Global Medical Service Robotics Market Project to Exceed $20 Billion in 2024 with Additional Growth Expected
2024-12-03 05:45 ET - News Release
PALM BEACH, Fla., Dec. 03, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Innovations in robotics technology, including artificial intelligence, machine learning, and sensor technology, are enhancing the capabilities of medical robots. These advancements enable more precise surgical procedures, improved rehabilitation processes, and efficient hospital logistics, thus attracting more healthcare facilities to adopt robotic solutions. The market is characterized by a moderate level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to expand the business to cater to the growing demand for medical service robots. A report from Grand View Research said that the global medical service robots market size was estimated at USD 20.59 billion in 2024 and is projected to grow at a CAGR of 16.5% from 2025 to 2030. It said: “The growth can be attributed to the introduction of technologically advanced robotic equipment in the healthcare sector and the rise in per capita healthcare spending. Continuous advancements in technology, such as robotic catheter control systems (CCS), data recorders, data analytics, remote navigation, motion sensors, 3D-Imaging, and HD surgical microscopic cameras, are projected to drive industry growth. Furthermore, the introduction of swarm robotics is opening new opportunities for industry. It is a new approach to coordinating multi-robotic systems through swarm intelligence.” Active Tech Companies in the markets today include Jeffs' Brands Ltd (NASDAQ: JFBR), Serve Robotics Inc. (NASDAQ: SERV), Symbotic Inc. (NASDAQ: SYM), Microbot Medical Inc. (NASDAQ: MBOT), Medtronic plc (NYSE: MDT).
Grand View Research continued: “Swarm robotics finishes the task faster and identifies pathology with higher efficiency. Growing adoption of AR/VR, AI, and IoT along with the introduction of a 5G network is further expected to boost industry growth over the forecast period since these technologies along with a strong network are expected to enhance the experience of remote patient monitoring and improve the workflow process across the medical sector. These robotics services are used to provide a higher level of patient care by providing patient-centric, customized, frequent, and/or constant monitoring for patients dealing with debilitating health conditions and chronic diseases, introducing intelligent therapeutics, and also providing social engagement to elderly patients. Supportive government initiatives to establish medical facilities in remote areas through telepresence-based robotic systems are fueling the industry's growth. The medical service robots market in North America is anticipated to register at the fastest CAGR during the forecast period. The presence of key players, along with favorable government initiatives for the adoption of robotic technologies in healthcare, is a key factor boosting the region’s growth.”
Jeffs' Brands Ltd (NASDAQ:JFBR) and Deliverz.AI Sign a Binding Letter of Intent for a U.S. Joint Venture Involving AI-Powered Fully Autonomous Robots - Jeffs' Brands enters service robotics market, expected to reach $84.8 billion by 2028 according to MarketsandMarkets, through this new joint venture – Jeffs' Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq: JFBR, JFBRW), a data-driven e-commerce company operating on the Amazon Marketplace, has entered into a binding Letter of Intent (“LOI”) with Deliverz.AI Ltd. (“Deliverz.AI”), a company focused on artificial intelligence (“AI”) powered fully autonomous multi-purpose robotic platforms, as previously announced on November 27, 2024. The LOI, entered into on November 27, 2024, outlines a plan to establish a joint venture (“JV”) to operate exclusively in the United States, combining the strengths of both companies to introduce AI-powered fully autonomous robotic solutions for healthcare logistics in the United States.
Deliverz.AI specializes in autonomous navigation platforms that streamline logistics operations. Their flagship robot, Polly, is already in use at Israel’s Sheba Medical Center, ranked by Newsweek magazine as the 9th best hospital in the world, where it autonomously delivers chemotherapy drugs across complex hospital environments. The company’s AI-powered platforms are designed for seamless indoor and outdoor navigation, optimizing workflows in healthcare, smart cities, and Industry 4.0 applications.
The service robotics market is projected to reach $84.8 billion by 2028 growing from $41.5 billion in 2023, according to MarketsandMarkets. The growing adoption of robots for new applications, the surging use of Interest of Things (IoT) in robots for cost effective predictive medicine and the increasing use of disinfection robots in hospitals are factors driving the growth of this market per MarketsandMarkets.
Pursuant to the LOI, Deliverz.AI will provide the license for its proprietary robotics technology and operational software to the JV in consideration of a 50% equity stake in the JV, while Jeffs' Brands will invest $1 million for a 50% equity stake in the JV. The investment will be paid according to a phased schedule: $100,000 upon the signing of the definitive agreement establishing the JV, $100,000 when the JV secures its first U.S. pilot project, and the remaining $800,000 will be paid in installments until the end of 2025, based on budgets to be agreed upon in the definitive agreement.
The JV will aim to partner with U.S. medical centers, deploying robotics solutions to improve logistics efficiency and enhance healthcare delivery. Both companies are committed to finalizing definitive agreements within 30 days, which will include customary closing conditions, compliance with any regulatory approvals and subject to satisfactory due diligence to be completed by each party. In the event that the results of the due diligence are not satisfactory to one of the parties, the LOI will terminate. There is no guarantee when or if the JV will be established or if the JV will be successful. Read this full release and more news for Jeffs' Brands by visiting: https://www.financialnewsmedia.com/news-jfbr/
Other recent developments in the technology industry include:
Serve Robotics Inc. (NASDAQ: SERV), a leading autonomous robotic delivery company, recently announced its agreement to acquire the assets of Vebu Inc. (“Vebu”), a trailblazer in full-stack automation and robotics solutions for restaurant partners. Financial terms of the all-stock transaction were not disclosed.
The acquisition strengthens Serve's strategic positioning by providing its restaurant partners with a suite of automation solutions and expanding Serve's offering beyond delivery into back of house automation. Vebu will help Serve become a more integral partner to restaurants, accelerating partner adoption as Serve expands its geographic footprint in new cities across the U.S.
Symbotic Inc. (NASDAQ: SYM) recently announced financial results for its fourth fiscal quarter and fiscal year ended September 28, 2024. Symbotic posted revenue of $577 million, net income of $28 million and adjusted EBITDA of $55 million for the fourth quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $392 million, a net loss of $45 million and adjusted EBITDA of $13 million. Cash, cash equivalents and marketable securities on hand decreased by $143 million from the prior quarter to $727 million at the end of the fourth quarter.
For the full fiscal year 2024, Symbotic reported revenue of $1,822 million, reflecting 55% growth year over year, a net loss of $51 million, and adjusted EBITDA of $96 million.
“I’m pleased with our performance this year, as our focus on innovation and customer success has delivered robust growth. This year’s results, driven by the hard work and dedication of our team, underscore the strength of our long-term strategy and commitment to driving sustainable, long-term growth for our customers, shareholders, and employees,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We look forward to building on this momentum and continuing to deliver exceptional results and value for our stakeholders in the year ahead.”
Microbot Medical Inc. (NASDAQ: MBOT), developer of the innovative LIBERTY® Endovascular Robotic Surgical System, recently announced that it has successfully completed enrollment and follow up for all patients in its ACCESS-PVI human clinical trial. The Company remains on track to file its 510(k) submission with the U.S. Food and Drug Administration (FDA) by of the end of 2024.
The Company also announced that it is accelerating its go-to-market strategy. It expects to begin building out the commercial infrastructure, including the hiring of a seasoned healthcare executive to lead its sales efforts, upon the FDA clearance, which is expected during 2Q 2025.
“We are very pleased with the performance of LIBERTY® throughout the study,” commented Juan Diaz-Cartelle, MD, Chief Medical Officer. “We want to thank all our investigators for their enthusiastic commitment to the trial. We expect to share the results of the clinical trial with the medical community and the public at a conference in early 2025.”
Medtronic plc (NYSE: MDT), a global leader in healthcare technology, recently announced U.S. Food and Drug Administration (FDA) clearance for its new InPen™ app featuring missed meal dose detection, paving the way for the launch of its Smart MDI system with the Simplera™ continuous glucose monitor (CGM). The company's Smart MDI system combines its InPen™ smart insulin pen with its newest Simplera™ CGM — the company's first disposable, all-in-one CGM that's half the size of previous Medtronic CGMs.
With this clearance, the system will be the first in the market to recommend corrections for missed or inaccurate insulin doses, providing real-time, personalized insights for individuals on multiple daily injection (MDI) therapy.
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