Medical robotics have been in use in the medical sector for various applications since early 1980s. Nevertheless, due to reliability and safety concerns, the adoption of medical robotics have been relatively slow. With the expanding capabilities and the ongoing trend of automation across different application sector, medical robotics have found widespread application in the healthcare sector, over the period of time. Today, medical robots have been developed for performing various surgical procedures including neurological, orthopedics, minimally invasive surgeries and others. Popular types of medical robots, designed as per the application, include surgical robots, rehabilitation robots, minimally invasive robots, hospital and pharmacy robots and others.
The most significant factor fueling the market growth is the overall superior economic and social advantages of medical robotics over traditional human operation. Medical robotics are designed for better precision, faster procedure and safer surgical procedure. In addition, medical robotics are suitable for use in hybrid operating room, one of the rapidly growing technologies in the medical sector. Subsequently, medical robotics market is estimated to register strong growth during the forecast period. Another significant factor fueling the market growth is the encouragement and funding provided by various national governments. Market players are hence, more inclined towards research and development, thereby producing more reliable and safer robotic systems.
The report titled “GlobalMedical RoboticsMarket- Growth, Share, Opportunities and Competitive Analysis, 2016 – 2023” offers strategic insights into the global medical robotics system industry along with the market sizeand estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on product types, applications and cross-sectional study across different geographies and sub-geographical segments. The study covers the comparative analysis of different segments for the years 2015&2023. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help strategic decision makers, the report also includes competitive profiling of the leading medical robots vendors, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis, market positioning and key developments. Some of the major players profiled in the report are iRobot Corporation, Renishaw Plc., Titan Medical Inc., Medrobotics Corporation, Accuray, Inc., Varian Medical Systems, Intuitive Surgical, Inc.,OR Productivity Plc.and others. Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the robotics industry
Market fuelers, market impediments, and their impact on the market growth
In-depth competitive environment analysis
Trailing 2-Year market size data (2014 – 2015)
SRC (Segment-Region-Country) Analysis
Overall, the research study provides a holistic view of the global medical robotics market, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above-mentioned factors.
The global medical robotics market is dominated by the surgical robotics systems accounting for more than 55% of the total market revenue generated, worldwide. Surgical robotic systems are used for various surgeries/procedures including neurological, orthopedic and laparoscopic among others. Since the volume of these procedures is high globally, the segment is estimated to retain its dominant position in the market throughout the forecast period. Another major factor fueling the segment growth is the rising adoption of minimally invasive surgical procedures. Nevertheless, the rehabilitation robots segment is projected to witness the highest growth during the forecast period.
The overall medical robotics market is dominated by the laparoscopy application segment. In 2015, the segment contributed to more than eighty percent of the total revenue generated worldwide. The segment growth is mainly attributed to the rising demand for minimally invasive diagnostic and therapeutic procedures. With the further rising penetration of minimally invasive medical procedures, the segment is estimated to retain its dominant position in the market throughout the forecast period.
Apart from laparoscopy application segment, the neurological application segment is projected to register the highest growth during the forecast period. The growing prevalence of neurological diseases such as Parkinson’s disease, brain tumor, epilepsy and others has led to higher volume of neurological surgical procedures. Consequently, this is estimated to significantly drive the demand for medical robotics specifically for neurological treatment in the coming years.
As of 2015, the North America region dominates the global medical roboticsmarket contributing to more than one third of the total market revenue. The growth here is majorly attributed to the wide adoption of robotic systemsacross various medical applications.Due to rising penetration of hybrid operating rooms coupled with strong government encouragement, the region is estimated to retain its dominant position in the market throughout the forecast period.
Asia Pacific is projected to emerge as the fastest growing region for medical robotics in the coming years. Due to growing medical tourism in countries such as India, Thailand, Singapore and others, strong investment can be seen on healthcare IT and other medical devices. As a result, the region is estimated to emerge highly lucrative for medical robotics during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Robotics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Products
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
