Global Medical Robotics Market to Reach USD 13.90 Billion by 2026

The global medical robotics market is projected to grow at a double-digit CAGR from 2019 to 2026 to reach USD 13.90 billion by 2026, driven by the increasing demand for minimally invasive surgery, rising prevalence of gynecology, urology and orthopedic disorders, increasing aging population, technological innovations, growing adoption of medical robots among the population and increasing clinical trials.

These are the latest findings of IQ4I Research and Consultancy Pvt. Ltd. (Karnataka, India), a global strategy, consulting and a market research firm.

Based on product, the surgical robotics segment accounted for the largest revenues of the medical robotics market in 2019 and is expected to grow at a low teen CAGR during the forecast period. The rehabilitation robotics segment is projected to grow in the high single-digit, while the hospital & pharmacy robotics segment is expected to record a mid-single digit CAGR during the forecast period.

Within the surgical robotics segment, instruments & accessories accounted for the largest revenues in 2019 and is expected to grow at a mid-teen CAGR during the forecast period. Systems is expected to record a double-digit CAGR, while services is projected to grow at a mid-teen CAGR during the forecast period. Within the rehabilitation robotics segment, assistive (cognitive) robots held the largest revenue share in 2019 and is expected to grow at a high single-digit CAGR during the forecast period. Exoskeleton robots is expected to record a high single-digit CAGR, while prosthetics robots is projected to grow at a mid-single digit CAGR during the forecast period. Within the hospital and pharmacy robotics segment, fill and pack robots accounted for the largest revenues in 2019 and is expected to grow at a mid-single digit CAGR during the forecast period. Pill dispensing robots is expected to record a low single-digit CAGR, while other robots is expected to grow at a mid-single-digit CAGR during the forecast period.

Based on application, the general and gastroenterology segment accounted for the largest revenues of the medical robotics market in 2019 and is expected to record a low-teen CAGR, while the neurosurgery segment is expected to grow exponentially during the forecast period.

Geographically, North America accounted for the largest revenues of the global medical robotics market in 2019 and is expected to grow at a low teen CAGR during the forecast period, mainly due to increased prevalence of chronic illness and lifestyle disorders, growing aging population, increase in healthcare expenditure, availability of surgical expertise, increase in research activities, steady number of product approvals and new product launches among the key market players, increased demand for assistive robots and adoption of new technologies in the region. The Asia-Pacific medical robotics market is projected to record a mid-teen CAGR during the forecast period, driven by high levels of healthcare expenditure, improving healthcare infrastructure and increasing government healthcare budgets, funds, growing acceptance of technological advancements, increasing aging population, rising awareness about medical robotics and growing healthcare awareness in the region’s emerging countries, such as India and China.

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IQ4I Research and Consultancy Pvt. Ltd.