Medical Robots Market Revenue Forecast 2021-2027 By Regional Manufacturers
Category: #business  By Ronak Bora  Date: 2021-08-17
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Medical Robots Market Revenue Forecast 2021-2027 By Regional Manufacturers

The medical robots market is predicted to grow significantly in the coming years, on account of the rising investment by governments across the globe to strengthen medical infrastructure. As per the Center for Medicare & Medicaid Services, the U.S. healthcare expenditure was recorded at US$3.8 trillion in 2019.

There is an increasing prevalence of chronic diseases and the presence of supportive government policies emphasizing on the introduction of technology-driven medical equipment. Health reimbursement plans are now easily available, being a major factor driving the high number of medical procedures. The recent inclusion of robotic surgeries under the health insurance policies in various countries should encourage patients to opt for robot-assisted procedures.

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For example, the Insurance Regulatory and Development Authority of India (IRDAI), in December 2020, advised health insurance firms operating in the country to include robotic-assisted surgery in their health insurance policies.

Global medical robots market size is slated to cross over US$22.1 billion by 2027, as per a forecast by Global Market Insights, Inc.

Different types of medical robots used in distinct surgical procedures and treatment include telemedicine robots, non-invasive radiosurgery robots, rehabilitation robots, surgical robots, pharmacy and hospital automation robots. The surgical robot segment is expected to grow at 17.4% CAGR over 2021-2027. In recent times, the rise in the number of patients with chronic diseases and high ratio of inpatient hospitalization has significantly augmented the need for surgeries.

The medical robots industry share from the cardiology application segment was over US$843 million in 2020. The growth is majorly attributed to the high percentage of patients with chronic heart disease. For instance, as per the WHO, chronic disease accounts for nearly 4 in 5 deaths in developing countries. On the other hand, according to the American Heart Association (AHA), around half the population of U.S. adults are affected by cardiovascular disorders.

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The hospital end-user segment held the largest market share of over 67% of the medical robots industry in 2020. Patients with severe illness highly prefer treatment in hospitals due to the presence of advanced medical support. Facilities including highly skilled medical professionals, sophisticated equipment, testing laboratories, and others ensure effective treatment even in complex medical procedures. Additionally, the high budget of hospitals allows them to acquire modern medical robots.

Sophisticated healthcare robots in APAC

Japan medical robots industry held more than 50% share in Asia Pacific during 2020. Increasing penetration and deployment of healthcare robots across hospitals in the country, backed by progressive government policies emphasizing on R&D in the field of healthcare robots is a major factor driving industry growth.

For example, researchers and experts in Japan in February 2021 developed a robot prototype Ri-man, which assist nurses to lift patients from their bed. Rising geriatric population and the growing awareness about robotic surgeries, along with better medical coverage plan is likely to further complement the high adoption of medical robots in the country.

Johnson & Johnson, Zimmer Biomet, Medtronic, Intuitive Surgical, ACCURAY, Smith & Nephew, and Stryker Corporation, among others, are some prominent companies in the global medical robots industry. Manufacturers are eyeing technological innovations and acquiring regulatory approvals for the advent of new healthcare robots.

For example, Zimmer Biomet in April 2021 received the U.S.FDA 510(k) approval for its ROSA Partial Knee System, which is used for robotic-assisted partial knee replacement procedures. Such development is likely to expand the company's product offering and enhance the present ROSA spine and neurosurgical systems.

Increasing government efforts to broaden the healthcare infrastructure, along with favorable health policies and high prevalence of chronic disease are some prominent factors supporting the global medical robots market trends.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Medical robots industry 3600 synopsis, 2016 - 2027 (USD Million)

2.1.1    Business trends

2.1.2    Product type trends

2.1.3    Application trends

2.1.4    End-use trends

2.1.5    Regional trends

Chapter 3   Medical Robots Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2027 (USD Million)

3.3    Industry impact factors

3.3.1    Growth drivers    Broad health coverage plans for robot-assisted surgeries    Rise in the number of surgical procedures    High adoption of surgical robots    Technological advancements

3.3.2    Industry pitfalls & challenges    High cost of robotic systems    Lack of awareness    Stringent regulatory approval

3.4    Growth potential analysis

3.4.1    By product type

3.4.2    By application

3.4.3    By end-use

3.5    COVID-19 impact analysis

3.6    Regulatory landscape

3.6.1    U.S.

3.6.2    Europe

3.7    Technology landscape

3.8    Porter’s analysis

3.9    Competitive landscape, 2020

3.9.1    Competitive matrix analysis, 2020

3.10    PESTEL analysis

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...


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