The Global Medical Robotics Market is projected to expand at a stellar CAGR of 20.8% during the forecast period (2017-2023), states Market Research Future (MRFR). A medical robot is used in the medical sciences, which include surgical robots, biorobots, rehabilitation robots, pharmacy automation and disinfection robot.
These robots are used in various segments of healthcare, providing high accuracy for treatment. Several surgical procedures such as cardiothoracic procedures, general surgical procedures, urological procedures and many more are conducted aided by medical robots.
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Medical Robotics Market – Key Players
ReWalk Robotics (Israel), Medrobotics Corporation (US), Stryker Corporation (US), Smith & Nephew Ltd. (UK), Aethon Inc. (US), Intuitive Surgical, Inc. (US), Intouch Health Technologies, Inc. (US), Varian Medical System, Inc. (US), Medtech SA (France), Titan Medical, Inc. (US), Ekso Bionics Holdings, Inc. (US), KUKA Roboter GmbH (Germany), Kinova (US), Myomo Inc. (US), Carefusion Inc.(US), Hocoma AG (Switzerland), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (US), Transenterix, Inc. (US), ZOLL medical corp (US), Auroba biomed Inc. (US) are some of the key players in the global market.
Industry Developments
- August 2018 – K-FLEX, a flexible endoscopic surgical robot has been developed by the KAIST Future Medical Robotics Research Center, under the guidance of Professor Dong-Soo Kwon. It is used in minimally invasive robot-assisted surgeries and has a precision control of 3.7 mm diameter robotic arms. The medical robot will expand new medical robotics research and also offer novel therapeutic capabilities for endoscopes.
Medical Robotics Market – Growth Drivers
Utilization of medical robots for surgeries lead to minimal complications, reduce the risk of infections, cause less pain, and also have faster recovery time that leads to shorter hospital stay. On account of these benefits, the market for medical robots has boomed in the past couple of years.
Also, the market is fueled by rise in funding for research and development (R&D) activities by governments and private organizations, upgradation of robotic technology, and surging demand for minimally invasive surgeries.
Apart from these factors, growing number of surgical procedures coupled with higher purchasing power of hospitals and rise in geriatric population has played a stellar role in the phenomenal market performance in recent years.
Medical Robotics Market – Restraints
Alongside the growth drivers are few restraints that undermine the market growth, such as high cost of surgical robots. This factor is prevalent in low economic nations where hospitals can not afford such robots, however, low-cost robotic systems create tremendous opportunities in developing markets. Increasing funding from government bodies around the world also helps overcome these restraining factors to a large extent.
Medical Robotics Market – Segmentation
The Global Medical Robotics Market is segmented based on products and application.
The products segment is sub-segmented into medical robotic systems, rehabilitation services, hospitals and pharmacies, accessories and others. The medical surgical robotic system is sub-segmented into neurosurgical robotic systems, orthopaedic robotic systems, laparoscopy surgical robotic systems and other. On the other hand, rehabilitation services are sub-segmented into prosthetic robots, orthotics robots, assistive robots, therapeutic robots and other. Hospitals and pharmacies are, in turn, sub-segmented into pharmacy robot, I.V. robots and other.
By application, the market is segmented into cardiology, neurology, laparoscopy, rehabilitation, and others. Due to rising stress levels on account of changing lifestyles and lack of physical activity, a large population is now prone to cardiovascular diseases. Thus, the segment of cardiology in the medical robotics market is surging at a significant rate due to growing cases of cardiovascular diseases and subsequent surgeries required for treatment.
Medical Robotics Market – Regional Analysis
Based on regions, the global market is segmented into the Americas, Europe, Asia Pacific (APAC) and the Rest of the World.
Globally, the region of America leads the global medical robotics market, holding over 40% of total market. This phenomenal market growth is due to increasing demand for the robot-assisted surgeries, sophisticated healthcare infrastructure, and high healthcare expenditure.
Europe has the second largest market on account of presence of huge opportunities for development of market and continuously improving healthcare infrastructure. Furthermore, favorable funding scenario for research on medical robots and availability of technologically advanced medical robots has led to phenomenal surge in the regional market.
APAC market flourishes on the back of increasing need for automation and advanced devices. Moreover, growth in the healthcare infrastructure boosts the market in the region. This, in turn, offers major growth opportunities to market giants trying to introduce their robots in the region.
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