Medical Robotics Market Research Report 2020, Size, Share, Growth, Trend and Industry Analysis By Product (Surgical Robotic Systems, Rehabilitation Robotic Systems, Hospital & Pharmacy Robotic Systems, Noninvasive Radiosurgery Robotic Systems), Application (Laparoscopy, Neurosurgery, Cardiology, Orthopedic Surgery and Pharmacy Applications), End User (Hospitals and Clinics, Specialty Centers, Rehabilitation Centres) and Region (the Americas, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2025
Medical Robotics Market Scenario
Medical Robotics Market is expected to exhibit significant growth over the forecast period. The market was valued at approximately USD 23,432 Million by 2025 and is projected to register a 23.21% CAGR over the forecast period.
The introduction of advanced technologies including augmented reality (AR) and artificial intelligence (AI) has changed the healthcare industry significantly. Thanks to these technologies, medical robotics are proven to be a more safe and useful process for performing surgeries. Increase in the adoption of the medical robots to perform minimally invasive surgeries by lowering the complications is propelling growth of the global medical robotics market. This is primarily attributed to the growing demand for assistive and rehabilitation robots. Additionally, the efficiency of robots lowering complications and reducing efforts of surgeons are fueling growth of the global medical robotics market.
As per the statistics by National Cancer Institute (NCI), about 80% of surgical prostatectomies surgeries were performed in 2014. The surge in technologically advanced robotics systems is augmenting market growth. Additionally, the trend of using the features of HD surgical microscopic cameras, data recorders & data analytics, motion sensors, robotic catheter control system (CCS), 3D imaging, and remote navigation can propel the market growth.
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Medical Robotics Market Competitive Analysis:
Some of the major players operating in the global medical robotics market are Smith & Nephew Ltd., Stryker Corporation, Aethon Inc., Intouch Health Technologies, Inc., Intuitive Surgical, Inc., Varian Medical System, Inc., Titan Medical, Inc., Medtech SA, Ekso Bionics Holdings, Inc., Medrobotics Corporation, ReWalk Robotics, KUKA Roboter GmbH, Myomo Inc., Kinova, Carefusion Inc., Mazor Robotics Ltd., Hocoma AG, Hansen Medical, Inc., ZOLL Medical Corp (US), Transenterix, Inc. (US), and Auroba biomed Inc. (US).
Owing to the presence of several players, the market is fiercely competitive. In order to standalone in the cut-throat competition, the players are trying to introduce new products and increase investment in the R&D for innovation and product advancement. Additionally, the players are trying to expand their global presence through mergers and acquisitions, partnerships, and collaborations.
Medical Robotics Market Segmentation:
The medical robotics market is segmented based on products, application, and region.
Global Medical Robotics Market, by Products
- Surgical Robotic Systems
- Rehabilitation Robotic Systems
- Hospital & Pharmacy Robotic Systems
- Noninvasive Radiosurgery Robotic Systems
Global Medical Robotics Market, by Application
- Orthopedic Surgery
- Pharmacy Applications
Global Medical Robotics Market, by End User
- Hospitals and Clinics
- Specialty Centers
- Rehabilitation Centres
Medical Robotics Market Regional Analysis:
Based on region, the medical robotics market covers North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Regionally, North America dominated the global medical robotics market by accounting 40% share owing to the presence of advanced healthcare infrastructure and high healthcare expenditure. Additionally, factors such as changing technologies, growing adoption of advanced technologies, and growing need for automation are driving growth of the global medical robotics market. Europe held the second-largest share in the global medical robotics market owing to favorable governmental policies.
However, the market in the Asia Pacific is estimated to be the fastest-growing region in the coming years. This growth is primarily attributable to the highest investments by emerging countries in the region for the adoption of advanced healthcare facilities. Additionally, increasing demand for advanced and path-breaking technologies from the surgeons in countries such as India and China are fueling market growth in the region.
Medical Robotics Industry News:
In order to standalone in the competition in the market, Accuray Incorporated one of the key players entered an agreement with Hong Kong Sanatorium & Hospital (HKSH). Through this acquisition, motion tracking and correction technology will be used with the Radixact Systems at the hospital.
Table Of Contents
1. REPORT PROLOGUE
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.2.1. Research Objective
3. RESEARCH METHODOLOGY
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
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