The global medical robotic systems market is predicted to generate a revenue of $56.5 billion by 2030, increasing from $7.6 billion in 2019, progressing at a 20.2% CAGR during the forecast period (2020–2030), as stated by a report by P&S Intelligence. The market is witnessing growth due to the rising need for robotic procedures, growing utilization of automated pharmacy, increasing geriatric population, which, in turn, is driving demand for elderly care, and surging healthcare and medical robotics expenditure.
When indication is taken into consideration, the medical robotic systems market is categorized into neurosurgery, urology, orthopedics, gynecology, and cardiothoracic surgery. Out of all these, the cardiothoracic surgery is predicted to register the highest CAGR during the forecast period, owing to the surging prevalence of cardiovascular diseases across the globe. In addition to this, several advantages are associated with robotic surgery, such as minimal pain to patients and blood loss, thereby resulting in a shorter recovery time as compared to the traditional approach.
Geographically, North America is projected to emerge as the major medical robotic systems market during the forecast period, owing to the surging requirement for minimally invasive surgeries, presence of giant players, increasing funding by the government for medical robots, and present of a well-structured healthcare system. Moreover, the region is also expected to register the highest CAGR during the forecast period, as companies in the domain are actively engaged in strategic developments and are focusing on raising funds for establishing their presence in the market.
Another factor resulting in the growth of the medical robotic systems market is the increasing geriatric population. As per the United Nations’ report published in 2017, the number of people aged 60 years or above is expected to rise to 2.1 billion in 2050 and 3.1 billion in 2100. Because of the shortage in the number of caregivers and the increasing financial burden, there is a need for finding a more efficient way to provide medical services to the geriatric population. This can be done by using medical robotic systems.
In conclusion, the market is growing due to the surging geriatric population and rising requirement for robotic procedures across the globe.
This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders