Medical Service Robotics - Canada

Revenue in the Medical Service Robotics market is projected to reach US$370.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.93%, resulting in a market volume of US$517.40m by 2029.
In global comparison, most revenue will be generated United States (US$3.27bn in 2024).

Definition:

The Medical Service Robotics market presents the market size of robotics applications in the healthcare industry. These robots provide assistance, support, and automation for medical procedures, diagnostics, rehabilitation, and patient care. It involves the use of robots as medical equipment to enhance patient outcomes, improve efficiency, and assist healthcare professionals in delivering quality care.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Additional information:

The market comprises revenues, volume, and the average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Intuitive Surgical, Stryker Corporation, and Medtronic.

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Medical Service Robotics

Logistic Services Robotics
Agriculture Service Robotics
Other Service Robotics

The Medical Service Robotics Market in the Commercial service robotics Market of the Service robotics Market in Canada is experiencing minimal growth due to factors such as limited adoption of digital technologies, lack of awareness among consumers, and the challenges faced in implementing online health services. Despite these challenges, the market is expected to grow due to increasing demand for advanced healthcare solutions and the government's initiatives towards promoting healthcare robotics.

Customer preferences: In Canada, the Medical Service Robotics Market within the Commercial service robotics Market of the Service robotics Market is experiencing growth due to the aging population and increasing prevalence of chronic diseases. This has led to a rise in demand for assistive robots and telemedicine solutions, as consumers seek more convenient and personalized healthcare services. Additionally, there is a growing trend towards home healthcare and self-care, driven by the desire for independence and cost-effectiveness. As a result, there is a shift towards the development of advanced robotic technologies for medical purposes, such as surgical assistance and rehabilitation support.

Trends in the market: In Canada, the Medical Service Robotics Market in the Commercial service robotics Market of the Service robotics Market within the Robotics Market is experiencing an increase in demand for robotic surgical systems. This trend is driven by the need for minimally invasive procedures and improved surgical precision. Additionally, there is a growing interest in using robotics for rehabilitation and therapy in the healthcare sector. These developments are significant as they have the potential to improve patient outcomes and reduce healthcare costs. For industry stakeholders, this trend presents opportunities for collaboration and innovation in the development of advanced medical service robotics.

Local special circumstances: In Canada, the Medical Service Robotics Market is influenced by the country's universal healthcare system, which provides opportunities for the adoption of advanced medical technologies. Additionally, the aging population and the country's vast geography create a demand for home healthcare and telemedicine solutions. Furthermore, the strict regulatory framework and high standards for medical devices ensure the safety and effectiveness of medical service robots in the market.

Underlying macroeconomic factors: The growth of the Medical Service Robotics Market in the Commercial service robotics Market of the Service robotics Market within the Robotics Market is heavily influenced by macroeconomic factors such as technological advancements, government policies, and healthcare spending. Countries with favorable policies and high investment in medical robotics are experiencing rapid market growth, while regions with regulatory barriers and limited healthcare funding are facing slower adoption. Furthermore, the rising prevalence of chronic diseases and aging population globally are propelling the demand for medical service robotics to improve healthcare accessibility and outcomes.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.