How Medical Robotics Will See Robust Growth in The Next 10 Years

Learn how medical robotics will see robust growth in the next 10 years

The medical robotics business was more sensitive to economic headwinds in 2022 than makers of less costly products due to larger capital expenditures. However, because underlying demand is still quite high, the robot industry will continue to develop until 2030. According to GlobalData, the surgical robot industry will be valued at US$8.6 billion in 2022 and will have increased at an 8% compound annual growth rate (CAGR) to US$15.8 billion by 2030.

GlobalData expects that every segment of the medical robots market will grow over the next decade, driven by high-volume operation requirements. To compensate for personnel shortages and increase service quality, healthcare organisations will increasingly invest in medical robots. Surgical robots enhance patient outcomes, decrease human error, and shorten hospital stays. The combination of cloud computing and artificial intelligence allows medical robots to cooperate and access massive quantities of data indefinitely. New surgical robot models, such as micro-robots to cure difficult-to-treat illnesses, will open up new surgical options.

M&A activity, patent filings, and employment patterns all indicate that the medical robotic business will rebound substantially following a downturn in 2022. For example, medical enterprises completed 60 robotics-related transactions in the previous six months, following the yearly number of medical robotics-related M&A transactions falling from 17 in 2019 to 13 in 2022, reflecting the negative macroeconomic climate.

Robotics witnessed a US$196.6m drop in deal value from 2020 to 2022 but is predicted to recover in 2023. The combination of Globus Medical and NuVasive, as well as the purchase of Spectrum Plastics Group, increased the overall deal value for the year to more than US$5.5 billion.

Minimally invasive surgery, Imaging systems, and Orthopaedics are the three key sectors driving robotics M&A activity in the medical business. Notably, top device firms such as DePuy Synthes, a Johnson & Johnson company, and GE HealthCare are constantly investing in new technologies and devices to expand their robotics portfolios.

According to GlobalData's Patent Analytics database, robotic-related patent activity in the medical industry increased steadily, rising from 469 new awards in 2016 to 638 in 2022. In 2023, the number of patents continues to rise, increasing by 55% in May compared to April. The leading assignee by number of applications is Intuitive Surgical, a leader in medical robot helpers for less invasive surgical procedures.

Except for CMR Surgical, which is situated in the United Kingdom, the top five robotic patent holders are US-based device businesses. In terms of robotic patent awards in medical devices, the United States leads the pack, followed by China and Japan. The United States also leads in terms of applications, implying higher levels of innovation.