The global medical robotic systems market is predicted to generate a revenue of $56.5 billion by 2030, increasing from $7.6 billion in 2019, progressing at a 20.2% CAGR during the forecast period (2020–2030), as stated by a report by P&S Intelligence. The market is witnessing growth due to the rising need for robotic procedures, growing utilization of automated pharmacy, increasing geriatric population, which, in turn, is driving demand for elderly care, and surging healthcare and medical robotics expenditure.
On the basis of type, the market is divided into radiosurgery, surgical, rehabilitation, and automated dispenser, among which, the surgical division held the major share of the market during the historical period (2014–2019). The division is further expected to advance at the fastest pace and account for the major share of the market during the forecast period due to the rising requirement for minimally invasive robotic surgeries that need lesser effort and time, as compared to manual surgeries.
When indication is taken into consideration, the medical robotic systems market is categorized into neurosurgery, urology, orthopedics, gynecology, and cardiothoracic surgery. Out of all these, the cardiothoracic surgery is predicted to register the highest CAGR during the forecast period, owing to the surging prevalence of cardiovascular diseases across the globe. In addition to this, several advantages are associated with robotic surgery, such as minimal pain to patients and blood loss, thereby resulting in a shorter recovery time as compared to the traditional approach.
Geographically, North America is projected to emerge as the major medical robotic systems market during the forecast period, owing to the surging requirement for minimally invasive surgeries, presence of giant players, increasing funding by the government for medical robots, and present of a well-structured healthcare system. Moreover, the region is also expected to register the highest CAGR during the forecast period, as companies in the domain are actively engaged in strategic developments and are focusing on raising funds for establishing their presence in the market.
The increasing demand for robotic procedures is a key driving factor of the medical robotic systems market. As per a study published in the Journal of the American Medical Association in 2020, of all general surgeries, 15.1% procedures were robot-assisted procedures in 2018, which was a rise of 1.8% from 2012. The utilization of robotic surgeries increased by 8.8% in the first four years, when hospitals started with its adoption. This growth in the use of robotic procedures is predicted to drive the market in the years to come.
Another factor resulting in the growth of the medical robotic systems market is the increasing geriatric population. As per the United Nations’ report published in 2017, the number of people aged 60 years or above is expected to rise to 2.1 billion in 2050 and 3.1 billion in 2100. Because of the shortage in the number of caregivers and the increasing financial burden, there is a need for finding a more efficient way to provide medical services to the geriatric population. This can be done by using medical robotic systems.
In conclusion, the market is growing due to the surging geriatric population and rising requirement for robotic procedures across the globe.
