Healthcare Robotics Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product (Systems (surgical robots, diagnostic robots, hospital & pharmacy robots, rehabilitation robots, and others), Instruments & Accessories); End-Users (Hospitals and Pharmacies, Rehabilitation Centers, Home Care Settings); Region/Country
Detailed Analysis of COVID-19 Impact on the Healthcare Robotics Market
Global Healthcare Robotics Market is anticipated to grow with an elevated CAGR of around 15% over the forecast period (2021-2027). Healthcare robots are designed perfectly with the blend of medicine and technology. These robots allow surgeons to perform surgeries with almost perfect precision and are considered an alternative method to minimally invasive surgeries.
With the rapid advancement in medical technology and enhanced awareness amongst the population regarding the utilization of new & innovative technologies, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the healthcare robotics market is witnessing an uptick all over the globe. For instance, in November 2021, Max hospital launched Da Vinci Xi Surgical Robot at the hospitals for performing robotic-assisted minimally invasive surgeries. This robot enables surgeons to perform complex surgeries with increased precision and flexibility in various disciplines such as Oncology, Urology, Minimal Access, Bariatric and Robotic Surgery, Gynecology, General Surgery, and Thoracic Surgery, among others.
Additionally, the demand for healthcare robotics is increasing on account of the rising penetration of advanced technologies and growing adoption of robotic surgeries due to the increased efficiency and success rate provided by these surgeries, along with the “minimally invasive” nature of the surgeries. This is evident from the fact that between 2016 and 2021, the global healthcare industry ordered 38,400 robotics units. Furthermore, the developing healthcare IT infrastructure in various developing countries and ongoing investment in the healthcare sector, particularly for the development of advanced and more effective technology that can provide affordable and timely treatment to the patients is also expected to propel the healthcare robotics market in the near future.
Accuray Incorporated, Auris Health Inc., Stryker Corporation, Becton, Dickinson, and Company, Agilent Technologies Inc., FUJIFILM Holdings Corporation, Medtronic plc, Smith & Nephew plc, Intuitive Surgical Inc., Siemens Healthineers AG, are some of the prominent players operating in the healthcare robotics market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and advanced medical robots.
Insights Presented in the Report
“Amongst Product, systems segment holds the major share”
Based on product, the healthcare robotics market is segmented into systems and instruments & accessories. The systems segment accounted for a significant market share in 2020 and it is estimated to grow considerably during the forecast period. This segment is further sub-segmented into surgical robots, diagnostic robots, hospital & pharmacy robots, rehabilitation robots, and others. The growth of this segment can be attributed to the rising adoption of various types of robotic systems and frequent product launches in the market. For example, in 2019, BIONIK Laboratories Corp. launched Next-Generation InMotion ARM/HAND Robotic System. This system was developed to assist patients with mobility impairments and to improve rehabilitation for stroke survivors.
“Amongst End-Users, hospitals and pharmacies segment holds the major share”
Based on end-users, the healthcare robotics market is divided into hospitals and pharmacies, rehabilitation centers, and home care settings. The hospitals and pharmacies segment grabbed major market share in 2020 and is anticipated to grow with a lucrative CAGR in the upcoming years owing to the growing adoption of robots in hospitals for performing surgeries as medical robots allow surgeons to more dexterously manipulate surgical instruments or catheters inside the patient’s body during minimally invasive surgeries. Furthermore, medical robots are being used in pharmacies across the world for drug dispensing owing to their efficiency and vitally which in turn is also driving the growth of this segment.
“North America represents one of the largest markets of healthcare robotics market”
For a better understanding of the market dynamics of the healthcare robotics market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the healthcare robotics market industry in 2020 owing to the presence of well-established market players in the region and frequent product launches.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Healthcare Robotics Market|
|2.2.||Research Methodology of the Healthcare Robotics Market|
|2.5.||Main Objective of the Healthcare Robotics Market Study|
|5||GLOBAL HEALTHCARE ROBOTICS MARKET COVID-19 IMPACT|
|6||GLOBAL HEALTHCARE ROBOTICS MARKET REVENUE, 2019-2027F|
|7.1.3.||Hospital & Pharmacy Robots|
|7.2.||Instruments & Accessories|
|8.1.||Hospitals and Pharmacies|
|8.3.||Home Care Settings|
|9.1.||North America Healthcare Robotics Market|
|9.1.3.||Rest of North America|
|9.2.||Europe Healthcare Robotics Market|
|9.2.6.||Rest of Europe|
|9.3.||Asia Pacific Healthcare Robotics Market|
|9.3.4.||Rest of Asia Pacific|
|9.4.||Rest of World Healthcare Robotics Market|
|11||HEALTHCARE ROBOTICS MARKET OPPORTUNITIES|
|12||HEALTHCARE ROBOTICS MARKET TRENDS|
|13||LEGAL & REGULATORY FRAMEWORK|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porter’s Five Forces Analysis|
|17.2.||Auris Health, Inc.|
|17.4.||Becton, Dickinson and Company|
|17.5.||Agilent Technologies, Inc.|
|17.6.||FUJIFILM Holdings Corporation|
|17.8.||Smith & Nephew plc|
|17.9.||Intuitive Surgical Inc.|
|17.10.||Siemens Healthineers AG|
Research Methodology for the Global Healthcare Robotics Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global healthcare robotics market were the three major steps undertaken to create and analyze the adoption of healthcare robotics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global healthcare robotics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the healthcare robotics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the healthcare robotics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product and end-user. Further country-level analyses were conducted to evaluate the overall adoption of healthcare robotics across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the healthcare robotics. Further, we conducted factor analysis using dependent and independent variables such as the technological advancement in the healthcare sector and growing demand for improved medical operations globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the healthcare robotics sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the healthcare robotics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of healthcare robotics across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the healthcare robotics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the healthcare robotics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and end-user of the healthcare robotics market.
The main objective of the Healthcare Robotics Market Study
The current & future market trends of healthcare robotics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of healthcare robotics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of of product and end-user
- Define and analysis of the regulatory framework for the healthcare robotics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the healthcare robotics market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the healthcare robotics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry