Medical Service Robotics - Worldwide

Revenue in the Medical Service Robotics market is projected to reach US$12.76bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.57%, resulting in a market volume of US$21.09bn 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 the Medical Service Robotics Market of the Service robotics Market within the Robotics Market has been experiencing subdued growth due to various factors such as limited market demand and slow adoption of new technologies. Despite rising health awareness, the convenience of online health services has not yet translated into significant growth in this market.

Customer preferences: As the demand for contactless services grows, the Medical Service Robotics Market in the Commercial service robotics Market of the Service robotics Market within the Robotics Market is witnessing a rise in the adoption of telemedicine solutions. This trend is driven by the need for remote consultations and monitoring, particularly in rural and underserved areas. Additionally, advancements in artificial intelligence and machine learning are enabling robots to assist with surgeries and perform complex medical procedures, further driving the growth of the medical service robotics market.

Trends in the market: In the Medical Service Robotics Market, the Commercial service robotics Market is experiencing a surge in demand for surgical robots due to their precision and efficiency in performing complex procedures. This trend is expected to continue as healthcare facilities seek to reduce medical errors and improve patient outcomes. Additionally, there is a growing focus on integrating artificial intelligence and machine learning into medical robots, enabling them to learn and adapt to new situations. This has significant implications for industry stakeholders as it opens up new opportunities for innovation and growth in the market.

Local special circumstances: In the Medical Service Robotics Market of the Commercial service robotics Market, unique local factors play a significant role in shaping market dynamics. In Japan, the aging population and shortage of healthcare workers drive the demand for medical service robots to assist in elder care. In Germany, the strict regulatory environment and high standards for medical devices ensure the quality and safety of medical service robots. In China, the rapid adoption of technology in healthcare, coupled with the government's support for healthcare innovation, fuels the growth of the medical service robotics market.

Underlying macroeconomic factors: The growth of the Medical Service Robotics market is also influenced by macroeconomic factors such as technological advancements, regulatory support, 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. Additionally, the increasing prevalence of chronic diseases and the aging population worldwide 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.