Medical Robotics Market to Witness Promising Growth Opportunities by 2024-2035
The rising interest in medical robots in healthcare domain for different purposes has prompted the industry to leverage the expertise of players developing surgical robots and rehabilitation robots.
The global medical robotics market size is estimated to grow from 31.3 billion by 2035, at a CAGR of 10.8% during the forecast period, till 2035.
Medical robots are medical devices that are programmed to assist medical professionals in a variety of tasks, such as patient interaction, patient welfare assessment, operating in hazardous and emergency circumstances, data mining to enhance the efficiency of a pharmacy, and disinfection of hospital rooms. As a result, these robots are being utilized in healthcare for different purposes, including carrying out logistic tasks, execute surgical procedures, support patient rehabilitation and provide care to the patients via remote commands to the robot. It provides invaluable assistance in activities that were once challenging for humans to undertake, thereby, strengthening the healthcare system. Nowadays, medical robots are well-known for their contribution to minimally invasive or laparoscopic surgical processes. This can be attributed to the fact that the conventional approach followed by the surgeons to conduct invasive surgeries involves the usage of their hands and wide range of surgical instruments. However, it involves the need to make larger incision in the patient’s body resulting in heavy blood loss, post-surgical scarring, increased risk of infection (even during the healing period) and some other medical complications associated with surgeries that are being conducted on different anatomical areas. The incorporation of surgical robots in such interventional surgical procedures has led to circumvention of the aforementioned challenges of conventional surgeries by performing procedures through small incisions (even in hard-to-reach areas).
Applications of Medical Robots in Healthcare
The healthcare sector, worldwide, is exploring the potential of robotics, particularly for minimally invasive surgeries, diagnostic and rehabilitation purposes. It is worth noting that during Covid-19 pandemic, several parts of the world (including China, US, Mexico, India and some European countries) started leveraging robots to spray disinfectants, hand sanitizer-dispensing robots, patrol robots (robots for checking temperature of visitors in hospitals), robot as chefs, robots in food service and preparation, robots for delivering groceries and ninja robots (which can deliver essential items to those infected).
This has demonstrated some significant improvements in healthcare system and contributed to the prevention of the spread of coronavirus infection. Moreover, the use of robots in healthcare is rapidly gaining traction due to their ability to overcome transportation barriers. Hence, with the expanding use cases and continuous advancements in medical robotics, the adoption of medical robots in healthcare is poised to transform the way medical care is delivered, bringing about significant benefits for patients, healthcare providers, and society as a whole. The rising interest of stakeholders in this domain is reflected by the increasing number of partnerships established in the recent past; notably, the maximum number of deals were signed in 2021. During our research, we came across several partnerships that have been established by various stakeholders engaged in the surgical robots domain, during the period 2019-2023. A steady growth in the partnership activity has been observed in recent years; acquisitions have been the most prominent type of partnership model adopted by surgical robot developers based in the US.
It is worth mentioning that eight deals were signed with non-industry players in year 2023; examples include (in reverse chronological order, product / technology utilization agreements) collaborations between Wandercraft and Brazilian Health Authority (July 2023), Trexo Robotics and Keystone Education Group (June 2023), and CYBERDYNE and Coopselios (May 2023). During our research, we came across several partnerships that have been established by various stakeholders engaged in the rehabilitation robotics domain, during the period 2017-2023. With the growing demand for rehabilitation robots amongst patients, several types of strategic deals have been inked in this domain; since 2017, the majority (26%) of partnerships signed were distribution agreements.
Most of the agreements (72%) were signed between players based in different countries (international agreements). Majority of such agreements inked by rehabilitation robot developers based in Asia-Pacific were inked by players headquartered in China and Japan. Notable examples of such deals include (in reverse chronological order) agreements between Fourier Intelligence and MyndTec (May 2023), H-Robotics and Rehabmart (November 2022), and Angel Robotics and Daehan Rehabilitation Hospital (August 2022).
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