As medical technology continues to advance, demand is increasing around the world for medical robots that can offer faster, less invasive surgeries and procedures.
A new forecast is predicting the medical robotics industry will be worth $44.45 billion worldwide by 2030.
While the industry was estimated at a $10.88 billion valuation in 2021, an ever-changing technological landscape is increasing demand, according to a July medical robotics market report from Next Move Strategy Consulting.
The report examines medical robotics trends, key market segments and the industry competition, according to a July 8 press release.
The medical robotics market is growing as chronic diseases, including cancer and diabetes, increase as the global population ages, and as the demand for cost-effective, minimally invasive procedures rises.
Researchers continue to push the envelope with surgical robots: In January 2022, Johns Hopkins University in Baltimore performed the first laparoscopic surgery on pig tissue without any human help thanks to robot medical technology.
However, the cost of medical robots remains high, and there are a lack of individuals who are qualified to use such equipment. These issues have slowed the growth of the market, according to the press release.
North America currently has the largest financial share of medical robots and is expected to continue dominating the market, but the report predicts a steady rise in the Asia-Pacific market during the forecast period.