A new market study, titled “Global Medical Robotics Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024”, has been featured on WiseGuyReports.
Market Overview
Robotics plays a growing and critical role in digitization of healthcare sector. Application of robot based technology in medical industry has emerged beyond manufacturing or industrial robots itself in recent years. Medical robots are used for assistance in medical transportation & telepresence, sanitation, disinfection, and prescription dispensing. These features are attracting the global market towards the adoption of medical robots for healthcare industry.
Industry players are spending on R&D to develop robotic systems that can treat major injuries. The major focus of R&D is to provide reliable and safer robotic systems for patients. For instance, Titan Medical has introduced SPORT, a surgical system to help surgeons in treating severe sport injuries. This device has 3-D high definition vision system and multi-articulating instruments for performing surgery as well as assisting on surgeon’s workstation. Companies like Verb Surgical, joint venture of Johnson & Johnson and Google have invested around USD 250 million in developing faster and easy to use medical robots in the near future. Apart from big industry players startups are also investing in research & development to provide better medical facilities with the help of robotic technology.
Market Segmentation
Global Medical Robotics Market is categorized on the following basis:
- Based on Product Type
o Surgical Robots
o Rehabilitation Robots
o Non-invasive radio-surgical Robots
o Hospital & Pharmacy Robots
- Based on Application
o Neurology
o Orthopedics
o Cardiology
o Laparoscopic
o Other (Gynecology, Nanomedicine)
- Based on Country
o North America (U.S. & Canada) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
o Latin America (Brazil, Mexico & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
o Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
o Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
o Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
o Rest of World {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
Market Size and Forecast (2016-2024)
The global medical robotics market size is projected to expand from USD 4.26 billion in 2016 to USD 22.61 billion 2024. The market is estimated to grow at a CAGR of 23.2% during the forecast period.
North America holds the largest market share around 43% in 2015 and is anticipated to witness healthy growth over the forecast period. Increasing applications of medical robots mainly hospitals and pharmacy robots, surgical robots etc. in U.S. and Canada is likely to enhance the growth opportunities for medical robotics in the region. Europe is the leading region in professional medical service robotics. Germany has the largest medical robotics technology market and holds third rank for advance medical technology market internationally. Germany is also a leading country for Neurosurgery market in Europe and provides robotics and treatment facilities for nervous system disorder in over 1,200 hospitals in the region. However, rising need for advance technology and better treatment options for critical diseases such as urological disorders, gynecological diseases and cardiac diseases are driving the global medical robotics market in Asia-Pacific region. Asia-Pacific medical robotics market is anticipated to grow at a CAGR of 27.0% during the forecast period
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Market Drivers and Challenge
Growing ageing population in developed & developing countries and globalization of healthcare is raising the demand for medical robots. Large elderly populated nations such as Japan have already developed a number of medical robots that assists in initial advent of dementia and help older people. Features like better precision, faster procedure and safer surgical procedure provided by medical robots are gaining traction which is likely to encourage the expansion of medical robotics business globally.
However, high costs of surgical robotic procedures, surgical systems, and rehabilitation exoskeleton are restraining the growth of medical robotics market. Lack of awareness about advance robotic solutions and lack of technically skilled personnel are also hindering the market growth. Also existing market players are already investing to improve their medical robots so that it can be available at reasonable cost. This can create challenges for startups in medical robotics market to establish brand image and to introduce cost-effective medical robots.
Key Market Players
- Titan Medical Inc.
o Synopsis
o Business Strategy
o Product Portfolio
o SWOT Analysis
- Medtronic
- Stryker Corporation
- TransEnterix Inc.
- Medtech
- Abbot Diagnostics
- Aurora Biomed
- Irobot Corporation
- Intuitive Surgical
- Hansen Medical
- Mazor Robotics
- Kirby Lester LLC
- Accuray Incorporated
- Ekso Bionics Holdings, Inc.
- Hocoma AG
- Omnicell, Inc.
- CareFusion
- Biotek Instruments
- Rewalk Robotics
Scope Background
Market Synopsis
Market Segmentation
The Global Medical Robotics Market is segmented as follows:
- By Product Types (Market Size, Demand Analysis and Growth Analysis)
- By Application (Market Size, Demand Analysis and Growth Analysis)
By Regions
- North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
- Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
- Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
- Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
- Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
- Rest of World {Market Size, Growth Analysis and Opportunity Analysis}
Table of Contents
- Parent Market Synopsis
- Executive Summary
- Research Methodology
- Regional Opportunity Analysis on the basis of Competitors
- Global Medical Robotics Market (USD Billion) and Forecast Analysis, 2016-2024
- Market Dynamics: Growth Drivers, Restraints and Opportunities
- Global Medical Robotics Market Segmentation
- Competitive Outlook
- Porter’s Five Force Model
- Market Landscape: Competition and Beyond
- Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
- Expert Analysis
- Concluding Remarks
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