Report : Europe Medical Robots Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Surgical Robots, Hospital & Pharmacy Robots, Rehabilitation Robots, Non-Invasive Radiosurgery Robots, and Others), Application (Laparoscopy, Neurology, Orthopedics, Gynecology, Urology, Cardiology, and Others), and End User (Hospitals, Ambulatory Surgical Centers, and Others)
At 18.3% CAGR, the Europe Medical Robots Market is speculated to be worth US$ 6,403.40 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe medical robots market was valued at US$ 2,337.89 million in 2022 and is expected to reach US$ 6,403.40 million by 2028, registering an annual growth rate of 18.3% from 2022 to 2028. Rising number of product launches and approvals surging number of surgical procedures are the critical factors attributed to the market expansion.
The medical robots market experiences various changes in the technology landscape that enable players to develop innovative products. State-of-the-art products may assist in conferring improved health conditions, thereby allowing people to live better lives. Leading companies consolidate the market through various R&D activities to offer modern products. For instance, in December 2021, Inrobics Social Robotics introduced an AI-based robotic device to aid health rehabilitation. Further, in November 2019, Toyota Motor Corporation (Toyota) introduced the Welwalk WW-2000, a robot aimed to assist patients with lower-limb paralysis caused by stroke or other causes. As a result, rising product launches that support market expansion during forecast period across the region. Other factor such as surging number of surgical procedures is also expected to drive the market during forecast period.
On the contrary, high cost of surgical procedures and installation hurdles the growth of Europe medical robots market.
Based on product, the Europe medical robots market is segmented into surgical robots, hospital & pharmacy robots, rehabilitation robots, non-invasive radiosurgery robots, and others. The surgical robots segment held 36.5% market share in 2022, amassing US$ 853.88 million. It is projected to garner US$ 2,286.55 million by 2028 to expand at 17.8% CAGR during 2022–2028.
Based on application, the Europe medical robots market is segmented into laparoscopy, neurology, orthopedics, gynecology, urology, cardiology, and others. The laparoscopy segment held 36.4% market share in 2022, amassing US$ 850.58 million. It is projected to garner US$ 2,351.34 million by 2028 to expand at 18.5% CAGR during 2022–2028.
Based on end user, the Europe medical robots market is segmented into hospitals, ambulatory surgical centers and others. The hospitals segment held 57.6% market share in 2022, amassing US$ 1,346.64 million. It is projected to garner US$ 3,745.47 million by 2028 to expand at 18.6% CAGR during 2022–2028.
Based on country, the Europe medical robots market has been categorised into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that Germany captured 28.6% market share in 2022. It was assessed at US$ 668.25 million in 2022 and is likely to hit US$ 1,849.55 million by 2028, exhibiting a CAGR of 18.5% during the forecast period.
Key players dominating the Europe medical robots market are Accuray Incorporated, ARxIUM, Auris Medical, Ekso Bionics, Hocoma AG, Intuitive Surgicals, Kirby Lester, Medtronic, Omnicell Inc., and Stryker Corporation among others.
- In Feb 2022, Capsa Healthcare, a leading innovator in healthcare delivery solutions for hospitals, long-term care, and retail pharmacy providers announced the acquisition of Humanscale Healthcare, a designer and manufacturer of flexible technology solutions and computing workstations based in New York, NY.
- In June 2022, Hocoma launched the ArmeoSenso, a sensor-based solution for patients with mild to moderate impairments of the upper extremity. The ArmeoSenso completes Hocoma’s modular Armeo Therapy Concept for all stages of arm and hand function recovery by allowing patients to extend their treatment beyond the clinic walls: Thanks to its easy-to-use interface and its lightweight and compact design, patients can continue to make progress in the comfort of their own home.
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