Medical Robots Market Size Worth $25.44Bn, Globally, by 2028 at 18.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 19, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Medical Robots Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Surgical Robots, Hospital & Pharmacy Robots, Rehabilitation Robots, Non-Invasive Radiosurgery Robots, and Others), Application (Laparoscopy, Neurology, Orthopedics, Gynecology, Urology, Cardiology, and Others), and End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography", the global medical robots market is projected to reach $25.44 billion by 2028 from an estimated value of $9.18 billion in 2022; it is expected to grow at a CAGR of 18.5% from 2022 to 2028.

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Medical Robots Market: Competitive Landscape and Key Developments

Companies operating in the medical robots market implement various organic developments that lead to dynamic improvements in the market. Various organic growth strategies such as product launch and product development enhance the market growth. Several companies are implementing numerous inorganic strategies such as partnerships and mergers and acquisitions.

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In February 2022, UMC Health System partnered with Omnicell for Advanced Services Solutions to Streamline Medication Management and Enhance Clinical and Operational Outcomes. Omnicell, Inc., a leading provider of medication management and adherence tools for health systems and pharmacies, announced that UMC Health System in Lubbock, Texas, had selected Omnicell's comprehensive portfolio of Advanced Services solutions to support key pharmacy initiatives, including acute care, outpatient, retail, and 340B program strategies.

In February 2022, Stryker launched the all-in-one procedure guide used during PROstep MICA minimally invasive bunion procedures and is designed for use by a solo surgeon, potentially eliminating the need for additional surgical assistance during the operation.

In June 2018, Hocoma launched ArmeoSenso, a sensor-based solution for patients with mild to moderate upper extremity impairments. ArmeoSenso completes Hocoma's modular Armeo Therapy Concept for all stages of arm and hand function recovery by allowing patients to extend their treatment beyond the clinic walls: Owing to its easy-to-use interface and lightweight and compact design, patients can continue to make progress in the comfort of their own home.

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The medical robots market growth is driven by the rising number of surgical procedures and rising number of product launches and approvals, the increasing employment rate of anesthesiologists and technicians. However, the high cost of surgical procedures and installation hampers the medical robots market growth.

Global Medical Robots Market: Key Insights – Future Trends

Scientists are developing miniature robots called microswimmers. A microswimmer can operate on different body parts, depending on its shape. The machines could swim through a person's blood vessels to deliver medicine to a cancerous tumor. Moreover, the machine unclogs an artery to prevent a heart attack or even performs delicate vision-saving surgery from inside the eye. The robot could also make microscopic repairs in the blood vessels of the eye. These nanomachines could essentially patrol the circulatory system of the human body. They could be used to detect specific chemicals or toxins and give early warnings of organ failure or tissue rejection. Another potential function may include taking biometric measurements to monitor a person's general health. A gel-like material is used to build a soft microrobot. By altering the gel's temperature, a robot can be made short and stumpy or long and needle-like. The continuous developments in the field of microswimmers are expected to support the market's growth during the forecast period.

In North America, the US holds a significant share of the medical robots market. The country's market's growth is primarily driven by increasing demand for surgeries and growing technological advancements in medical robots. According to a study published by the American Society for Metabolic and Bariatric Surgery in 2022, the US witnessed around 62% of growth in bariatric surgeries during the past decade.

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According to the study published by the Agency for Healthcare Research and Quality in 2017, around 0.7 million total knee replacement surgeries were performed in the US per year. Such a significant number of surgical procedures are estimated to offer a favorable environment for the adoption of advanced healthcare facilities, which will eventually drive the US medical robots market during the forecast period.

Moreover, the market players are adopting organic and inorganic strategies for market development, such as advanced product launches. For instance, in December 2022, Inrobics Social Robotics introduced an AI-based robotic device to aid health rehabilitation. Such development supports the growth of the market during the forecast period.

Medical Robots Market: Segmental Overview

Based on application, the medical robots market is segmented into laparoscopy, neurology, orthopedics, gynecology, urology, cardiology, and others. The laparoscopy segment held the largest market share in 2022. Laparoscopy, also called diagnostic laparoscopy, is a surgical diagnostic procedure used to examine the organs inside the abdomen. Robotic surgery was developed precisely to overcome technical limitations.

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In 2000, the da Vinci surgery system became the first robotic surgery system approved by the FDA for general laparoscopic surgery. The latest high-end model is the da Vinci Xi. The robot-assisted laparoscopy has been widely adopted with the emergence of data supporting efficacy and safety. The deployment of medical robots has led to improved efficiency in laparoscopic surgical procedures. In January 2022, a robot performed laparoscopic surgery on the soft tissue of a pig without the guiding hand of a human. The neurology segment is anticipated to register the highest CAGR during the forecast period.

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Hospital Robots Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Pharmacy Robotic System, IV Robotic System, Telemedicine Robots); Application (Pharmacy, Laboratory, Others) and Geography

Medical Robotics And Computer-Assisted Surgery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ( Surgical Robotics, Rehabilitation Robotics, Non-Invasive Radiosurgery Robotics, Hospital and Pharmacy Robotics ); End User ( Hospitals and Clinics, Academic and Research Institutes, Pharmacies )

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