Global Medical Robots Market Set For 20.4% Growth, Reaching $34.15 Billion By 2028

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The medical robots market has grown at an exponential pace, set to increase from $13.51 billion in 2023 to $16.24 billion in 2024, with a compound annual growth rate (CAGR) of 20.2%. Growth drivers include the adoption of minimally invasive surgical techniques, an aging population, advancements in telemedicine and remote surgery, the rising prevalence of chronic diseases, and applications extending to industries like food and beverage.

What Is the Projected Market Size of the Global Medical Robots Market and Its Growth Rate?

The market is set to experience remarkable growth, projected to reach $34.15 billion by 2028 at a CAGR of 20.4%. Growth factors include the demand for customized and personalized robotic solutions, integration of AI and machine learning, use of robots in patient care and companionship, pharmacy automation, and advancements in nanorobotics. Major trends include technological innovations, applications in cryotherapy and aesthetic procedures, biobanking and biopreservation technologies, cryogenic storage solutions, and futuristic applications such as rocket propulsion systems.

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What are the Key Drivers Fueling Growth in the Medical Robots Market?

The rising demand for precise laparoscopic procedures is expected to boost the market. Laparoscopic surgeries allow surgeons to perform complex abdominal procedures without directly entering the body cavity, and medical robots enhance the precision of these operations. In March 2022, the Cleveland Clinic reported that over 13 million laparoscopic procedures are performed annually worldwide, with a projected 1% annual growth over the next five years. This increasing demand for advanced laparoscopic solutions is propelling the adoption of medical robots.

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Who Are the Key Players Driving Growth in the Medical Robots Market?

Major companies operating in the 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

What Are The Emerging Trends Shaping The Growth Of The Medical Robots Market?

Technological innovation is a driving trend in the market, as companies develop advanced solutions to enhance efficiency and care delivery. In April 2022, Diligent Corporation, a US-based healthcare robotics company, unveiled Moxi, an AI-enabled robot designed to perform logistical tasks in hospitals. These tasks include setting up patient rooms, replenishing supplies, and handling "do not tube" medications. Moxi’s key technical features include social intelligence, mobile manipulation, and human-guided learning, making it a valuable addition to Diligent’s product lineup.

What Are the Segments of the Global Medical Robots Market?

The medical robots market covered in this report is segmented –
1) By Type: Hospital and Pharmacy Robotic Systems, Surgical Robotic Systems, Noninvasive Radiosurgery Robotic Systems, Rehabilitation Robotic Systems, Other Types
2) By Solutions: On-Premises, Cloud
3) By Application: Cardiology, Laparoscopy, Pharmacy, Neurosurgery, Orthopedic Surgery, Other Applications
4) By End Users: Specialty Centers, Hospitals and Clinics, Rehabilitation Centers, Other End Users

Geographic Overview: North America at the Helm of the Medical Robots Market

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

Understanding the Definition of the Medical Robots Market

A medical robot is an expert service robot that refers to a type of multipurpose device used in and outside of hospitals to raise the standard of care provided to patients and it is employed in complicated surgical procedures, limb replacement, stroke patient rehabilitation, and other health-related duties. The medical robot is used in the medical sciences to help with surgeries, improve patient care and worker safety, and streamline clinical workflow and hospital logistics.

The Medical Robots Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Overview of the Global Medical Robots Market Report: Trends, Opportunities, Strategies, and More
The Medical Robots Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into medical robots market size, medical robots market drivers and trends, medical robots market major players, medical robots competitors' revenues, medical robots market positioning, and medical robots market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.

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