Medical Robotic Systems Market to cross USD 56.5 billion by 2030

The medical robotic systems market will touch USD 56.5 billion, advancing at a 20.2% CAGR, by 2030. The growth of this industry is primarily credited to the surging aging population resulting in the growing requirement for elderly care and the increasing medical robotics and healthcare spending Moreover, the rising need for robotic procedures as well as the growing use of automated pharmacy systems are also assisting the growth of this industry.

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In recent years, the surgical category, based on type, led the industry, and it will remain the largest, with the fastest growth, during this decade. This can be mainly because of the growing need for minimally invasive robotic surgeries, which need less effort and time, than manual surgeries.

The treatment category, on the basis of application, was the largest contributor to the industry, and it will remain the largest in the years to come. This can be primarily ascribed to the benefits provided by robotic treatment approaches, for instance, less duration requirement and high accuracy.

The cardiothoracic surgery category, based on indication, is likely to propel at the fastest rate in the years to come. This is primarily because of the extensive problems of cardiovascular diseases, coupled with the benefits of robotic surgery, such as lesser pain and blood loss, which result in a quicker recovery as compared to the conventional method.

In the past few years, the hospitals and ambulatory surgery centers (ASCs) category, on the basis of end user, accounted for the largest medical robotic systems market share. Moreover, this category is likely to remain generating the highest demand in the industry in the years to come. The progression of this category is primarily because of the large count of patients visiting hospitals for proper treatment, the growing acceptance of technologically advanced products, and the high effectiveness of these systems.

North America accounted for the largest share in the industry in recent years, and it will continue to be the largest, growing at the fastest rate, during this decade. This can be primarily because of the existence of major players, the growing need for minimally invasive surgeries, investment from the government for medical robots, and a well-established healthcare system.

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In addition, key industry players in this region are actively participating in strategic developments, as well as focusing on raising funds, to create robust grounds in the industry. It is because of the mounting elderly populace resulting in the rising necessity for elderly care, coupled with the surging medical robotics and healthcare expenses, the medical robotic systems industry will continue to progress significantly in the years to come.

SOURCE: P&S Intelligence