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Medical Robots Market Size

Report ID: GMI5061
Published Date: Feb 2023
Report Format: PDF

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Medical Robots Market Size

Medical Robots Market size exceeded USD 9.5 billion in revenue in 2022 and is estimated to grow at a robust pace of over 17.5% CAGR from 2023 to 2032 driven by the rising number of surgical procedures globally.

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The high prevalence of chronic illnesses worldwide leading to the increasing number of surgical operations is fueling the market expansion. The Centers for Disease Control and Prevention estimates that six out of ten Americans suffer from at least one chronic illness, such as diabetes, cancer, heart disease, or stroke, largely contributing to the rising mortality and disability rates along with growing healthcare expenses in the U.S. Robotics in the medical domain are revolutionizing surgical procedures and simplifying supply delivery and disinfection processes. Furthermore, medical robots are deployed in multiple healthcare procedures owing to AI-enabled computer vision and data analytics, favoring the market growth.

Medical Robots Market Report Attributes
Report Attribute	Details
Base Year:	2022
Medical Robots Market Size in 2022:	USD 9.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	17.5%
2032 Value Projection:	USD 50 Billion
Historical Data for:	2018 to 2022
No. of Pages:	193
Tables, Charts & Figures:	212
Segments covered:	Product, Application, End-use, and Region
Growth Drivers:	Broad health coverage plans for robot-assisted surgeries Rise in the number of surgical procedures High adoption of surgical robots Technological advancements
Pitfalls & Challenges:	High cost of robotic systems Lack of awareness Stringent regulatory approval

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Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for medical robots exceeded USD 9.5 billion in revenue in 2022 and is expected to grow at more than 17.5% CAGR through 2032 due to the rising number of surgical procedures globally.

The hospitals segment accounted for 67% of the market revenue in 2022 and is slated to observe robust growth over the next ten years owing to the increasing product uptake for nursing assistance.

North America medical robots market size is expected to reach more than USD 21.5 billion through 2032 driven by the rising advancements in medical robots and the presence of multiple established industry participants.

Some major firms operating in the medical robots industry include Medtronic plc, Stryker Corporation, THINK Surgical, Inc., Hocoma AG, Smith & Nephew plc, ACCURAY, Capsa Healthcare, Intuitive Surgical, Inc., Omnicell Inc., Renishaw plc, Johnson & Johnson, ARXIUM, Zimmer Biomet and Aethon.