Medical Robots Global Market Report 2024

A medical robot is a specialized service robot designed for multiple purposes, both within and outside of hospitals, aimed at enhancing the standard of care for patients. These robots are utilized in complex surgical procedures, limb replacements, stroke patient rehabilitation, and various other health-related tasks. Their applications in the medical field include assisting in surgeries, improving patient care and worker safety, as well as optimizing clinical workflow and hospital logistics.

The primary types of medical robots encompass hospital and pharmacy robotic systems, surgical robotic systems, noninvasive radiosurgery robotic systems, rehabilitation robotic systems, and others. Hospital and pharmacy robotic systems are employed for tasks such as medication distribution to patients and the automation of routine tasks in pharmacies or other healthcare settings. These solutions can be implemented on-premises or in the cloud and find applications in cardiology, laparoscopy, pharmacy services, neurosurgery, orthopedic surgery, and various other medical disciplines. They are utilized by a range of end-users, including specialty centers, hospitals and clinics, rehabilitation centers, and others.

The medical robots market research report is one of a series of new reports that provides medical robots market statistics, including medical robots industry global market size, regional shares, competitors with a medical robots market share, detailed medical robots market segments, market trends and opportunities, and any further data you may need to thrive in the medical robots industry. This medical robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical robots market size has grown exponentially in recent years. It will grow from $13.51 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth observed in the historical period can be attributed to several factors, including the increasing adoption of minimally invasive surgery techniques, the aging population, the expansion of telemedicine and remote surgery practices, the prevalence of chronic diseases, and advancements in the food and beverage industry.

The medical robots market size is expected to see exponential growth in the next few years. It will grow to $34.15 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated growth in the forecast period can be attributed to factors such as increased customization and personalization in medical robotics, the integration of artificial intelligence (AI) and machine learning, the use of patient care and companion robots, the implementation of pharmacy automation, and advancements in nanorobotics. Key trends during this period include continuous technology advancements, the application of cryotherapy and aesthetic procedures, the growth of biobanking and biopreservation, the adoption of cryogenic storage solutions, and innovations in rocket propulsion.

The growing demand for precise and effective laparoscopic operations is anticipated to drive the expansion of the medical robots market in the future. Laparoscopic procedures enable surgeons to perform intricate operations within the abdomen without direct manual entry into the body cavity. Medical robots are recognized for their efficiency in executing laparoscopic procedures, contributing to an increased demand for accurate and proper laparoscopic operations, thereby fostering the growth of the market. As an example, the Cleveland Clinic reported in March 2022 that over 13 million laparoscopic procedures are performed globally annually, with a projected 1% growth over the next five years. This surge in demand for precise and proper laparoscopic operations is a significant driver for the medical robots market.

The shortage of skilled surgeons is expected to be a catalyst for the growth of the medical robots market in the foreseeable future. Surgeons, as highly trained professionals, conduct invasive procedures for treating, repairing, or removing damaged or diseased tissues within the human body. With the deployment of medical robots in hospitals, surgeons are assisted in performing precise and minimally invasive procedures, improving surgical accuracy, and reducing patient recovery times. Notably, the American Hospital Association reported in May 2021 that the U.S. is likely to face a shortage of approximately 124,000 physicians by 2033, coupled with the need to recruit a minimum of 200,000 nurses annually to address demand and replace retiring nurses. This scarcity of skilled surgeons is a significant factor propelling the growth of the medical robots market.

Technological advancements emerge as a prominent trend shaping the medical robots market. Leading companies in the medical robots sector are actively involved in developing innovative technological solutions to bolster their market position. For example, Diligent Corporation, a healthcare robotics company based in the U.S., introduced Moxi in April 2022 - an AI-enabled robot designed to manage time-consuming logistical tasks in hospitals, such as setting up patient rooms and restocking supplies. Moxi possesses core technical features, including social intelligence, mobile manipulation, and human-guided learning, reflecting a notable stride in Diligent's product portfolio.

Major players in the medical robots market are strategically forming partnerships to drive market revenues. Collaborations in the medical robotics industry facilitate the synergistic use of expertise and resources, fostering innovation and expanding market outreach. In February 2022, Novanta Inc., a U.S.-based precision photonics manufacturer, partnered with MassRobotics, a U.S.-based nonprofit robotics innovation center. This collaboration aimed to advance the field of medical and surgical robotics, enhancing the efficiency of robotic systems through joint efforts between Novanta's business units, Celera Motion, and ATI Industrial Automation.

In February 2021, Ascendum Capital, a China-based healthcare-focused investment platform, acquired EndoWays Ltd. This strategic move was expected to expedite the clinical and commercial development of EndoWays, particularly in China, by leveraging the experience and network of Ascendum's team. EndoWays Ltd., based in Israel, is a robotics company known for its microcatheter software platform designed to assist interventional radiologists in navigating tortuous anatomy, reducing procedure time, and minimizing radiation exposure for patients and medical staff.

Major companies operating in the medical robots market include Smith and Nephew PLC, Strikers, Aethon, Intuitive Surgical Inc., Major Robotics, Intouch Technologies Inc., Renishaw PLC, MedTech SA, Ekso Bionics Holdings Inc., ReWalk Robotics, Medrobotics Corporation, McKesson Corporation, Hocoma AG, Cyberdyne Inc., BD Rowa, Stryker Corporation, Medtronic PLC, Zimmer Biomet Holdings Inc., Johnson & Johnson Services Inc., Hansen Medical Inc., Corindus Vascular Robotics Inc., CMR Surgical Ltd., Procept BioRobotics Corporation, TransEnterix Surgical Inc., Mazor Robotics Ltd., Auris Health Inc., Titan Medical Inc., Accuray Incorporated, Synaptive Medical Inc., Omnicell Inc., Varian Medical Systems Inc., Elekta AB

North America was the largest region in the medical robots market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical robots market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the medical robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The medical robots market consists of sales of radiotherapy machine robots, laboratory robots, robotic prosthetics, and social robots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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