Medical robots allows surgeons to carry out operations in more precise and less invasive way, medical robots increases accuracy of the operation along with wide range of advantages such as decreases risk of infection, decreases post-operative pain and reduces risk of patients life. Along with improved patient care, another aim of making medical robotics mainstream is to cut down on medical costs along with improved diagnostic abilities. The world is currently facing the shortage medical facilities; robots such as Aethon TUG can complete the work of three full-time employees this can save the man power for other activities. Adoption of medical robotics in healthcare industry is considered as a wise step to overcome the global shortage of medical facilities. Medical robots are mainly used because of their ability to perform repetitive tasks at high speeds, reliably and without fatigue.The robotic method poses great benefits, not only in terms of performance, but also in terms of cost-effectiveness, ease of use and other such factors.
Market Size & Forecast
In 2015, the global robotics market was valued at USD 4.1 billion and the market is anticipated to reach USD 13 billion by the end of 2023 witnessing a compound annual growth rate of 21.5% over the period of forecast.
Geographically, North America is anticipated to have the upper hand over the global market in terms of revenue share owing to increasing investment in R&D activities coupled with rapid technological advancement in healthcare industry in the region.
In terms of market growth, Asia Pacific is anticipated to be the most attractive market witnessing a compound annual growth rate of 17% over the forecast period i.e. 2016-2023. This is mainly attributed towards the development of medical infrastructure in the region.
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Surgical robots segment accounted for the highest market share of 40% in 2015, the market is anticipated to expand with a promising compound annual growth rate over the forecast period. This can be attributed towards the increasing acceptance of medical robots in cardiac, orthopedic, and neurosurgery.
The rehabilitation robotics segment is expected to exhibit the fastest growth, with a compound annual growth rate of 20% during the forecast period. Rehabilitation robots are gaining popularity due to the rising aging population subject to increasing physical disabilities and this will further expand the demand of rehabilitation robots over the forecast period i.e. 2016-2023.
In robotic surgery, the robot is initially programmed and allowed to proceed on its own; there are some other applications of robotics in surgery where the robot is actually guided by surgeons throughout the process. The actions of the robot are not predetermined, but rather controlled in real-time by the surgeon.
Growth Drivers and Challenges
The rising need of advance technology in healthcare industry, increasing patient pool and extensive application of medical robots in critical surgeries such as cardiac, orthopedic, and neurosurgery are some of factors that drives the medical robotics market across the globe.
Favourable government reforms towards the development of healthcare industry such as Patient Protection and Affordable Care Act (PPACA) based in U.S which encourages the market players to adopt technologically advanced treatment methods, the act provide incentives to the hospitals to promote the adoption of advance medical treatment in order to improve the quality of medical services in the country is anticipated to propel the market growth. Government of developing countries are also taking initiatives to develop the medical infrastructure of the country, this will further expand the medical robotics market in public sector.
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Increasing acceptance of medical robotics in healthcare industry along with the increasing contribution of medical robots in complex cases is anticipated to fuel the demand of medical robotics in the upcoming 5-6 years.
Various advantages gained by automation of medical practices such as speed, accuracy, repeatability, reliability, and cost-efficiency will further spur the demand of medical robots in hospitals.
Reluctance to accept robotics in medical sector along with the safety concerns, high cost of the medical robots are some factors that are restraining the market growth.
Stryker Corporation, Intuitive Surgical, Inc., Houston Medical Robotics, Inc.Hansen Medical, Inc., Kirbey Lester, Otto Bock Healthcare, Kinova robotics, Varian Medical Systems, Hocoma AG, Vecna Robotics, Globus Medical, IRobot Corporation, Titan Medical, Inc.KB Medical S.A.
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