Medical Robotics Market Overview
The elderly population is growing, and older individuals are increasingly dependent upon technology and robotics for duties such as surgery and medication delivery, which is fueling expansion in the medical robotics industry. The value of the medical robotics market is anticipated to reach USD 23,432 million with a CAGR of 23.21% over the forecasted period.
The pace of innovation and its application to medical science sets the stage for robots or devices that employ robotics to be more in demand in the medical field. The introduction of machines and automation in the medical profession is producing a shortage of educated medical workers, hurting the expansion of the medical robotics business directly or indirectly. Because of the rapid advancement of robotic technology, older technology is becoming less popular, resulting in a decline in demand for certain devices and impairing the market.
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Medical Robotics Market Segmental Analysis
The medical robot market includes hospitals and clinics, specialty centers, and rehabilitation centers by the end user. By product, the medical robot market includes surgical robotic systems, rehabilitation robotic systems, hospital & pharmacy robotic systems, and noninvasive radiosurgery robotic systems. By region, the medical robot market includes Europe, the Americas, Asia-Pacific, and Middle East & Africa. By application, the medical robot market includes neurosurgery, cardiology, laparoscopy, orthopedic surgery, and pharmacy applications.
Medical Robotics Market Regional Analysis
The regional evaluation of the medical robot market includes the Americas, Asia-Pacific, Europe, and Middle East & Africa. North America has the largest market share since all countries located there are advanced and use cutting-edge technology. Because of comparatively big federal subsidies from the health sector government funding administration, the North American region controlled medical robotics. On the other hand, the Asia-Pacific region is predicted to grow significantly over the forecasted time. APAC’s demand for advanced healthcare infrastructure systems is expected to expand at a healthy rate during the projection period. The Asia region’s demand for modern healthcare infrastructure systems is predicted to expand steadily in the future years.
Medical Robotics Market Competitive Analysis
The emphasis on accumulating asset reserves to respond to potential disasters is predicted to impact future market developments. If inputs such as labor and supply chains are harmed due to the ongoing occurrence of periodic lockdowns in numerous countries, market expansion may be limited. The reliance on online commerce on sales will expand considerably during the forecast period, compelling industry participants to invest more in its development. The positive response to introducing a COVID-19 vaccine will give companies more faith in their prospects. The change in supply chain remarks is predicted to impact market participants’ overall expansion positively. Government assistance is projected to promote global market development in the next years. Because of the frequency of COVID occurrences in numerous places, the market’s expansion may have been stifled.
The distinguished contenders in the medical robots market are Aethon (US), Intuitive Surgical (US), Medrobotics Corporation (US), Mazor Robotics (Israel), InTouch Technologies, Inc. (US), Renishaw plc (UK), Smith & Nephew (UK), Stryker (US), Medtech SA (France), Ekso Bionics (US), ReWalk Robotics (US), and McKesson Corporation (US)
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Medical Robotics Market News:
AiM Medical Robotics, a developer of MRI-compatible intraoperative robotics, said it had raised $3.4 million in a preliminary fundraising round. AiM Medical Robotics, established in Florida, built its robotic platform to be cost-effective, streamlined, and distinct in its potential to improve outcomes for patients undergoing neurosurgery for functional brain disorders such as Parkinson’s and epilepsy, and cancer. According to a press statement, the funds will be used to expedite the development of its MRI-compatible neurosurgery platform and expand its staff across research, engineering, clinical and medical affairs.
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