Market Research Future published a research report on “Global Medical Robotics Market Research Report- Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Synopsis
As per the latest report by Market Research Future (MRFR), the global medical robotics market will be depicting a lavish growth of 20.8% during forecasted period (2017-2023).
Market Drivers and Top Barriers
The rapid growth of the medical robotic systems is evident due to factors like technological improvements such as the increasing use of more efficient motors, power back-up, compact and light materials, and sophisticated controls and safety mechanisms, combined with more economic versions. Also, augmented demand for minimal invasive surgeries is further fostering the demand for medical robotic systems market. Medical robotic systems are extensively used for minimal invasive surgeries in the field of cosmetology, gynecology, laparoscopic procedures, open surgery, as well as flexible endoscopic procedures. Such techniques have minimal complications, cause less pain, reduce risk of infections, and have faster recovery time, leading to shorter hospital stay as compared to conventional therapies and treatments. The combination of these factors will increase the acceptance as well as adoption of medical robotic systems in numerous medical facilities and centers.
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Apart from this, growing funding for research & development activities by governments along with private organizations, in addition to striking growth in robotic technology, and surging acceptance of minimal invasive surgeries will be highly instrumental in the growth of the medical robotic systems at a global platform. Furthermore, higher purchasing power of hospitals, increasing number of surgical procedures, and expanding geriatric population are additional factors promoting the development of the global medical robotic systems market.
In contrast, the high-cost associated with surgical robots could act as a top barrier in the market growth in the coming years. However, introduction of low-cost robotic systems as well as accessories is creating tremendous opportunities in developing and developed markets. For instance, the U.K.-based Cambridge Medical Robotics (CMR) is at present, developing affordable, versatile, and easy-to-use robots.
Market Segmentation
The market for medical robotics is segmented on the basis of product, and application.
Product-wise segments in the Medical Robotics Market are hospitals & pharmacies (pharmacy robot, I.V. robots and other), various accessories, medical surgical robotic systems (orthopedic robotic systems, neurosurgical robotic systems, laparoscopy surgical robotic systems and other), and rehabilitation services (orthotics robots, prosthetic robots, therapeutic robots, assistive robots, and other) among others.
The medical robotics find applications in neurology, cardiology, rehabilitation, and laparoscopy among others.
Key Players:
Stryker Corporation (US), Smith & Nephew Ltd. (UK), Aethon Inc. (US), Intuitive Surgical, Inc. (US), Intouch Health Technologies, Inc. (US), Varian Medical System, Inc. (US), Medtech SA (France), Titan Medical, Inc. (US), Ekso Bionics Holdings, Inc. (US), ReWalk Robotics (Israel), Medrobotics Corporation (US), KUKA Roboter GmbH (Germany), Kinova (US), Myomo Inc. (US), Carefusion Inc.(US), Hocoma AG (Switzerland), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (US), Transenterix, Inc. (US), ZOLL medical corp (US), Auroba biomed Inc. (US)
Regional Outlook
The regions among which the global medical robotics market is segmented into are Europe, Asia Pacific (APAC), North America and the Rest of the World.
The region of North America happens to be the leading market for medical robotics, at a global level, accounting for more than 40% of the total market share. Growth drivers include elevating demand for well-developed healthcare infrastructure, growing demand for the robot-assisted surgeries, along with the high healthcare expenditure.
Europe has acquired the second position with the second-largest market for medical robotics, with the predictions of it to expand further at a considerable CAGR. Supportive governmental support as well as initiatives are set to propel the market position of medical robotics in the region. Moreover, proliferating healthcare sector within the region, resulting from the resurging economy bolsters the market growth radiantly.
APAC has managed to amass a sizeable market share of medical robotics. Massive growth opportunities coupled with the continuously expanding healthcare infrastructure in the region has resulted in the strong growth of the regional market growth.
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Intended Audience
- Medical robot manufacturers
- Medical robot suppliers
- Research and Development (R&D) companies
- Independent research laboratories
- Government and independent regulatory authorities
- Market research and consulting service providers
- Medical research laboratories
- Academic medical institutes and universities
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