Growth in medical robots market can be attributed to factors such as the advantages offered by robotic-assisted surgery and robot-assisted training in rehabilitation therapy, technological advancements in robotic systems, Improving reimbursement scenario, the increasing adoption of surgical robots, and the increase in funding for medical robot research. However, the high cost of robotic systems is a key factor limiting market growth in the coming years.
The medical robots market includes Tier I and II vendors like Intuitive Surgical (US), Stryker Corporation (US), BD Rowa (US), Omnicell (US), and Hocoma AG (Switzerland), among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World. The global COVID-19 outbreak has negatively impacted the business to a certain extent. Companies are delaying the purchase of capital expenditure due to current pandemic situation which has led to cash crunch situation for the end users of medical robots.
Browse 164 market data tables and 47 figures spread through 192 pages and in-depth TOC on “Medical Robots Market- Analysis and Global Forecast To 2025”.
The global medical robots market is expected to reach 12.7 billion by 2025 from an estimated USD 5.9 billion in 2020 at a CAGR of 16.5% during the forecast period.
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The instrument and accessories product segment is expected to command the largest market share during the forecast period
On the basis of product & service, the medical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment commanded the largest share of the market in 2019. This segment is also expected to grow at the highest CAGR during the forecast period. The large share and high growth rate of this segment are mainly driven by the recurrent purchase of instruments & accessories as opposed to robotic systems, which are a one-time investment.
The surgical robots segment is expected to command the largest market share during the forecast period
On the basis of robotic segment, The robotic systems market is broadly segmented into surgical, rehabilitation, radiosurgery, and hospital & pharmacy robotic systems. The surgical robots segment accounted for the largest share and is expected to account for the highest CAGR of the robotic systems market due to the increasing number of laparoscopic surgeries globally, rising number of sports injuries, and the growing incidence of urological conditions across the globe. The most commonly available surgical robots are orthopedic robots, neurosurgical robots, and laparoscopy robots. Technological advancements in robotics have led to the replacement of traditional surgeries with minimally invasive robotic surgeries.
The laparoscopy surgery application is expected to account for the largest market share during the forecast period.
Based on the applications, the medical robots market is segmented into laparoscopy, orthopedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery and other applications. The laparoscopy surgery application segment is expected to account for the largest share during the forecast period. The high market share of this segment can primarily be attributed to the increasing number of surgical procedures conducted globally and increasing adoption of minimially invasive procedures.
The hospital segment to account for the largest share during the forecast period
Based on end users, the market is divided into hospitals, ambulatory surgery centers, rehabilitation centers and other end users (retail pharmacies and external radiotherapy centers). Hospitals are expected to account for the largest share of the global medical robots market in 2020. The high market share of this segment is due to higher adoption of surgical robots due to advantages of robotic-assisted surgeries like lower pre- and post-operative care costs as well as the length of stay, better patient outcomes.
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North America to account for the largest market share during the forecast period
Geographically, the medical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. North America accounted for the largest share of the medical robots market. The large share of this market in this region can be attributed to the availability of funding for R&D in medical robots, the increasing commercialization of rehabilitation robots, and the rising procedural volumes in the US.
Some of the prominent players operating in the medical robots market include Intuitive Surgical (US), Stryker Corporation (US), Accuray (US), Omnicell, Inc.(US), BD Rowa (US), Hocoma AG (Switzerland), Medtronic (Ireland), Smith & Nephew (UK), ARxIUM (Canada).
This report describes and studies the medical robots market based on product, application, end user, and region. It provides detailed information regarding the major factors influencing the growth of this market and the factors impacting market dynamics. The report includes in-depth competitive analysis and the product matrix of the prominent players in this market, along with their company profiles, product portfolios, recent developments (mergers, acquisitions, partnerships, collaborations, etc.), and key business strategies.
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