Healthcare robotics market

Healthcare Robotics Market, by Product Type (Systems (Surgical Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Hospital and Pharmacy Robots, and Others) and Instruments & Accessories), by End User (Hospitals, Pharmacies, Rehabilitation Centers, and Home Care Settings), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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Jan 2022
CMI4847
222 Pages
Excel & Pdf
Medical Devices

Summary

Healthcare robotics aid in the improvement of patient care and results in boosting operational efficiency. Medical robots assists with streamline hospital logistics, surgery, and allow healthcare providers to pay more attention to the patients. Robots are now utilized in clinical settings to assist health personnel and improve patient care, in addition to operating rooms. Healthcare industry uses certain types of robots such as surgical robots, care robots, hospital robots, and exoskeletons in order to raise the current standard of care and to do things rapidly with minimum errors. Medical robots are most commonly used for surgical purpose. Other areas of healthcare which are starting robot application includes medical transportation, prescription dispensing, telepresence, rehabilitation, and sanitation. Robots will become more autonomous as technology advances, eventually executing certain activities fully on their own. As a result doctors, nurses, and other healthcare personnel may focus on treating patients with more empathy.

The global healthcare robotics market is estimated to be valued at US$ 9,520 million in 2021 and is expected to exhibit a CAGR of 14.8% over the forecast period (2021-2028).

Figure 1. Global Healthcare Robotics Market Share (%), By Product Type, 2021

The increasing product launches and approvals are expected to drive the market growth over the forecast period.

For instance, in July 2018, Restoration Robotics, Inc., a privately held medical device company, launched ARTAS iX Robotic Hair Restoration System. This system is unique robotic intelligence solution that provides minimally invasive, repeatable harvesting, precise, and implantation features in one platform.

Healthcare Robotics Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 9,520 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	14.8%	2028 Value Projection:	US$ 25,205 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Systems (Surgical Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Hospital and Pharmacy Robots, Others), Instruments & Accessories By End User: Hospitals, Pharmacies, Rehabilitation Centres, Home Care Settings
Companies covered:	Accuray Incorporated., Capsa Healthcare, LLC., Hocoma, Becton, Dickinson and Company, Agilent Technologies, Inc., Titan Medical, Inc., Aurora Biomed Inc., Abbott, Omnicell, Inc., F. Hoffmann-La Roche AG, Stryker Corporation, Medtronic Plc., Parata Systems LLC, avateramedical GmbH, Toyota Motor Corporation, Siemens Healthineers AG, BIONIK Laboratories Corp., THINK Surgical, Inc., Intuitive Surgical Inc., Globus Medical Inc., and Restoration Robotics, Inc.
Growth Drivers:	Increasing demand for minimally invasive surgeries Technological advancement in the medical robotic systems Potential of rehabilitation, hospital, and pharmacy robots Increasing adoption of inorganic growth strategies such as acquisitions by key players
Restraints & Challenges:	Unforeseen mechanical failure

Figure 2. Global Healthcare Robotics Market Share (%), By End User, 2021

The increasing adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions by key players in order to strengthen their position in the global market is expected to drive the market growth over the forecast period.

For instance, in September 2019, Globus Medical Inc., a publicly traded medical device company, acquired most of the assets of StelKast Inc., a privately held orthopedics manufacturer company. This acquisition is expected to expand the product portfolio of Globus into total joint and arthroplasty markets.

Global Healthcare Robotics Market– Impact of Coronavirus (COVID-19) Pandemic

COVID-19 has significantly impacted almost all the industries including healthcare industry. Various countries have implemented lockdown to battle COVID-19 pandemic. This has made notable impact on manufacturing sector, as the facilities across the globe were temporarily shut down. COVID-19 pandemic has escalate the demand for medical robots in the healthcare industry. Pandemic has highlighted the importance of robotic application to avoid physical contact and to make sure sterilization, cleaning, and other support in hospitals. This will lessen life threat to the doctors and medical staff engaged in COVID-19 management. Robots are suitable to take care of patients in the current COVID-19 situation by replacing or minimizing workload of the healthcare professionals in hospitals.

Global Healthcare Robotics Market Restraint

Unforeseen mechanical failure is expected to hinder growth of the global healthcare robotics market over the forecast period. Robotic-assisted surgery poses problems same as that of open surgery, which include potential of infection, bleeding, and cardiopulmonary risks of anaesthesia. Furthermore, robotic surgery also exhibits additional and potentially fatal issues such as high surgery cost, more time required to train medical staff about robotic surgery, lack of training, and risk of mechanical failure. Robotic surgical systems have large sizes and multitude of mechanical accessories and components, which can malfunction. The system is connected to the energy source and it is prone to electric discharge, which can cause unintended internal burn injuries from the cautery device and associated accessories.

Key Players

Major players operating in the global healthcare robotics market include Accuray Incorporated., Capsa Healthcare, LLC., Hocoma, Becton, Dickinson and Company, Agilent Technologies, Inc., Titan Medical, Inc., Aurora Biomed Inc., Abbott, Omnicell, Inc., F. Hoffmann-La Roche AG, Stryker Corporation, Medtronic Plc., Parata Systems LLC, avateramedical GmbH, Toyota Motor Corporation, Siemens Healthineers AG, BIONIK Laboratories Corp., THINK Surgical, Inc., Intuitive Surgical Inc., Globus Medical Inc., and Restoration Robotics, Inc.

Table of Content

*Browse 26 market data tables and 30 figures on "Healthcare Robotics Market” - Global forecast to 2028

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- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global healthcare robotics market during the forecast period (2021-2028)?

The global healthcare robotics market size is estimated to be valued at US$ 9,520 million in 2021 and is expected to exhibit a CAGR of 14.8% between 2021 and 2028.

What are the major factors driving the market growth?

Increasing demand for minimally invasive surgeries, technological advancement in the medical robotic systems, and potential of rehabilitation, hospital, and pharmacy robots, and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players are expected to drive the market growth over the forecast period.

Which is the leading product type segment in the market?

Systems segment is expected to hold major market share, owing to increasing product approvals and launches during the forecast period.

Which region holds the largest market share in the market?

North America holds the largest market share in the market.

What are the key factors hampering growth of the market?

Major factor hampering growth of the market include unforeseen mechanical failure.

Which are the major players operating in the market?

Major players operating in the market include Accuray Incorporated., Capsa Healthcare, LLC., Hocoma, Becton, Dickinson and Company, Agilent Technologies, Inc., Titan Medical, Inc., Aurora Biomed Inc., Abbott, Omnicell, Inc., F. Hoffmann-La Roche AG, Stryker Corporation, Medtronic Plc., Parata Systems LLC, avateramedical GmbH, Toyota Motor Corporation, Siemens Healthineers AG, BIONIK Laboratories Corp., THINK Surgical, Inc., Intuitive Surgical Inc., Globus Medical Inc., and Restoration Robotics, Inc.