Medical Robotics Market Outlook:
The global medical robotics market is poised for a high valuation due to being touted to experience 20.8% CAGR from 2017 to 2023 (forecast period). Massive demand for accurate surgeries with low error rate and high precision is one of the major drivers of the market. Procurement of surgical robots by hospitals, prevalence of chronic diseases, and increased funding for medical robots are other growth drivers of the market. Integration of artificial intelligence and augmented reality which ease the burden on surgeons and boost surgical outcomes can entice hospitals towards the technology.
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Advances of surgical robots amid increasing use of surgical robots can foster market growth during the forecast period. Advantages of robot-assisted therapy and shares offered by medical robot companies can facilitate market growth. Furthermore, the use of medical robots in the pharmaceutical industry to assist workers in harsh environments and prioritize their safety can fuel the market growth. But latency issues with robots as well as the nascent stage of the technology can create hesitation among hospital chains and pose a challenge to the market.
On the other hand, factors such as the latency issues occurred due to the embryonic stage of this technology such as the time lapses between the instructions physicians give to direct the controls and machines’ response which results in robots getting programmed incorrectly, are impeding the growth of the market. Also, the intense training required before operating these robots (machines) which demands a significant amount of time, present challenges to the growth of the market, slowing down its uptake.
Moreover, the technology demands more advancement in terms of logistics for instance; once programmed, this robotics cannot change the course instantly, meaning, they offer no chance for the needed adjustments to take place during the surgery which is also a crucial factor. Nevertheless, advancements in technology which is expected in the nearing future will support the market to perceive mega accruals, ruling-out these issues.
Transenterix, Inc., Hocoma AG, Auroba biomed Inc., Medrobotics Corporation, ZOLL medical corp, Hansen Medical, Inc., Kinova, Intuitive Surgical, Inc., Aethon Inc., Stryker Corporation, Intouch Health Technologies, Inc., Titan Medical, Inc., Carefusion Inc., Mazor Robotics Ltd., Ekso Bionics Holdings, Inc., KUKA Roboter GmbH, Medtech SA, ReWalk Robotics, Varian Medical System, Inc., Myomo Inc., Smith & Nephew Ltd., are notable players profiled in the global medical robotics market report. The market is characterized by new product launches, joint ventures, agreements, and partnerships.
The global medical robotics market is segmented by product and application. Major products include medical robotic systems, hospitals & pharmacies, rehabilitation services, accessories, and others. Rehabilitation services can account for a considerable market share due to incidence of stroke, paralysis, or other diseases which render a person immobile. According to the Centers for Disease Control & Prevention (CDC), stroke is one of the leading causes of disability. Rehabilitation services which assist disabled people regain their gait is expected to drive the segment growth.
By application, it is segmented into rehabilitation, laparoscopy, neurology, cardiology, and others. The neurology segment is expected to induce high demand due to need for medical robots in neurosurgery.
Geographically, the medical robotics market comprises trends and opportunities at country and regional levels across the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is estimated to dominate the market till the end of the forecast period. Within Americas, the North American region accounted for over 40% market share due to adoption of robot-assisted surgeries, high healthcare expenditure, and sophisticated healthcare infrastructure.
Europe is the second biggest region and portended to exhibit a stellar CAGR during the assessment period due to favorable government initiatives aimed at integrating technology which can better patient lives. Resurgence of economies in the region combined with the proliferating healthcare sector can augment the regional medical robotics market size considerably.
The APAC region is expected to exhibit the fastest growth rate during the forecast period due to introduction of robot-assisted training sessions for surgeons, adoption of surgical robots, and the growing geriatric population. The constantly developing healthcare infrastructure combined with a plethora of opportunities have created new growth avenues for the global medical robotics market in the region.
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