Global Medical Robotics Market is expected to reach USD 45.04 billion by 2030

The rising popularity of Minimally Invasive Procedures (MIS) in the healthcare industry will propel the medical robotics market during the forecast period.

The global Medical Robotics Market is valued at USD 14.92 billion in 2023 and is predicted to reach USD 45.04 billion by 2030, with a CAGR of 17.1% from 2024 to 2030, according to new research by Next Move Strategy Consulting. The increasing demand for medical robotics is related to the growing preference for Minimally Invasive Procedures (MIS) in the healthcare industry. As both patients and healthcare providers seek alternatives to traditional open surgeries, medical robots have become crucial facilitators of MIS, consequently fueling the demand for their integration into surgical practices. The inherent capability of medical robots to operate through smaller incisions with enhanced precision and dexterity significantly contributes to the success and widespread adoption of minimally invasive interventions.

Moreover, the integration of medical robots, particularly exoskeleton devices, plays a crucial role in addressing the challenges posed by conditions such as spinal cord injury, rehabilitation, multiple sclerosis, and stroke. The surge in cases of these health issues has led to a growing demand for innovative solutions, and medical robots that include exoskeletons have proven to be transformative in the healthcare landscape.

For instance, Ekso Bionics Holdings, Inc. introduced EksoNR, a next-generation robotic exoskeleton designed to aid patients in their recovery from conditions like stroke. This intuitive exoskeleton device empowers individuals to relearn walking with a more natural gait, enhancing the rehabilitation process. The development of such advanced robotic technologies is instrumental in providing patients with a higher quality of care and improving their chances of regaining mobility.

However, the high initial cost of acquiring and implementing medical robotics systems constitutes a significant restraint on the market's growth. On the contrary, the integration of AI in medical robotics has the potential to streamline healthcare processes, and enhance patient outcomes. AI-powered robotic systems can assist healthcare professionals by automating routine tasks, allowing them to focus on more complex aspects of patient care. This ongoing convergence of AI and medical robotics presents a pathway towards future advancements, promising innovative solutions, and further optimization of healthcare practices.

For instance, in September 2023, US Medical Innovations (USMI) and the Jerome Canady Research Institute for Advanced and Biological Technological Sciences (JCRI-ABTS) launched the new Canady Robotic AI Surgical System. It is claimed to be the world’s first artificial intelligence (AI) robotic system that generates cold atmospheric plasma (CAP), and a three-dimensional non-contact bioelectric pulse electromagnetic field.

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According to the report, leading players in the medical robotics market include Medtronic Plc, Smith and Nephew, Omnicell Inc., Accuray incorporated, iRobot Corporation, ARxIUM, Renishaw Plc, CMR Surgical, BD Rowa, Siemens Healthineers AG, Zimmer Biomet holdings, Inc., Intuitive Surgical, Stryker Corporation, Johnson & Johnson and Teladoc Health and others.

These market players are adopting strategies such as collaboration and product launches across various regions to maintain their dominance in the medical robotics market. For instance, in September 2023, Accuray Incorporated received approval from the Japanese Ministry of Health, Labor, and Welfare (Shonin) to market the CyberKnife Robotic Radiosurgery System for treating trigeminal neuralgia (TN) in Japan. The CyberKnife system offers a high-precision radiosurgery treatment, administered in a single outpatient procedure.

Also, in October 2022, Medtronic plc achieved major milestones in the medical robotics market with significant regulatory approvals for its Hugo robotic-assisted surgery system. These include CE Mark clearance for general surgery, a Health Canada license for general laparoscopic surgery, and approval from Japan's Ministry of Health, Labor, and Welfare for urological and gynecological indications. This highlights Medtronic's commitment to advancing medical robotics and enhancing healthcare solutions worldwide.

In addition, in October 2021, Medtronic Canada ULC launched the Mazor X System for robotic-guided spine surgery. This innovative system employs advanced 3D planning software to assist surgeons in precise placement of screws and other implants. The Mazor platform, with its three-dimensional capabilities, enables surgeons to rapidly visualize anatomical structures and spinal features, contributing significantly to the overall expansion of the medical robotics market.

Key Insights from the Medical Robotics Market Report:

  • The information related to key drivers, restraints, and opportunities and their impact on the medical robotics market is provided in the report.

  • The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

  • The market share of the global medical robotics market and their competitive analysis are provided in the report.

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