Due to the burgeoning requirement for robotic procedures, the demand for medical robotic systems is surging sharply across the world. As per a study published in the Journal of the American Medical Association (JAMA) in 2020, 15.1% of all the general surgeries conducted globally in 2018 were robot-assisted procedures and the share of these procedures grew by 1.8% from 2012 to 2018. After hospitals approved their adoption, the usage of robotic surgeries grew by 8.8% over the initial four years.
Out of all the specific procedures that were tracked and monitored in the study, the usage of robots increased the most in inguinal hernia repair, that is, from 0.7% of the total procedures to 28.8% from 2012 to 2018. Besides this factor, the growing requirement for elderly care, on account of the surging population of geriatric people in several countries, is also positively impacting the demand for medical robotic systems across the world.
As per a report produced by the United Nations (UN), the population of people in the age bracket- 60 years or above will rise from 962 million in 2017 to 2.1 billion by 2050 and 3.1 billion by 2100. This will, in turn, push up the requirement for proper patient care. Furthermore, in order to cater to the soaring requirements for proper patient care, many researchers are increasingly focusing on developing autonomous robots that can perform the role of caregivers.
Besides the aforementioned factors, the mushrooming usage of automated pharmacy systems is also propelling the global demand for medical robotic systems. The utilization of automated pharmacy systems massively reduces the time required for locating the prescribed drugs in various dispensaries and allows pharmacists and technicians to better understand the condition of the patient. Due to these reasons, the sales of medical robotic systems are booming, which is, in turn, fueling the expansion of the global medical robotic systems market.
As a result, the valuation of the market will grow from $7.6 billion in 2019 to $56.5 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 20.2% between 2020 and 2030. Depending on type, the market is classified into automated dispensers, radiosurgery, rehabilitation, and surgical. Amongst these, the surgical category will register the highest growth in the medical robotic systems market in the future, due to the growing popularity of robotic surgeries around the world.
This is credited to the fact that robotic surgeries provide several benefits such as reduced discomfort and pain, faster recovery time, and shorter hospitalization periods. Globally, the medical robotic systems market will demonstrate the highest growth in North America in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be because of the soaring investments being made by public and private organizations in the development of medical robotic systems in the region.
Hence, it can be said with full surety that the demand for medical robotic systems will shoot up all over the world in the coming years, primarily because of the surging geriatric population and the rising requirement for robot-assisted treatment procedures.