Surge in Geriatric Population Driving Sales of Medical Robotic Systems

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.

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.

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.

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.

Source: P&S Intelligence