Medical Robots Market

Medical Robots Market by Product & Service (Instruments & Accessories, Robotic Systems), Type (Surgical (Soft: General, Gynecological, Urological; Hard: Knee & Hip, Spine), Rehab, Radiosurgery, Hospital & Pharmacy), End User & Region - Global Forecasts to 2029

Report Code: MD 2257 Mar, 2024, by marketsandmarkets.com

The global medical robots market in terms of revenue was estimated to be worth $16.0 billion in 2024 and is poised to reach $33.8 billion by 2029, growing at a CAGR of 16.1% from 2024 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of the medical robots market is mainly driven by the advancements in medical robotics technology, the increasing need for automation in healthcare, advancements in healthcare funding & infrastructure driven by an aging population, and rising chronic diseases, along with the growing need to minimize medication errors.

Medical robots Market

Medical robots Market

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Medical robots Market

Medical Robots Market Dynamics

DRIVER: Growing need to minimize medication errors

Dispensing errors and Medication errors are recognized as leading causes of hospital readmission across the globe. As defined by the National Coordinating Council for Medication Error Reporting and Prevention, a medication error, encompasses any avoidable occurrence that could result in improper medication utilization or harm to the patient, occurring while the medication is under the supervision of a healthcare professional, patient, or consumer. Some of the key factors contributing to medication errors are poor order communication among physicians and pharmacists, the misunderstanding occurring from similar labels and drug prescriptions during the preparation or dispensing of drugs or during drug administration, and unsafe storage practices in pharmacies.

Pharmacy automated systems are considered one of the t effective solutions to reduce these errors. In the previous time, the successful implementation of automated dispensing machines (ADMs) and automated dispensing cabinets (ADCs) in hospitals led to substantial declines in the quantity of dispensing and medication errors in hospitals. Thus, to minimize medication and dispensing errors, governments in several countries are promoting the use of automated dispensing and medication tools in pharmacies and hospitals. This has led to the greater adoption of pharmacy automation systems.

RESTRAINT: High cost of robotic systems

The utilization of robotic-assisted surgeries tends to be more costly compared to minimally invasive procedures. The American Congress of Obstetricians and Gynecologists suggests limiting the use of robotic hysterectomy to unusual and complex cases. If robotic surgery were employed for all hysterectomies in the US, it could potentially increase annual costs by approximately USD 960 million. SS Innovations (India) has introduced Mantra, a robotic surgical system priced at around Rs 4.5 crore, while the da Vinci system, a widely used robotic platform, ranges between USD 1.5 million and USD 2.5 million (approximately Rs 15 crore). Consequently, the escalating expenses associated with robotic surgery are anticipated to impede the growth of the medical robots market.

OPPORTUNITY: Growth opportunities in emerging markets

The burgeoning economies of emerging markets present lucrative prospects for players within the medical robots sector, primarily fuelled by the increasing adoption of surgical robots in various procedures. Over the past decade, emerging countries have witnessed a notable uptick in surgical interventions, propelled by a burgeoning patient demographic and the surge in medical tourism. Notably, nations like Brazil, Russia, India, China, and South Africa have emerged as some of the world's fastest-growing economies, poised to collectively contribute to a third of the global healthcare expenditure by 2022, as per the World Economic Forum.

India, among other emerging markets, offers radiotherapy treatments at considerably lower costs compared to developed counterparts. For instance, while CyberKnife treatments in the US can range between USD 50,000 to 100,000, the same procedure in India costs approximately 60-80% less, according to data from Tour2India 4Health Group. Moreover, the regulatory landscape in developing nations tends to be less stringent, with lower data requirements. Particularly in the Asia-Pacific region, regulatory policies are perceived as more adaptable and conducive to business, garnering favor among market players.

Consequently, the upward trajectory of healthcare spending and surgical interventions, coupled with the strategic expansions of major industry players into emerging markets, portends significant growth opportunities for the medical robots sector.

CHALLENGE: Patient and provider acceptance

Ensuring patient and provider acceptance is paramount for the widespread adoption of medical robots, as lingering hesitancy stemming from concerns regarding safety, efficacy, and cost must be addressed. Patients may express apprehension about entrusting their care to robotic systems, fearing potential errors or malfunctions during procedures. Similarly, healthcare professionals may harbor doubts about the reliability and effectiveness of robotic technologies, especially in critical medical settings. Additionally, the perceived high costs associated with implementing and maintaining medical robots may act as a barrier to adoption for healthcare institutions. To overcome these challenges, stakeholders must prioritize comprehensive education and training programs to instill confidence in both patients and providers regarding the capabilities and benefits of medical robots. Moreover, transparent communication about safety protocols, rigorous testing procedures, and evidence-based outcomes can help assuage concerns and foster trust in robotic-assisted healthcare interventions. Collaborative efforts to demonstrate the cost-effectiveness and long-term value of medical robots through real-world data and case studies are also essential to garnering broader acceptance and accelerating adoption across healthcare settings.

Medical Robots Industry Ecosystem

The Medical Robots market ecosystem comprises entities responsible for delivering these solutions to end users.

The ecosystem comprises of manufacturers of robotic systems, technology providers, healthcare providers, healthcare payors, healthcare professionals and surgeons, patient and caregivers, and governments and regulatory bodies.

Medical robots Market Ecosystem

Soft tissue robotic system is the largest surgical robotic system of the medical robots industry in 2023, by type.

Based on type, the medical robots market is segmented into surgical robotic system, rehabilitation robotic systems, radiosurgery robotic systems, and hospital & pharmacy robotic systems. The surgical robotic systems have been further segmented into surgical robotic systems by application - soft tissue surgical robotic system (general surgery, gynecological surgery, urological surgery, and other applications) and hard tissue surgical robotic system (knee & hip surgery and spine surgery). The rehabilitation robotic systems have been further segmented into rehabilitation robotic systems by type - therapeutic robotic systems, assistive robotic systems, exoskeleton robotic systems, and other rehabilitation robotic systems. The hospital & pharmacy robotic systems have been further segmented into - pharmacy robotic systems (robotic dispensing systems, compounding robotic systems, and other pharmacy robotic systems) and hospital robotic systems (delivery robotic systems, telepresence robotic systems, diagnostic robotic systems, and other hospital robotic systems).

Among surgical robotic systems, the soft tissue surgical robotic system sub-segment dominates the medical robots market in 2023, attributed to several factors. The increasing adoption of surgical robots for general and urological surgeries driven by the increasing prevalence of various conditions such as cancer, appendicitis, obesity, and others will fuel the demand for soft tissue surgical robotic systems.

The robotic systems segment accounted for the second largest share of the medical robots industry, by product and service.

Based on products & services, the medical robots market is segmented into robotic systems, instruments & accessories, and services. Among these, robotic systems segment accounted for the second largest share of the medical robots market in 2023. The growing focus on adopting technologically advanced surgical robots and instruments among end users has fueled the market growth in this segment.

The ambulatory surgery centers segment accounted for the second largest share in the medical robots industry, by end user.

Based on end user, the medical robots market is segmented into hospitals & clinics, ambulatory surgery centers, pharmacies, rehabilitation centers, and other end users. In 2023, the ambulatory surgery centers segment accounted for the second largest share of the surgical robots market, attributing to the adoption of surgical procedures being offered by ASCs at a lower cost than hospitals.

North America accounted for the largest share of the medical robots industry in 2023.

Medical robots Market by Region

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Based on the region, the medical robots market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest share of the medical robots market in 2023. This is due to the the rising adoption of surgical robots, growing prevalence of chronic diseases such as cancer and urologic disorders, and the growing volume of robot-assisted surgeries performed in the region.

Prominent players in medical robots market include Intuitive Surgical, Inc. (US), Stryker Corporation (US), Medtronic Plc (US), Becton, Dickinson And Company (US), Omnicell, Inc. (US), Arxium (Canada), Asensus Surgical, Inc.(US), Zap Surgical Systems, Inc.(US), Renishaw Plc (UK), Smith & Nephew Plc (UK), Zimmer Biomet Holdings, Inc. (US), DIH Holdings US Inc. (US), Accuray Incorporated (US), CMR Surgical (UK), Ekso Bionics Holdings, Inc. (US), Bionik Laboratories Corp. (US), Lifeward, Inc. (Israel), Cyberdyne Inc.(Japan), Avateramedical Gmbh.(Germany),Johnson & Johnson (US), Swisslog Healthcare (Switzerland), Relay Robotics (US), Aethon (US), Xenex Disinfection Services Inc. (US), and Zoll Medical Corporation (US).

Scope of the Medical Robots Industry

Report Metric

Details

Market Revenue in 2024

$16.0 billion

Projected Revenue by 2029

$33.8 billion

Revenue Rate

Poised to Grow at a CAGR of 16.1%

Market Driver

Growing need to minimize medication errors

Market Opportunity

Growth opportunities in emerging markets

The study categorizes the medical robots market to forecast revenue and analyze trends in each of the following submarkets:

By Product & Service

  • Instruments & Accessories
  • Robotic Systems
  • Services

By Type

  • Self-reported Questionnaires & Surveys
  • Surgical Robotic Systems
    • Surgical Robotic Systems, By Application
      • Soft Tissue Robotic System
        • General Surgery
        • Gynecological Surgery
        • Urological Surgery
        • Other Applications
      • Hard Tissue Robotic System
        • Knee & Hip Surgery
        • Spine Surgery
    • Rehabilitation Robotic Systems
      • Rehabilitation Robotic Systems, By Type
        • Therapeutic Robotic Systems
        • Assistive Robotic Systems
        • Exoskeleton Robotic Systems
        • Other Rehabilitation Robotic Systems
  • Radiosurgery Robotic Systems
  • Hospital & Pharmacy Robotic Systems
    • Pharmacy Robotic Systems, By Type
      • Robotic Dispensing Systems
      • Compounding Robotic Systems
      • Other Pharmacy Robotic Systems
      • Hospital Robotic Systems
    • Hospital Robotic Systems, By Type
      • Delivery Robotic Systems
      • Telepresence Robotic Systems
      • Diagnostic Robotic Systems
      • Other Hospital Robotic Systems

By End User

  • Self-screening mHealth Apps
  • Telehealth & Virtual Care Solutions
  • Continuous Monitoring Wearable Devices
  • AI-based Screening Tools
  • Remote Mental Health Platforms
  • Hospitals & Clinics
  • Ambulatory Surgery Centers
  • Pharmacies
  • Rehabilitation Centers
  • Other End Users

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • Rest of the Middle East & Africa

Recent Development of Medical Robots Industry:

  • In April 2023, Intuitive Surgical’s da Vinci SP system received US FD for a simple prostatectomy.
  • In November 2022, an Indian startup SS Innovations launched SSI Mantra for soft tissue surgeries.
  • In July 2022, Becton, Dickinson & Company (US) acquired Parata Systems (US) to provide portfolio of innovative pharmacy automation solutions to reduce costs, enhance patient safety and improve the patient experience for retail, hospital and long-term care pharmacies.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION 
    1.1 OBJECTIVES OF THE STUDY 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONAL SEGMENTATION
           1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY CONSIDERED 
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY 
    1.1 RESEARCH DATA 
    1.2 RESEARCH APPROACH 
           1.2.1 SECONDARY DATA
                    1.2.1.1 Key data from secondary sources
           1.2.2 PRIMARY DATA
                    1.2.2.1 Primary sources
                               1.2.2.1.1 Key data from primary sources
                               1.2.2.1.2 Key industry insights
                               1.2.2.1.3 Breakdown of primaries
    1.3 MARKET SIZE ESTIMATION 
    1.4 MARKET BREAKDOWN AND DATA TRIANGULATION 
    1.5 ASSUMPTIONS FOR THE STUDY  
    1.6 RISK ASSESSMENT  
    1.7 LIMITATIONS 
           1.7.1 METHEDOLOGY RELATED LIMITATIONS
           1.7.2 SCOPE RELATED LIMITATIONS
    1.8 IMPACT OF RECESSION ON MEDICAL ROBOTS MARKET 
 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
 
5 MARKET OVERVIEW 
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 MARKET DRIVERS
           5.2.2 MARKET RESTRAINTS
           5.2.3 MARKET OPPORTUNITIES
           5.2.4 MARKET CHALLENGES
    5.3 KEY INDUSTRY TRENDS 
    5.4 TECHNOLOGY ANALYSIS 
           5.4.1 KEY TECHNOLOGIES
                    5.4.1.1 ARTIFICIAL INTELLIGENCE (AI) & MACHINE LEARNING (ML) 
                    5.4.1.2 TELEOPERATION & TELEPRESENCE
           5.4.2 COMPLEMENTARY TECHNOLOGIES 
                    5.4.2.1 AUGMENTED REALITY (AR) & VIRTUAL REALITY (VR) 
                    5.4.2.2 3D PRINTING
           5.4.3 ADJACENT TECHNOLOGY 
                    5.4.3.1 WEARABLE TECHNOLOGY
    5.5 ECOSYSTEM ANALYSIS 
    5.6 VALUE/ SUPPLY CHAIN ANALYSIS 
    5.7 PORTER’S FIVE FORCES ANALYSIS 
           5.7.1 THREAT OF NEW ENTRANTS
           5.7.2 THREAT OF SUBSTITUTES
           5.7.3 BARGAINING POWER OF BUYERS
           5.7.4 BARGAINING POWER OF SUPPLIERS
           5.7.5 INTENSITY OF COMPETITIVE RIVALRY
    5.8 PATENT ANALYSIS 
           5.8.1 PATENT PUBLICATION TRENDS FOR MEDICAL ROBOTS 
           5.8.2 JURISDICTION ANALYSIS: TOP APPLICANT COUNTRIES 
           5.8.3 MAJOR PATENTS
           5.8.4 PATENT FILED
    5.9 REGULATORY LANDSCAPE 
           5.9.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
           5.9.2 REGULATORY ANALYSIS 
                    5.9.2.1 NORTH AMERICA
                    5.9.2.2 EUROPE
                    5.9.2.3 ASIA PACIFIC
                    5.9.2.4 LATIN AMERICA
                    5.9.2.5 MIDDLE EAST AND AFRICA 
    5.10 PRICING ANALYSIS 
           5.10.1 AVERAGE SELLING PRICE TREND, BY REGION
           5.10.2 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TECHNOLOGY
    5.11 KEY CONFERENCES & EVENTS IN 2024–2025 
    5.12 KEY STAKEHOLDERS & BUYING CRITERIA 
           5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS
           5.12.2 BUYING CRITERIA 
    5.13 CASE STUDIES 
    5.14 UNMET NEEDS 
           5.14.1 END-USER EXPECTATIONS
    5.15 BUSINESS MODEL ANALYSIS 
    5.16 REIMBURSEMENT SCENARIO ANALYSIS  
    5.17 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES  
    5.18 INVESTMENT AND FUNDING SCENARIO  
 
6 MEDICAL ROBOTS MARKET, BY PRODUCT & SERVICES(USD MILLION; 2021-2029) 
    5.1 INTRODUCTION  
    5.2 INSTRUMENTS & ACCESSORIES 
    5.3 ROBOTIC SYSTEMS  
    5.4 SERVICES 
 
7 MEDICAL ROBOTS MARKET, BY TYPE(USD MILLION; 2021-2029) 
    6.1 INTRODUCTION 
    6.2 SURGICAL ROBOTIC SYSTEM 
           6.2.1 SURGICAL ROBOTIC SYSTEM, BY APPLICATION
                    6.2.1.1 SOFT TISSUE ROBOTIC SYSTEM
                               6.2.1.1.1 GENERAL SURGERY
                               6.2.1.1.2 GYNECOLOGICAL SURGERY
                               6.2.1.1.3 UROLOGICAL SURGERY
                               6.2.1.1.4 OTHER APPLICATIONS
                    6.2.1.2 HARD TISSUE ROBOTIC SYSTEM
                               6.2.1.2.1 KNEE & HIP SURGERY
                               6.2.1.2.2 SPINE SURGERY
    6.3 REHABILITATION ROBOTIC SYSTEMS 
           6.3.1  REHABILITATION ROBOTIC SYSTEMS, BY TYPE
                    6.3.1.1 THERAPEUTIC ROBOTIC SYSTEMS
                    6.3.1.2 ASSISTIVE ROBOTIC SYSTEMS
                    6.3.1.3 EXOSKELETON ROBOTIC SYSTEMS
                    6.3.1.4 OTHER REHABILITATION ROBOTIC SYSTEMS
    6.4 RADIOSURGERY ROBOTIC SYSTEMS 
    6.5 HOSPITAL & PHARMACY ROBOTIC SYSTEMS 
           6.5.1 PHARMACY ROBOTIC SYSTEMS
                    6.5.1.1 PHARMACY ROBOTIC SYSTEMS, BY TYPE
                               6.5.1.1.1 ROBOTIC DISPENSING SYSTEMS 
                               6.5.1.1.2 COMPOUNDING ROBOTIC SYSTEMS
                               6.5.1.1.3 OTHER PHARMACY ROBOTIC SYSTEMS
           6.5.2 HOSPITAL ROBOTIC SYSTEMS
                    6.5.2.1 HOSPITAL ROBOTIC SYSTEMS, BY TYPE 
                               6.5.2.1.1 DELIVERY ROBOTIC SYSTEMS
                               6.5.2.1.2 TELEPRESENCE ROBOTIC SYSTEMS
                               6.5.2.1.3 DIAGNOSTIC ROBOTIC SYSTEMS
                               6.5.2.1.4 OTHER HOSPITAL ROBOTIC SYSTEMS
 
8 MEDICAL ROBOTS MARKET, BY END USER(USD MILLION; 2021-2029) 
    8.1 INTRODUCTION 
    8.2 HOSPITALS & CLINICS 
    8.3 AMBULATORY SURGERY CENTERS 
    8.4 PHARMACIES 
    8.5 REHABILITATION CENTERS 
    8.6 OTHER END USERS 
 
9 MEDICAL ROBOTS MARKET, BY REGION (USD MILLION; 2021-2029) 
    9.1 INTRODUCTION 
    9.2 NORTH AMERICA 
           9.2.1 US
           9.2.2 CANADA
           9.2.3 NORTH AMERICA: IMPACT OF ECONOMIC RECESSION
    9.3 EUROPE 
           9.3.1 UK
           9.3.2 GERMANY
           9.3.3 FRANCE
           9.3.4 ITALY
           9.3.5 SPAIN
           9.3.6 REST OF EUROPE
           9.3.7 EUROPE: IMPACT OF ECONOMIC RECESSION
    9.4 ASIA PACIFIC 
           9.4.1 JAPAN
           9.4.2 CHINA
           9.4.3 INDIA
           9.4.4 REST OF ASIA PACIFIC
           9.4.5 ASIA PACIFIC: IMPACT OF ECONOMIC RECESSION
    9.5 LATAM 
           9.5.1 BRAZIL
           9.5.2 MEXICO
           9.5.3 REST OF LATIN AMERICA
           9.5.4 LATIN AMERICA: IMPACT OF ECONOMIC RECESSION
    9.6 MIDDLE EAST AND AFRICA 
           9.6.1 GCC COUNTRIES
           9.6.2 REST OF MIDDLE EAST AND AFRICA 
           9.6.3 MIDDLE EAST & AFRICA: IMPACT OF ECONOMIC RECESSION
 
10 COMPETITIVE LANDSCAPE 
     10.1 OVERVIEW  
     10.2 STRATEGIES ADOPTED BY KEY PLAYERS 
     10.3 REVENUE SHARE ANALYSIS OF TOP MARKET PLAYERS (2023) 
     10.4 MARKET SHARE ANALYSIS (2023) 
     10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 
             10.5.1  STARS
             10.5.2 EMERGING LEADERS
             10.5.3 PERVASIVE PLAYERS
             10.5.4 PARTICIPANTS
             10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
                        10.5.5.1 COMPANY FOOTPRINT
                        10.5.5.2 REGION FOOTPRINT
                        10.5.5.3 APPLICATION FOOTPRINT
                        10.5.5.4 SCREENING METHOD FOOTPRINT
                        10.5.5.5 TECHNOLOGY FOOTPRINT
                        10.5.5.6 AGE GROUP FOOTPRINT
     10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 
             10.6.1 PROGRESSIVE COMPANIES
             10.6.2 RESPONSIVE COMAPNIES
             10.6.3 DYNAMIC COMPANIES
             10.6.4 STARTING BLOCKS
             10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/ SMES, 2023 
                        10.6.5.1 DETAILED LIST OF KEY STARTUPS/SMES
                        10.6.5.2 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 
     10.7 VALUATION AND FINANCIAL METRICS OF MEDICAL ROBOTS VENDORS 
     10.8 BRAND COMPARATIVE ANALYSIS 
     10.9 COMPETITIVE SCENARIO AND TRENDS 
             10.9.1 MEDICAL ROBOTS MARKET: PRODUCT LAUNCHES
             10.9.2 MEDICAL ROBOTS MARKET: DEALS
             10.9.3 MEDICAL ROBOTS MARKET: OTHER DEVELOPMENTS
 
11 COMPANY PROFILES 
(Business Overview, Products Offered, Recent Developments, MnM View)*
     11.1 KEY PLAYERS 
             11.1.1 INTUITIVE SURGICAL, INC. 
             11.1.2 STRYKER CORPORATION 
             11.1.3 MEDTRONIC PLC 
             11.1.4 SMITH & NEPHEW PLC 
             11.1.5 ZIMMER BIOMET HOLDINGS, INC.
             11.1.6 ASENSUS SURGICAL, INC.
             11.1.7 ZAP SURGICAL SYSTEMS, INC.
             11.1.8 RENISHAW PLC 
             11.1.9 HOCOMA AG 
             11.1.10 ACCURAY INCORPORATED 
             11.1.11 ELEKTA 
             11.1.12 BECTON, DICKINSON AND COMPANY 
             11.1.13 OMNICELL, INC. 
             11.1.14 ARXIUM 
             11.1.15 BIONIK LABORATORIES CORP. 
             11.1.16 LIFEWARD, INC. 
             11.1.17 CYBERDYNE INC.
             11.1.18 AVATERAMEDICAL GMBH.
             11.1.19 JOHNSON & JOHNSON 
             11.1.20 SWISSLOG HEALTHCARE 
     11.2 OTHER PLAYERS 
             11.2.1 EKSO BIONICS HOLDINGS, INC. 
             11.2.2 RELAY ROBOTICS 
             11.2.3 AETHON 
             11.2.4 XENEX DISINFECTION SERVICES INC. 
             11.2.5 ZOLL MEDICAL CORPORATION
 
12 APPENDIX 
     12.1 INSIGHTS OF INDUSTRY EXPERTS 
     12.2 DISCUSSION GUIDE  
     12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     12.4 CUSTOMIZATION OPTIONS  
     12.5 RELATED REPORTS  
     12.6 AUTHOR DETAILS  

This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the medical robots market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects. The size of the medical robots market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.

Secondary Research

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Some non-exclusive secondary sources include the World Health Organization (WHO), the Organisation for Economic Co-operation and Development (OECD), Ambulatory surgery centers (ASCs), Minimally Invasive Robotic Association (MIRA), Clinical Robotic Surgery Association (CRSA), American Association of Healthcare Administrative Management (AAHAM), Centers for Disease Control and Prevention (CDC), American Medical Group Association (AMGA), Centers for Medicare & Medicaid Services (CMS), American Hospital Association (AHA), Expert Interviews, and MarketsandMarkets Analysis.

Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the medical robots market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

Extensive primary research was conducted after acquiring basic knowledge about the global medical robots market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand side (Hospital personnel, department heads, hospital directors, corporate personnel) and supply side (such as C-level and D-level executives, technology experts, software developers, marketing and sales managers, among others) across five major regions—North America, Europe, the Asia Pacific, Latin America, Middle East, and Africa. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.

Breakdown of Primary Interviews

Medical robots Market Size, and Share

Note 1: Tiers are defined based on the total revenues of companies. As of 2023, Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the global medical robots market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • Key players in the global medical robots market were identified through secondary research, and their global market shares were determined through primary and secondary research
  • The research methodology included the study of the annual and quarterly financial reports and regulatory filings, data books of major market players, and interviews with industry experts for detailed market insights.
  • All percentage shares, splits, and breakdowns for the global medical robots market were determined by using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of market segments and subsegments have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get validated and verified quantitative and qualitative data.
  • The gathered market data was consolidated and added with detailed inputs and analysis and presented in this report.

Global Medical Robots Market: Bottom-Up Approach

Medical robots Market Size, and Share

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Global Medical Robots Market: Top-Down Approach

Medical robots Market Size, and Share

Data Triangulation

After arriving at the overall market size, from the market size estimation process explained above, the medical robots market was split into segments and subsegments. To complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the medical robots market.

Market Definition:

Medical robots are advanced technological systems designed to assist healthcare professionals in various medical procedures, tasks, and interventions. These robots are equipped with sensors, actuators, and sophisticated control systems that enable them to perform specific functions autonomously or under the guidance of human operators.

Medical robots are utilized across different domains within healthcare, including surgery, rehabilitation, diagnostics, pharmacy automation, and patient care. They play a crucial role in enhancing precision, efficiency, and safety in medical interventions, contributing to improved patient outcomes, reduced complications, and enhanced healthcare delivery.

Key Stakeholders:

  • Manufacturers of medical robots
  • Suppliers and distributors of medical robots
  • Third-party refurbishers/suppliers
  • Clinical settings
  • Educational institutions
  • Group purchasing organizations (GPOs)
  • Academic medical centers and universities
  • Corporate entities
  • Community centers
  • Government institutes
  • Market research & consulting firms
  • Contract manufacturing organizations (CMOs)
  • Venture capitalists & investors

Report Objectives

  • To define, describe, and forecast the medical robots market by product & service, type, end user, and region
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall medical robots market
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To profile the key players in the market and comprehensively analyze their market shares and core competencies2
  • To forecast the size of the market segments with respect to five main regions: North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa
  • To track and analyze competitive developments, such as acquisitions, product launches, expansions, agreements & collaborations, and approvals
  • To benchmark players within the medical robots market using the Competitive Evaluation Matrix, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Additional Company Profiling

  • Detailed analysis and profiling of additional market players (up to 5)

Geographic Analysis

  • Further breakdown of the Rest of Europe medical robots market into Switzerland, Russia, and others
  • Further breakdown of the Rest of Asia Pacific medical robots market into South Korea, Singapore, and others
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
MD 2257
Published ON
Mar, 2024
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