DUBLIN, July 25, 2022 /PRNewswire/ — The “Medical Robotics Market by Product and Services, by Application, by End-users – Global Opportunity Analysis and Industry Forecast, 2022 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The Medical Robotics Market size was valued at USD 10.88 billion in 2021 and is predicted to reach USD 44.45 billion by 2030 with a CAGR of 17.1% from 2022-2030.
Medical robots are professional robots that assist surgeons to perform dexterous surgeries, along with streamlining clinical workflow and hospital logistics. They help in assuring complete care of the patient after surgery and ensure productive processes in clinical settings to safeguard environment both for patients and health workers. Also, medical robots are utilized in several applications ranging from pharmaceuticals application to laparoscopy.
These robots can accomplish tasks that go beyond human capabilities and provide several advantages such as cost-effectiveness, and ease of use, among others. They eliminate human exhaustion to improve the precision and capabilities of surgeons, nurses and doctors. Owing to these advantages, medical robots are widely used in plastic surgery, heart surgery, diagnosis, and out-patient treatment among others.
Market Dynamics and Trends
There is an increased demand for medical robots all over the world due to rising number of minimal invasive procedures assisted by robots that offer quick recovery and less pain. These advantages make robotic surgeries more favorable over traditional surgeries. For instance, in January 2022, researchers of Johns Hopkins University performed the first laparoscopic surgery without any human help. This surgery was performed with the help of medical robots on the soft tissue of a pig without the help of human intervention.
Also, growing geriatric population along with the upsurge in the number of chronic diseases such as cancer, diabetes and arthritis boost the growth of medical robotics market. Moreover, robots have been replacing various manual tasks in the healthcare industry, reducing risk for patients, improving patient satisfaction, operational efficiency and accuracy, which in turn drive the growth of the medical robotics market, globally.
However, high cost of robots, along with lack of skilled operators are restraining the growth of the market. On the contrary, emergence of nanorobots that can be used to reach the disease-affected areas inside patient’s body and deliver drugs effectively in that target area, is expected to support the growth of the medical robot market in the coming years.
Competitive Landscape
The medical robotics market comprises of various market players such as Medtronic Plc, Smith and Nephew, Omnicell Inc., Accuray incorporated, iRobot Corporation, ARxIUM, Renishaw Plc, CMR Surgical, Becton Dickinson Rowa, Siemens Healthineers AG, Zimmer Biomet holdings, Inc., Intuitive Surgical, Stryker Corporation, Johnson & Johnson and Teladoc Health. These players are adopting various joint venture strategies and planning expansion of their businesses across various regions to maintain their dominance in the market.
For instance, in March 2022, Omnicell launched IVX station robotic compounding technology. IV compounding robot can reduce human error while performing surgeries. It is designed to deliver the patient safety, accuracy, and cost savings.
Moreover, in November 2021, Smith and Nephew launched a handheld surgical robotic system, CORI for both total and partial knee arthroplasties. This robotic system allows surgeons to measure, plan, and perform knee surgery, which is personalized to the patient’s individual …….