Medical Robots Market is expected to grow at a CAGR of 22.0% during the forecast period 2017–2023 to aggregate $17.58 billion by 2023
The growing aging population, technology advancements, increased funding for medical robots’ research, and issuance of IPOs by medical robots companies are driving the Medical Robots Market growth. The leading applications segment, laparoscopy, is expected to grow at a CAGR of 21.9% during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Medical Robots Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023” (July 2017).
According to Infoholic Research, the Medical Robots Market will experience significant growth during the forecast period due to improved benefits they offer in rehabilitation therapy, growing disposable income of people across the globe, and increasing hospital investments in medical robots. Technology advancements in the healthcare industry will also contribute to the market growth. The market is expected to grow at a CAGR of 22.0% to touch an aggregate of $17.58 billion by 2023.
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The report is segmented by products, applications in surgical areas, and regions. The products segment is further classified into instruments, accessories, and medical robotic systems. The medical robotic systems segment is playing a significant role in offering innovative and high-quality medical devices to the hospitals, pharmaceuticals, and personal care centers. Medical robots enhance patient’s health conditions, thereby bringing a paradigm shift in the healthcare industry. These robots are helping the elderly and physically challenged people in improving their quality of life. Major organizations are trying to develop innovative solutions in medical robots to offer healthcare services to people who reside in remote areas. In line with this, major organizations are heavily investing on innovations in robotic technology such as enabling stroke survivors to control and self-direct the movement of disabled body parts. Hospitals and pharmacy robots are witnessing a huge growth in the medical robot market due to the increasing adoption of medical robots in hospitals for streamlining the healthcare tasks, thereby improving the efficiency and speed of the healthcare services. The hospitals and pharmacy robotic systems segment is expected to grow at a CAGR of 22.0% during the forecast period.
As per applications in surgical areas, laparoscopy is expected to outperform and grow at a CAGR of 21.9% during the forecast period. The growing preference of patients for minimally-invasive surgeries, technology advancements, and demand for better and cost-effective healthcare solutions is creating significant opportunities in the Medical Robots Market. The orthopedics segment will play a major role driven by the increased benefits offered by robot-assisted training during rehabilitation therapy and advancements in robotics technology. A lot of small- and medium-sized healthcare providers are expected to enter the Medical Robots Market within the next decade.
In terms of regional analysis, North America is the prime region for Medical Robots market followed by Asia Pacific. In Asia Pacific, the Medical Robots Market will improve due to the growing aging population and government initiatives for the development of digital healthcare infrastructure. In Europe, the market will improve due to the growing healthcare solutions, need to reduce delivery cost and increase disposable income. The RoW is an emerging Medical Robots market. The rising investments from regional governments for manufacturing, innovations in IoT technology, the increasing adoption of medical robots in hospitals, and the increasing urban population in the developing countries are expected to drive the market growth during the forecast period. The market in Asia Pacific is expected to grow at a CAGR of 22.7% during the forecast period.
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“Currently, the Medical Robots Market enables end-users, such as hospitals, clinics, healthcare institutions, and R&D teams, to adopt the most innovative healthcare techniques to reduce cost and time along with offering the best healthcare services to patients. The market is an attractive space for technology providers, device manufacturers, and OEMs to expand their business in various regions. The application in surgical areas segment will hold enormous promise in the next 3–4 years due to the increasing aging and chronic ill population, innovation in medical technologies, and advancements in artificial intelligence.” – Praveen Kumar S, Research Analyst at Infoholic Research
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting medical robots), but also brings in their perspective on the Medical Robots Market.
- The market has been analyzed by considering the key regions, namely North America, Europe, Asia Pacific, and ROW.
- The market is analyzed based on products, applications in surgical areas, and regions.
- The report analyzes the top 8 players in terms of market reach, business strategy, and business focus.
- It provides an in-depth analysis of the key business opportunities in each technology type.
- The report includes competitive benchmarking analysis to optimize short-term and long-term strategies of
- The report provides stakeholders’ insights and key trends (current and future) of the market.