Medical Robotics Market Highlights On Future Development 2031

Southern Europe & Middle East Medical Robotics Market Outlook 2031

• The Southern Europe & Middle East medical robotics market was valued at US$ 239.6 Bn in 2020

• It is estimated to expand at a CAGR of 11.5% from 2021 to 2031

• The Southern Europe & Middle East medical robotics market is expected to reach the value of US$ 836.3 Bn by the end of 2031

Growing Expenditure on Healthcare to Boost Revenue in Medical Robotics

The rise in investments in medical robotics is a key

factor propelling the growth of the Southern Europe & Middle East medical robotics market. Investments in the development of innovative collaborative robots that cooperatively work with people are growing prominent. Robots are being developed for improving the health and quality of life of individuals with disabilities. Other robots are being developed to serve as social companion to individuals.

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The increase in investments in medical robots by healthcare providers, coupled with growing expenditure on healthcare is projected to boost the expansion of the Southern Europe & Middle East medical robotics market during the assessment period. However, prohibitive prices of robotic systems and safety concerns raised over robotic surgery devices are likely to impede the growth of the market during the forecast period. This has led to the need for continuous R&D investment to upgrade the technology of medical robots.

Government Stimulus Packages Help Companies to Stay Financially Afloat amid COVID-19 Pandemic
Since financial situations have been squeezed for healthcare facilities due to the coronavirus pandemic, there has been a slowdown in revenue generation in the Southern Europe & Middle East medical robotics market. Moreover, elective procedures have been postponed indefinitely.

Nevertheless, healthcare companies are taking data-driven decisions before planning their manufacturing and business operations. They are taking advantage of government stimulus packages to stay financially afloat amid the ongoing pandemic. Domestic and global companies in Southern Europe & Middle East are in the midst of rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic.

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Expensive Robotic Surgery Hampering Market Growth

The Southern Europe & Middle East medical robotics market is dominated by technological advancements. The introduction of new technologies that offer enhanced efficiency and outcomes is driving the demand for these systems. However, high cost makes these new devices unaffordable, particularly in underdeveloped countries, which, in turn, restrains the Southern Europe & Middle East medical robotics market.

Moreover, the lack of reimbursement hampers demand for robotic systems. Hence, healthcare companies should join forces with think tanks from reputed universities to innovate in low cost robotic systems.

Concerns have been expressed that robotic surgery is more expensive, and may not be any more successful than traditional laparoscopic minimally invasive and open surgery. Therefore, the high cost of robotic products leading to increase the overall cost of surgery is likely to restrain the Southern Europe & Middle East medical robotics market. Thus, strategic collaborations hold promising potentials to reduce the development cost of medical robots.

Shortage of Medical Staff Fueling Demand for Medical Robots

A key factor contributing to the growth of the Southern Europe & Middle East medical robotics market is the rising application of robotics systems in the medical field. Besides their use in surgery, these systems are increasingly being employed in pharmacy, clinical management, and elderly care.

In pharmacy, robotics helps in relieving the supporting staff of monotonous duties, such as medication and workflow management. Such trends are contributing to the market growth, since there has always been a shortage of medical staff, such as doctors and surgeons.

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According to the World Health Organization (WHO), there is scarcity of around 4.3 million physicians in healthcare facilities. For instance, based on a new study published by the Association of American Medical Colleges (AAMC), there is likely to be a shortage of 34,600 to 88,000 doctors in the U.S. by 2025, which is expected to rise to 40,800 to 104,900 doctors by 2030. This explains the need for medical robots in developing countries of Southern Europe & Middle East.

Telepresence robots can help in providing people accessibility to medical care in remote locations in the absence of physicians. In case of elderly people, robots can act as companions and make their life enjoyable & easier.

Southern Europe & Middle East Medical Robotics Market: Overview

• According to Transparency Market Research's latest market report on the medical robotics market in Southern Europe & Middle East for the historical period 2017-2019 and forecast period 2021-2031, rapid growth of robotic technology and rise in demand for minimal invasive surgeries are projected to drive the medical robotics market in Southern Europe & Middle East during the forecast period

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Rise in Number of Surgical Patients and Rapid Growth of Robotic Technology: Key Drivers

• Robotic surgery has been used in various surgical procedures in the past few years
• The surgical robotics market is driven by increase in the number of geriatric and surgical patients, technical advancements, and focus on robotics training for clinicians.

• Other technological advances in medical robotics include incorporation of magnetic resonance imaging and 3D ultrasound to facilitate real-time imaging for efficient procedure planning and easy future reference

• Intuitive Surgical received the U.S. FDA and CE mark approval for da Vinci X systems in the U.S. and Europe in May 2017 and April 2017, respectively
Rise in Demand for Minimal Invasive Surgeries

• Surgical robots are intended to overcome current limits in minimally invasive surgery and improve outcomes in open surgical procedures. These systems are used in a range of surgical procedures, including general surgery, urology, orthopedic, neurosurgery, obstetrics, and gynecology.

• Compared to standard surgical procedures and treatments, these robotic surgeries have fewer consequences, lower risk of infection, cause less pain, and have a faster recovery period, resulting in a shorter hospital stay. These benefits have induced medical facilities and centers to adopt medical robotic technology. Moreover, rise in popularity of computer-assisted or robotic minimally invasive surgery is expected to propel the market in Southern Europe & Middle East.

• Intuitive Surgical's da Vinci system is best suited for mini-invasive surgeries, especially those that are seemingly impossible or very difficult to perform with conventional laparoscopic techniques. Procedures such as cholecystectomy, adrenalectomy, rectopexy, cardiomyotomy, hernia repair and bariatric surgery are performed using the robotic technology.

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High Cost of Products to Restrain Southern Europe & Middle East Medical Robotics Market

• The medical robotic systems market in Southern Europe & Middle East is dominated by technological advancements. Introduction of new technologies that offer enhanced efficiency and outcomes drives demand for these systems. However, high cost makes these new devices unaffordable, particularly in the underdeveloped countries, which in turn restrains the medical robotic systems market in Southern Europe & Middle East. Moreover, lack of reimbursement hampers demand for robotic systems.

• Intuitive Surgical, Inc.'s da Vinci surgical robotic system costs around US$ 55,000 to US$ 2.5 Mn, and instruments and accessories used in robotic surgery generally cost around US$ 600 to US$ 3,500 per procedure. Hence, concerns have been expressed that robotic surgery is more expensive and may not be any more successful than traditional laparoscopic minimally invasive and open surgery.

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• Therefore, high cost of robotic products leading to increase in the overall cost of surgery is likely to restrain the market in Southern Europe & Middle East during the forecast period

Southern Europe & Middle East Medical Robotics
Market: Competition Landscape

• This report profiles major players in the medical robotics market in Southern Europe & Middle East based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

• The medical robotics market in Southern Europe & Middle East is consolidated, with the presence of a small number of players

• Prominent players operating in the medical robotics market in Southern Europe & Middle East include

o Accuray Incorporated
o Asensus Surgical, Inc.
o Avateramedical GmbH
o Intuitive Surgical, Inc.
o Johnson & Johnson Services, Inc.
o KUKA AG
o Medtronic plc
o Renishaw plc
o Smith+Nephew
o Stryker Corporation
o Zimmer Biomet

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