Healthcare Robotics Market

Healthcare Robotics Market Size

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Healthcare Robotics Market size was USD 9.07 billion in 2021 and projected to grow from USD 12.4 billion in 2023 to USD 50.8 billion by 2032, exhibiting a CAGR of 17% during the forecast period.

The healthcare robotics market denotes to a healthcare sector that aim in development, execution, and usage of robotic technologies in different applications of healthcare industry. The technologies involved are robotic devices, systems and software created to aid the healthcare professionals in providing medical services, improving operational efficiencies and enhancing patient outcomes in healthcare facilities. Healthcare robotics aid to boosting the healthcare quality and it is evolving due to advancements in technologies like AI, robotics etc.

Market Highlights

Healthcare Robotics Market is expected to project a CAGR of 17% during the forecast period, 2022-2032

Healthcare Robotics Market is expected to reach USD 50.8 billion, growing at a CAGR of 17% during forecast period owing to the increasing adverse effects due to medical treatments in various countries. Organizations like WHO and USFDA passed strict regulatory guidelines to establish patient safety and efficiency of treatment. The necessity of automated system has increased to aid physicians in complex medical procedures like surgery, diagnosis etc.  Increasing expenditure in healthcare by various developing countries along with growing surgical operative procedures are expected to to drive the demand for growth of market in the forecast period.

Healthcare Robotics Market Segmentation:

Surgical Robotic Systems segment is expected to grow with high CAGR during the forecast period

Healthcare Robotics Market is classified based on the Product into Surgical Robotic Systems, Non-invasive Radiosurgery Robotic Systems, Hospital & Pharmacy Robotic Systems, Rehabilitation Robotic Systems. Surgical Robotic Systems segment is expected to dominate the market in the forecast period owing to the advancement in technology related to surgical robots, increasing healthcare expenditure in developing countries, and growing preference for minimally invasive surgical procedures which are expected to boost the growth of segment in the healthcare robotics market.

Laparoscopy segment is expected to grow with high CAGR during the forecast period

Healthcare Robotics Market is classified based on the Function into Laparoscopy, Neurosurgery, Orthopaedic Surgery. Laparoscopy segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing adoption of surgical robots along with the utilization of them for laparoscopic surgical procedures by replacing intervention of healthcare professionals globally which is resulting in the growth of Healthcare Robotics market.

Market Dynamics:   

Growth Drivers

Switching to Minimal Invasive Procedures is Expected to Boost the Growth of the Market

The shifting towards minimally invasive surgical procedures is increasing from traditional open surgical procedures due to the clinical advantages presented post-operative procedure like reduced duration of hospital stay, decreased complications, and low cost of procedures. The efficiency of surgical robots is high in executing laparoscopic surgical procedures due to the advancements in technology resulting in production of procedure-specific robots into the market which is anticipated to drive the demand for adopting surgical robots and thereby resulting in boosting the growth of the healthcare robotics market.

Advancements in Technology is Expected to Boost the Growth of the Market

Healthcare robotics involve several advancements in technology and constant upgrading to perform robotic surgery which aid in giving advanced visualization abilities, providing a better view of the operating area for surgeons by availing HD cameras to illustrate the small microscopic structures. This may drive the demand for the growth of the market. Technology has enabled machinery to be more skilled rather a human hand, and the worthier portability with rotation at 360-degree angle may aid in better accessing difficult areas which may boost the market growth.

Restraint

Mechanical Failures May Restrain the Growth of the Market

The emergence of an unexpected mechanical failure may result in restraining the growth of global healthcare robotics market. Robotic-assisted surgery might involve bleeding, infection, and cardiopulmonary risks which may even hamper the market growth.

Recent Developments:

• In January 2021, Globus Medical declared the addition, first surgeries done with the intraoperative, intelligent, and Excelsius3D 3 in 1 imaging platform.
• In May 2022, Johnson & Johnson Med Tech Ethicon company reported about FDA approval for Monarch endourological surgery which is the prime and flexible robotic solution for use in urology & bronchoscopy.

Healthcare Robotics Market

Key Players Covered:

• Titan Medical Inc
• Accuray Inc
• Intuitive Surgical Inc
• Ekso Bionics Holdings Inc
• Varian Medical Systems
• Kirby Lester Llc
• Irobot Corporation
• Roche Holding AG
• Hocoma
• Stryker
• ZOLL Medical Corp
• Aurora Biomed Inc
• Agilent
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Healthcare Robotics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and is expected to continue its dominance over the forecast period in the Healthcare Robotics Market owing to the presence of immense knowledge in utilizing progressive and modern technology which results in the growth of the market. Increasing costs of healthcare, rising technologies and inventions related to healthcare robots is anticipated to boost the growth of the market in the forecast period.

Impact of Covid-19 on Healthcare Robotics Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the spread of coronavirus. Covid-19 had negative affect on several industries. The necessity and requirement for medical robots in healthcare domain had increased to prevent the physical contact and aid in sterilization, cleaning, and for other assistance in hospitals. This resulted in reducing the life threat to the medical staff. Healthcare Robotics helped in replacing the patients by reducing the workload of healthcare professionals. Covid-19 had a positive impact on the growth of Healthcare Robotics Market.

Healthcare Robotics Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Healthcare Robotics Market Scope and Segments:

Frequently Asked Questions (FAQ):