The Latin America Medical Robots Market had a market value of USD 0.54 billion in 2016 and is forecasted to exhibit a CAGR of 22.13% and reach USD 1.46 billion by 2021. The Medical Robots market is exhibiting significant potential in the given forecast period. The market continues to show growth with increase in technological advancements in the sector of healthcare and pharma, which has in turn helped the doctors to cure patients with ailments which can’t be cured as effectively by a human surgeon. Hence, more and more companies have shown interest in this market lately.
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Medical Robots are the robots which are used in field of medical sciences. There are different types of such medical robots like surgical robots and others. These robots assist in carrying out task with better precision than an unaided human surgeon and also provide the option of remote surgery in case where human surgeon isn’t available.
The advancements in technological the healthcare sector are one of the major factors driving the Medical Robots market. Other key factors contributing to the growth of the market include Increase in funding for Medical Robots research, growing hospital investments in Medical Robots, issuance of Ipos by Medical Robots companies and the advantages offered by Robot-Assisted Training in Rehabilitation Therapy. Besides these, there are few challenges and restraints faced by the market as well. The major ones are high cost of Robotic Systems with unjustified cost benefits of Robotic Surgeries and safety concerns over Robotic Surgery Devices.
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The Medical Robots Market has been broadly segmented on the basis of Product and Applications. Under the Product, the segmentation is done as surgical robots, Rehabilitation Robotic Systems, Non-invasive Radiosurgery Robotic systems, Hospital and Pharmacy Robotic Systems and other Robotic Systems. The surgical robots are further categorized into Laparoscopy Robotic Systems, Orthopaedic Robotic Systems, Neurosurgical Robotic Systems and steerable Robotic Systems. Similarly, under Rehabilitation Robotic systems the sub segments are Therapeutic Robotic Systems, Assistive Robotic Systems, Prosthetic Robotic systems, Orthotic Robotic Systems, Exoskeleton Robotic Systems and for Hospital and Pharmacy Robotic Systems the sub segments include Pharmacy Robotic Systems, IV Robotic Systems and Telemedicine Robots. Based on Application the market is segmented into Laparoscopy, Orthopaedics, Neurology, Special Education and other Applications. Although neurology is expected to have highest CAGR but Laparoscopy is still predicted to lead the market share. On the basis of geographical analysis, the market is analysed under various countries namely Brazil, Argentina, Mexico and Rest of Latin America.
Some of the major Medical Robots market leaders include Intuitive Surgical Inc., Hocoma AG, Stryker Corporation, Mazor Robotics Ltd, Accuray Incorporated, Arxium, Hansen Medical Inc, EKSO Bionics Holdings Inc., Kirby Lester LLC, Omnicell Inc.
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