Medical Robotics Market to Witness Promising Growth Opportunities by 2024-2035
During our research, we were able to identify more than 160 rehabilitation robots are available / under development for patients with mobility impairments, or to reduce the risk of musculoskeletal injuries among caregivers dealing with disabled patients. As can be inferred from the figure, 60% of the rehabilitation robots are mobile / overground walking systems. This can be attributed to the versatility of mobile exoskeletons, providing users with the freedom to be used both at home / community settings and within clinical settings.
The global medical robotics market size is estimated to grow from $ 10.1 billion in 2024 to $ 31.3 billion by 2035, at a CAGR of 10.8% during the forecast period, till 2035.
Medical professionals, including surgeons, nurses and doctors, have to stand for long hours during surgeries. In order to reduce fatigue, medical exoskeletons are designed in a way that distributes the weight across the body and allows them to maintain good posture and enhance their strength for manual handling of patients.
Rehabilitation Robots / Exoskeletons are integrated with motion capture systems which enable the calculation of the rehabilitation equipment as well as wearer’s progress in real-time. In order to communicate the desired action of the user to the exoskeleton, most of the robots were identified to be integrated with user-machine interface. It is worth highlighting that amongst the exoskeletons incorporated with the abovementioned features, the ones that can be operated by the user using a smartphone application have emerged as a prominent category.
The market opportunity associated with medical robotics is anticipated to witness an annualized growth of nearly 11% over the next decade.
Using our proprietary methodology, we have provided informed projections, describing the likely growth of the opportunity associated with the medical robotics market. As per the base case forecast scenario, the medical robotics market is estimated to grow at an annualized rate of ~11%, during the period 2024 to 2035. It is worth mentioning that according to our projections, the global surgical robots market is dominated by revenues generated from instruments / accessories. This trend is unlikely to change in the forecast period. Further, it is worth mentioning that, as per the market segmentation by surgical procedure, the market for orthopedic surgery is anticipated to grow at a higher CAGR.
The opportunity for surgical robotics market is expected to be well-distributed across different application areas, end users and key geographical regions. It is worth mentioning that according to our projections, the surgical robots market in North America is likely to capture majority of the overall share, and this trend is unlikely to change in the future, as well. It is worth highlighting that the surgical robots market in Asia-Pacific is expected to grow at a relatively healthy growth rate (CAGR), during the period 2024-2035.
Furthermore, the global market opportunity for rehabilitation robots is expected to be well-distributed across different market segmentations, including body part covered, mode of operation, form, mobility, end user and geographies. In 2035, nearly 80% of the rehabilitation robotics market is likely to be driven by the sales of rigid exoskeletons primarily supporting the lower body, in patients with muscle weaknesses or complete / partial paraplegia.
Foreseeing lucrative returns, many public and private investors have made investments worth usd 4.7 billion since 2019; the funding activity is well distributed across different geographical regions.
During our research, we came across several instances of funding and investments that have been made into surgical robot companies, during the forecast period. It is worth noting that maximum number of funding instances (23%) were reported in 2023. Moreover, in 2023, four companies raised funding via more than one funding round, these include (in alphabetical order) Asensus Surgical, Galen Robotics, Ganymed Robotics and Microbot Medical.
The overall trend of investments being made in this domain has been very promising, with over USD 3.6 billion invested in this domain over the last few years. Furthermore, the US, Canada, France, China and Israel (in no particular order) have emerged to be the key hubs for surgical robotics startups. Notably, the maximum number of funding instances (48%) were reported by companies based in North America.
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