Medical Robotics Global Market estimated to be worth $13.9 billion by 2026
Medical robots are the computer-integrated systems used for surgical procedures, rehabilitation, hospital and pharmacy services. The robotic surgery is usually associated with minimally invasive surgery that allows the doctors to perform the complex and delicate procedures with more precision, flexibility, and control than the conventional techniques. Rehabilitation robots are automatically operated machine, designed to improve movement in person with impaired physical functioning. Hospital & pharmacy robots are the robots which are used in healthcare for pill dispensing, fill & pack, cleaning, sterilizing and clinical trial purpose.
According to IQ4I Research analysis, the medical robotics global market is expected to grow at a low teen CAGR from 2019 to 2026 to reach $13,899.4 million by 2026. Some of the factors such as increasing demand for minimally invasive surgery, high precision, and accuracy as compared to conventional procedures, increasing prevalence of gynaecology, urology and orthopedic disorders, technological innovations and increasing aging population are driving the market.
Based on the product, the market is segmented as surgical robotics, rehabilitation robotics, and hospital & pharmacy robotics. The surgical robotics segment accounted for the largest revenue in 2019 and is expected grow at a mid-teen CAGR from 2019 to 2026 due to increasing demand for minimally invasive surgery, increasing prevalence of gynaecology, urology, and orthopedic disorders, increasing aging population and technological innovations. Among the surgical robotics, the instruments and accessories segment accounted for the largest share in 2019 and is expected to grow at a mid-teen CAGR from 2019 to 2026. Among rehabilitation robotics, the Assistive (Cognitive) Robots segment accounted for the largest share in 2019 and is expected to grow at a high single digit CAGR from 2019 to 2026. Among hospital & pharmacy robotics, fill and pack robots segment accounted for the largest share in 2019 and is expected to grow at a mid-single digit CAGR from 2019 to 2026.
Among surgical robotics by application, general & gastroenterology (laparoscopy) segment holds the largest share in 2019 and is expected to grow at a low teen CAGR of from 2019 to 2026 due to increasing incidence of abdominal wall hernias, colorectal cancer, and gallstones.
The medical robotics global market by geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North America region dominated the medical robotics global market in 2019 and it is expected to grow at a low teen CAGR from 2019 to 2026 mainly due to technological advancements, increasing demand for assistive robots, availability of skilled personnel, increasing incidence of prostate cancer, product launches, strong product pipeline, growing aging population, increasing investments, availability of advanced healthcare technology, and rising focus on healthcare are the factors boosting the market. The Asia-Pacific is the fastest-growing region with a mid-teen CAGR from 2019 to 2026 due to high levels of healthcare expenditure, increasing neurological disorders, increasing healthcare facilities, increasing aging population, the easy availability of advanced healthcare technology, skilled personnel and low-cost for the surgery and increase in the patient population are the factors driving the market.
The average selling price (ASP) of medical robotics varies from one region to another. The average selling price of surgical robotics is $xx million-$xx million and the average selling price of rehabilitation robots is $xx-$xx. According to IQ4I analysis, North America occupied the highest number of surgical robotics installed base with xx till 2019 followed by Europe with xx installed base. Surgical robotics installed base in APAC and RoW region till 2019 is xx and xx respectively. In North America, the U.S. occupied the highest share of surgical robotics installed base of xx% followed by Canada and the rest of North America with a share of xx% and xx% respectively in 2019. In Europe, France occupied the highest share of surgical robotics installed base of xx% followed by Italy, Germany and the Rest of Europe with a share of xx%, xx% and xx% respectively in 2019. In APAC, Japan occupied the highest share of surgical robotics installed base of xx% followed by China, South Korea and Rest of APAC with a share of xx%, xx% and xx% respectively in 2019. In RoW, Turkey occupied the highest share of surgical robotics installed base of xx% followed by Brazil and other rest of the world countries with a share of xx% and xx% in 2019.
Surgical robotics market has a huge opportunity for existing players and new entrants, the surgical robot manufacturers can develop and launch new products to gain the sparely occupied market. According to IQ4I analysis, in the U.S. it is estimated 4,329,080 gynaecology surgery are done each year. In 2019, the total robotic surgeries done to treat gynaecology disease are estimated to be xx surgeries, indicating a penetration rate of xx% with an opportunity of xx% in the market. Similarly, the overall general & gastroenterology surgeries done in the U.S. is about 10,734,538. In 2019, the robotic surgeries done for general & gastroenterology diseases are estimated to be xx surgeries, indicating a penetration rate of xx% with an opportunity of xx% in the market. In the U.S. it is estimated 2,002,641 urology surgeries are done each year. In 2019, the robotic surgery done for urology disease is estimated to be xx surgeries, indicating a penetration rate of xx% with an opportunity of xx% in the market. In 2019, the total numbers of surgeries done for orthopedics is estimated to be 7,561,731, in that approximately xx robotic surgeries are done for orthopedics, indicating penetration rate of xx% with an opportunity of xx% in the market.
Some of the companies are coming up with technological advancements to maintain their leadership status in the medical robotics market. For instance, Preceyes B.V. (Netherlands) the world leader in robot-assisted eye surgery has developed the PRECEYES surgical system R1.1, received CE mark approval in June 2019. The system is used for eye surgery, provides surgeons with a precision better than 20 μm to position and hold instruments. The PRECEYES surgical system is compatible with a wide range of 23G, 25G, 27G instruments and the system can be used in patients under local or general anesthesia in a standard surgical setting. Medtronic Plc received FDA approval for cranial robotic platform the Stealth Autoguide system in December 2019. The Platform is a guidance system, designed for spatial positioning and orientation of instruments used in neurosurgical procedures.
The medical robotics market is highly consolidated with the top four players occupying xx% of the market share and the remaining xx% of the market is occupied by other players. The top players in the market are Intuitive Surgical, Inc. (U.S.), Medtronic, PLC (Ireland), Stryker Corporation (U.S.), Globus Medical, Inc. (U.S.), Accuray Incorporated (U.S.), Siemens Healthineers AG (Germany), Zimmer Biomet Holdings, Inc. (U.S.), Johnson & Johnson (U.S.), Omnicell, Inc. (U.S.), and Smith & Nephew, PLC (U.K.).
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