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Global Medical Robots Market to Reach USD 16 Billion by 2023

By HospiMedica International staff writers
Posted on 10 Aug 2018
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Image: The use of surgical robots continues to grow, with the market expected to reach almost 17 billion by 2023 (Photo courtesy of Getty Images).
Image: The use of surgical robots continues to grow, with the market expected to reach almost 17 billion by 2023 (Photo courtesy of Getty Images).
The global medical robots market is projected to grow at a CAGR of 21.0% from an estimated USD 6.46 billion in 2018 to USD 16.74 billion by 2023, driven by technological advancements, advantages of robot-assisted training in rehabilitation therapy, increased funding for medical robot research, and IPOs issued by medical robot companies. However, safety concerns over robotic surgery devices are expected to limit the market growth to some extent. Recent studies have found a number of technical difficulties and complications experienced while performing procedures using robotic systems. According to the FDA, from 2000 to 2013, surgical robots have been linked to over 144 deaths, over 1,391 injuries, and 8,061 device malfunctions.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Based on product, the instruments & accessories segment held the largest share of the medical robots market in 2017, while the surgical robotic systems sub-segment accounted for the largest share of the robotic systems market. In 2017, the laparoscopy robotic systems segment accounted for the largest share of the global surgical robotic systems market and is also expected to register the highest CAGR during the forecast period. This can be attributed to the benefits of robotic laparoscopy systems such as greater stability in comparison to the human hand, lower number of incisions, and better visual magnification. Generally, robotic surgeries result in lesser pain, shorter hospital stays, and faster recovery of patients.

On the basis of application, the laparoscopy segment accounted for the largest share of the global medical robots market in 2017 due to the growing volume of laparoscopic surgeries performed across the world. However, the neurosurgery segment is projected to register the highest CAGR during the forecast period due to the increasing precision and improved quality of medical robots that is encouraging the use of robots in neurosurgery.

Geographically, North America dominated the global medical robots market with the largest share due to the increasing adoption of surgical robots by hospitals in the region, favorable funding scenario for research on medical robots, and availability of technologically advanced medical robots. However, Asia Pacific is expected to register the highest CAGR during the forecast period, driven by its growing geriatric population, increasing adoption of medical robots, and robot-assisted training initiatives for surgeons.

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