The two main categories of robots in the medical field include surgical robots and rehabilitation robots. The surgeries being performed with the assistance of robots are often termed robot-assisted surgeries. Robotic surgery allows surgeons / clinicians to perform complex medical procedures with higher precision and ease. Mostly, robotic surgery accounts for minimally invasive surgery which is performed through tiny incisions; and surgeons control the surgical instruments in these robot-assisted surgeries. Surgical robots also includes a 3D camera and a console for the surgeon which gives them high definition, magnified, 3D view of the surgical site maintaining the precision and accuracy of the procedure. These surgical robots have made it possible to carry out complex surgeries, such as otolaryngologic surgery, neurosurgery, gynecological surgery, cardiothoracic surgery, gastrointestinal surgery, urology surgery, orthopedic surgery and microsurgery (conducted for the regeneration of damaged skin, muscles, and tissues).
Additionally, it is worth noting that, since 2000, the development of rehabilitation robots has also entered a peak phase, attracting significant attention from researchers from various countries, such as the US, Japan, Israel, France, Switzerland, South Korea, China. This surge of interest resulted in the development of several exoskeleton models including the Berkeley Lower Extremity Exoskeleton (BLEEX) developed for military purposes, while the Robot Suit Hybrid Assistive Limb (HAL)-5 was designed for civilian applications. Additionally, the ReWalk exoskeleton was specifically developed to serve medical needs. The field of medical robotics is continuously evolving, with new advancements contributing to improved patient care, enhanced surgical techniques and broader application of robotic technology in healthcare.
Robots in the Medical Field: Surgical Robots Market Landscape
The surgical robots market landscape features over 110 companies, which claim to be engaged in the development of surgical robots. The market is currently dominated by small and very small players, followed by mid-sized companies. This suggests that the surgical robotics industry is enticing for new entrants and startups that are engaged in the development of technologically-advanced surgical robots. Further, this growth can also be attributed to the evolving need for automation in conducting complex medical procedures in the healthcare industry, along with the promising future prospects for surgical robots. Moreover, surgical robot companies utilize various types of innovative technologies in order to support high-tech equipment, image analysis and visualization in robotic systems.
Robots In the Medical Field: Rehabilitation Robots Market Landscape
The rehabilitation robots market landscape features around 80 companies, which claim to be engaged in the development of rehabilitation robots. It is worth mentioning that majority of the robots are rigid. This can be attributed to the fact that the rigid frame of the medical exoskeleton assists in weight-bearing, which is crucial for those with weak or compromised musculoskeletal systems. Further, rigid exoskeletons offer a higher degree of safety, as they can provide precise control over joint movements. This is essential to prevent unintended movements or instability, especially in medical applications wherein patient safety is paramount. This is followed by robots made of textile materials and lightweight structures. Since these exosuits reduce inertia due to their lightweight, they allow more efficient movement of the user and reduce discomfort, which is especially important for long-term use.
Partnerships And Collaboration
Over the past few years, players engaged in the development of robots in the medical field have entered into various partnership agreements, with an aim of expanding and diversifying their respective portfolios. A growing interest in this field is reflected from the increase in the partnerships focused on different types of partnerships.
In the surgical robots market, mergers and acquisitions (15%) emerged as the most popular type of partnership model adopted by various stakeholders in this domain. It is worth highlighting that two companies acquired the maximum (3) number of companies, during the given time period, in order to consolidate their position in this industry, these include (in alphabetical order) Medtronic (with acquisition of Medicrea, Rist Neurovascular and Titan Spine) and Stryker (with acquisition of Cardan Robotics, Mobius Imaging and Vocera Communications).
In the rehabilitation robots domain, majority (28%) of the partnerships signed in this domain were distribution agreements. This can be attributed to the fact that rehabilitation robot developers have been increasingly exploring various options to drive widespread adoption of their products among patients, by expanding their distribution networks across various hospitals, rehabilitation centers and non-profit organizations. This is followed by product / technology development agreements (15%), and research and development agreements (11%), indicating substantial research in this domain. Examples of players that have signed majority of the distribution agreements include (in reverse chronological order) Bioservo Technologies and Fourier Intelligence.
Funding And Investments
Over the years, monetary assistance from angel investors, venture capitalists, and funding schemes offered by various public and private organizations have allowed start-ups / small companies to enhance their R&D efforts on the development of robots in the medical field.
Looking specifically at the trend in the funding activity in surgical robots domain, it has remained consistent during the given time period. It is worth noting that maximum number of funding instances (23%) were reported in 2023 (till September), followed by instances reported in 2020 and 2022 (22%, each). Moreover, in 2023, four companies developing surgical robots raised funding via more than one funding round, these include (in alphabetical order) Asensus Surgical, Galen Robotics, Ganymed Robotics and Microbot Medical.
The overall trend of investments being made in surgical robots domain has been very promising, with over USD 3.6 billion invested in this domain over the last four years. It is worth highlighting that, of the total amount raised during the time period, CMR Surgical alone raised 13% through a venture series D (amounting to ~USD 0.6 billion) in June 2021. Moreover, majority of the funding (~USD 2.8 billion) in surgical robots domain was raised through different rounds of venture funding, during the given period.
Conclusion
Driven by a range of factors, including the growing prevalence of chronic diseases, rising demand for minimally invasive surgeries and technological advancements, the demand for robots in the medical field is poised to grow significantly over the coming years. However, this growth trajectory may also be accompanied by various challenges, including limited accessibility of the robots to various hospitals, chances of surgical errors and ethical concerns arising with the use of automated robots in performing surgeries.
On the other hand, despite the commercial availability of several rehabilitation robots, their adoption in the healthcare industry still remains low, owing to multiple factors, such as high cost and limited awareness. However, in the foreseen future, the adoption rate of this technology is anticipated to steadily increase as the stakeholders recognize the positive return on investment (ROI) on exoskeleton products (owing to higher benefit-cost ratio) and novel applications of these products are explored.
To successfully navigate these challenges and seize the market opportunities at hand, companies developing robots in the medical field must adopt a proactive and forward-thinking approach, which essentially requires them to stay abreast of the latest regulations and guidelines and optimize the medical robotics technologies as per the requirements. As the market continues to evolve and mature, we can expect to see continued innovation and development in medical robotics domain, which may help reduce the challenges currently associated with such robots. It is worth mentioning that the medical robotics market holds the potential to offer lucrative market opportunities for stakeholders in this domain. By capitalizing on these opportunities, stakeholders can position themselves at the forefront of this rapidly expanding market.
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