The medical robotic system market includes robotic systems that assist surgeons in performing complex procedures accurately and efficiently. These robotic systems aid in minimally invasive surgeries such as cardiac, urological, neurological and gastrointestinal procedures. Medical robotic systems offer various advantages such as smaller incisions, fewer cuts, quicker recovery and reduced blood loss. They also allow surgeons to perform customized and precise operations leading to better clinical outcomes. With the increasing prevalence of chronic diseases and rising geriatric population, the need for specialized surgical procedures is growing. This is propelling the demand for medical robotic systems that enable remote surgery, thereby increasing surgical accuracy and flexibility.
The Global Medical Robotic System Market is estimated to be valued at US$ 21.3 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the medical robotic system market are iRobot Corporation, Medrobotics Corporation, Titan Medical Inc., Renishaw Plc, Health Robotics SLR, OR Productivity plc, Intuitive Surgical, Mako Surgical Corp., Varian Medical Systems, Stereotaxis Inc., Mazor Robotics, Medtronic, Stryker, Zimmer Biomet, Smith and Nephew.
The growing demand for effective surgical procedures globally coupled with increasing disposable income levels is expected to fuel the adoption of medical robotic systems. Surgeons prefer surgical robots for their precision and control over minimally invasive procedures. This has prompted key players to expand their product portfolio and strengthen distribution networks worldwide.
The Medical Robotic System Market Growth is witnessing high opportunities in developing countries on the back of rising healthcare expenditure and increasing collaborations between international robotic medical device manufacturers and domestic hospitals and research institutes. Surgical robotics is gradually becoming more affordable due to cost reductions from economies of scale and their advantages are being recognized across various end users globally.
Market Key Trends
One of the key trends gaining traction in the medical robotic systems market is the increased development of brain-computer interface technologies. Researchers are working on merging brain signals with computer technology to create thought-controlled medical robots. This opens up possibilities for treating several neurological disorders through non-invasive means. Another trend is miniaturization of surgical robot components to enable their use in minimally invasive operations including laparoscopy and close range surgery. This improves patient outcomes through reduced trauma and smaller incisions.
Porter’s Analysis
Threat of new entrants: High capital requirement and technology advancement pose significant barriers for new players in this Medical Robotic System Market Analysis.
Bargaining power of buyers: Large pool of substitutes available exert downward pressure on prices.
Bargaining power of suppliers: Few dominant technology providers hold strong negotiating position over manufacturers.
Threat of new substitutes: Emerging technologies like AI and Virtual Reality present potential threats but they are in nascent stage.
Competitive rivalry: Intense competition among existing players to gain market share.
Geographical Regions
North America presently accounts for majority share in the medical robotic system market value due to supportive reimbursement policies and high healthcare spending in the US and Canada.
The Asia Pacific region is poised to be the fastest growing market during the forecast period driven by increasing healthcare expenditure, lowering costs of robotic systems, and growing demand for minimally invasive surgeries from countries like China, India and Japan.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
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