Medical robotic system market is estimated to witness high growth, owing to increasing demand for minimally invasive surgeries and growing geriatric population
Medical robotic system market is estimated to be valued at USD 21.3 Bn in 2024, exhibiting a CAGR of 16.8% over the forecast period 2024-2031. There has been rising demand for minimally invasive medical robotic surgeries due to advantages such as reduced surgical incisions, post-operative pain and scarring, shorter hospital stay and faster recovery time. Furthermore, growing geriatric population can boost demand for medical robotic systems during forecast period as elderly patients opt for minimally invasive treatments.
Market Dynamics:
Global medical robotic system market growth is driven by increasing demand for minimally invasive surgeries and growing geriatric population globally. Minimally invasive surgeries performed with the help of medical robotic systems offer several advantages over open surgeries such as reduced risks of surgical site infections, lesser blood loss, shorter recovery time and reduced scarring. With growing awareness regarding these benefits, there has been huge adoption of medical robotic systems among healthcare facilities and surgeons. Moreover, rising life expectancy has led to surge in elderly population worldwide who are more prone to age-related diseases and disabilities. This can also boost demand for surgical treatments using medical robotic systems during the forecast period.
Increasing adoption of robotic-assisted minimally invasive surgeries
Rising adoption of robotic-assisted minimally invasive surgeries (MIS) due to advantages such as smaller incisions, fewer cuts, reduced scarring and blood loss, shorter hospital stays, and quicker recovery times can drive the market growth. Robotic systems allow surgeons to perform complex procedures through smaller incisions with enhanced dexterity, flexibility, control, and precision as compared to conventional MIS. More hospitals and surgeons are investing in medical robotic systems to offer patients minimally invasive options for a wide range of surgical specialties such as urology, gynecology, general surgery, and others.
Growing aging population and associated health issues
Growing aging population, especially in developed nations, increases the prevalence of age-related health issues like cardiovascular diseases, cancer, neurological disorders, and orthopedic conditions. Older patients are more likely to require surgical treatment for these medical issues. Growing age may increase risks from invasive open surgeries. Robotic systems have empowered surgeons to safely perform complex treatments on elderly patients through less invasive techniques. Growing geriatric population can boost demand for medical robotic systems.
High costs of robotic systems and procedures
Medical robotic systems have a significantly higher price tag as compared to laparoscopic equipment due to their advanced technology and miniaturized surgical components. Robotic surgery procedures also involve longer operating times, thus, leading to higher costs as compared to laparoscopy. Limited reimbursement coverage for robotic surgeries in some countries can also hamper the market growth. The high equipment and procedure costs hamper its widespread adoption, especially in developing nations with poor reimbursement structures and budget constraints in public healthcare systems.
Lack of experienced robotic surgeons
Advanced robotic surgery requires extensive training in dedicated programs to gain proficiency. However, shortage of formally trained robotic surgeons globally can hamper the market growth. It often constrains the number of complex robotic procedures that can be performed. Lack of experience among surgeons also poses risks of complications, especially with newer robotic technologies. The lack of trained robotic surgeons introduces difficulties in fully realizing the clinical benefits of these sophisticated systems, thus, hampering the market growth.
Emerging applications in general surgery
Traditionally dominated by usage in urology and gynecology, medical robotic systems are increasingly being used in general surgical procedures like bariatric, colorectal, hernia repair, and other abdominal surgeries. Advanced robots offer surgeons enhanced capabilities to precisely manipulate tissues through small incisions. Growing clinical evidence demonstrates the benefits of robotic assistance over conventional minimally invasive techniques for certain general surgery applications.
Rising medical tourism in Asia Pacific
Asia Pacific region has emerged as a major destination for medical tourism due to availability of high-quality healthcare at lower costs as compared to developed markets. Countries like India, Thailand, Singapore, and South Korea have grown medical tourism industries. As prosperity increases in Asia, more patients seek minimally invasive treatments using advanced technologies. This widening accessibility and acceptance of robotic surgery in Asia presents attractive commercial opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/medical-robotic-system-market-964
Key Developments
- In September 2023, Medi Linx Laboratory (Medi Linx), the centralized laboratory of Metro In January 2024,EndoQuest Robotics, a robotic technology company, and Omnivision, a semiconductor manufacturing company, partnered to integrate advanced image sensor technology into surgical robotics. Omnivision will incorporate its OCHFA CameraCubeChip image sensor into EndoQuest's adaptable robotic system. While the robot is currently in development and awaits clearance from the U.S. Food and Drug Administration (FDA), it has been accepted into the FDA's Safer Technologies Program (STeP).
- In June 2023, Touchlab, a deep tech robotics firm, launched a groundbreaking robot, allowing doctors to remotely sense patients during a trial at a hospital in Finland. Controlled by operators wearing specialized gloves, the Välkky telerobot employs cutting-edge electronic skin technology to transmit tactile feedback from its robotic hand to users. Over a three-month trial at Laakso Hospital in Helsinki, a trained nurse team can evaluate how these robots can support patient care, reduce workload, and minimize infection risks.
- In September 2022, Titan Medical, a medical technology company partnered with Medtronic, a healthcare technology company, for a limited development initiative. Medtronic will assess the performance of Titan's cameras and instruments in gynecological procedures, anticipated as the primary application for its surgical robot.
- In June 2022, Intuitive, a global leader in robotic-assisted surgery, received U.S. FDA clearance to integrate mobile cone-beam CT (CBCT) imaging technology with its Ion Endoluminal System for robotic-assisted bronchoscopy
- In January 2022, Medrobotics Corp. announced that it had received U.S. FDA regulatory approval to market the Flex Robotic System for robot-assisted visualization in general surgical, gynecological, and thoracic procedures in the U.S. This clearance underscores the company's advancement in developing innovative products for single-port surgeries across multiple medical disciplines.
Key Players:
iRobot Corporation, Medrobotics Corporation, Titan Medical Inc., Renishaw Plc, Health Robotics SLR, OR Productivity plc, Intuitive Surgical, Mako Surgical Corp., Varian Medical Systems, Stereotaxis Inc., Mazor Robotics, Medtronic, Stryker, Zimmer Biomet, Smith & Nephew.
