical Inc.