According to the Market Statsville Group (MSG), the global robotics in healthcare market size is expected to grow from USD 8349.0 million in 2022 to USD 36670.6 million by 2033, at a CAGR of 14.4% from 2023 to 2033. The benefits of robotic-assisted in surgery and robot-assisted rehabilitation therapy training, technological advancements in robotic systems, an improved reimbursement environment, rising adoption of surgical robots, and increased funding for medical robot research are the main drivers of this market's growth. Moreover, one of the major barriers preventing this industry from expanding in the upcoming years is the high cost of robotic systems and the high cost of maintenance has also hindered the market growth over the forecast period. In additional, the adoption of robots in the health care industries in emerging countries has created a lot of opportunities in this market over the forecast period. Due to its high accuracy, many doctors prefer this surgery.
Medical robots are professional service robots that are utilized both within and outside of hospitals to raise the standard of care provided to patients. Consequently, medical staff are able to spend more time caring for patients directly, while substantial operational procedures are created, reducing the cost of healthcare amenities and increasing efficiency. There are numerous applications for medical robots, such as telepresence robots for remote caregiving, disinfectant robots to control hospital-acquired infections, and robotic exoskeletons that provide external support and muscle training while undergoing rehabilitation. In a hospital environment, medical robots are employed to transport drugs and other delicate items.
As a result of the closure of manufacturing facilities and travel restrictions, the COVID-19 outbreak, as well as the ensuing lockdown, has had a devastating effect on the healthcare industry. The significant strain on the healthcare industry brought on by the growing number of SARS-CoV-2 patients could be advantageous for medical robots. The need for medical robots should be further fueled by the growing patient population and the dwindling number of doctors and surgeons. Medical robot manufacturers are also experiencing an improvement in their business as a result of the lifting of the lockdown across a number of nations and the primary focus on reducing the spread of the novel Coronavirus. This will translate into a quick recovery for the healthcare robotics market in the following years.
The demand for minimally invasive surgeries (MIS) is increasing across the globe, mostly as a result of the benefits linked to these operations, including smaller incisions, fewer cuts, less scarring, lower discomfort, greater safety, quicker recovery times, and significant cost savings. These benefits are increased by robotic minimally invasive surgery, which guarantees improved precision, repeatability, control, and efficiency. In addition, robotic surgery offers extremely sophisticated visualization tools that give doctors a better perspective of the operating room and use HD cameras to show extremely microscopic structures. With their 360-degree rotational capability and higher agility, these technologies offer greater dexterity than that of the human hand, enabling surgeons to even access difficult-to-reach locations. Due to these reasons this market is growing over the forecast period.
Minimally invasive procedures cost substantially less than robot-assisted procedures. The kind of robot and the amount of technical complexity required to carry out a certain task determine the price of an acquisition. A completely autonomous robot that does patient rounds may be purchased for up to $80,000, although there are leasing options available that start at about $1,000 per month. The Double Robotics self-driving, a semi-autonomous robot with obstacle avoidance technology, is available for as little as $4,000, making it practical for almost any telepresence application, such as patient rounds, assisting hospital visitors, and student proxy presence in a medical school classroom. Due to its high prices, many patients or the hospital could not afford this and this high price has hindered the market growth of this market over the forecast period.
Medical robot market players will find significant opportunities in emerging markets, mainly due to the increasing use of surgical robots. Due to an expanding target patient population and a growth in medical tourism, the number of surgical operations has steadily increased in emerging nations over the past ten years. According to World Economic Forum, by 2022, it is anticipated that the five fastest-growing economies in the world such as Brazil, Russia, India, China, and South Africa—will account for one-third of all global healthcare spending.
The study categorizes robotics in the healthcare market based on product and services, applications, and end user area at the regional and global levels.
Based on the product type, the market is bifurcated into hospitals, ambulatory surgery centers, and rehabilitation centers. The hospital segment is expected to dominate the market share in 2022 in the global robotics healthcare market. Robots in the medical field are transforming and these services are enabling providers to focus on engaging with and caring for patients. Companies are offering a diverse portfolio of technology for the development of medical robots, including surgical assistance, modular, and autonomous mobile robots. Robots have become a vital element for many hospitals' workforces, performing everything from surgeries to administrative labor.
Based on the regions, the global robotics in healthcare market has been segmented across North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is projected to account for the highest market share in 2022. The region's market size is boosted by a wide range of lucrative prospects, a strong healthcare system, and a high rate of minimally invasive operations. Robotics has totally changed the medical industry in the area since automation has become a crucial component in pharmaceutical manufacture, along with the supply of greater accuracy levels and lower effort.
The robotics in healthcare market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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