Medical Service Robotics - South Korea

Revenue in the Medical Service Robotics market is projected to reach US$232.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.19%, resulting in a market volume of US$314.10m 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 commercial service robotics market in South Korea's medical service robotics sector is experiencing minimal growth due to factors such as slow adoption of digital technologies and low health awareness among consumers. Convenience offered by online health services is also impacting the market's growth rate.

Customer preferences: In South Korea, the Medical Service Robotics Market has seen a rise in demand for robotic surgery and rehabilitation solutions, as the country has a rapidly aging population and a shortage of healthcare workers. Additionally, with a growing emphasis on personalized and efficient care, there has been an increase in the use of telemedicine and AI-powered diagnostic tools. These trends reflect a shift towards technology-driven solutions in the healthcare sector, driven by the country's strong technological infrastructure and cultural acceptance of innovation.

Trends in the market: In South Korea, the Medical Service Robotics Market is experiencing a surge in demand due to the country's aging population and shortage of healthcare workers. This has led to the adoption of robots for tasks such as patient care and medication delivery. Additionally, the increasing use of artificial intelligence and machine learning in healthcare is driving the development of more advanced medical service robots. These trends are significant as they not only improve the efficiency of healthcare services but also reduce the risk of infection and improve patient outcomes. However, the high cost of these robots may limit their adoption in smaller healthcare facilities.

Local special circumstances: In South Korea, the Medical Service Robotics Market is thriving due to the country's advanced healthcare infrastructure and high demand for innovative medical technologies. The government's support for the development of service robotics has also played a significant role in driving market growth. Additionally, cultural factors such as a strong emphasis on efficiency and precision in the medical field have contributed to the adoption of medical service robotics. However, strict regulations and cultural preferences for human interaction in healthcare settings have posed challenges for 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 significantly impacted by macroeconomic factors such as government support, technological advancements, and investment in healthcare infrastructure. Countries with favorable regulatory environments and strong investment in medical service robotics are experiencing faster market growth compared to regions with regulatory challenges and limited healthcare funding. Furthermore, the rising prevalence of chronic diseases and the aging population globally are driving the demand for medical service robotics to improve healthcare access 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.