Medical Robots Market: By Products (Instruments & Accessories and Medical Robot Systems), By Applications in Surgical Areas (Laparoscopy, Orthopedics, Neurology, Special Education, and Others), By regions (Americas, Europe, Asia Pacific, and RoW)- Drivers, opportunities, Trends and Forecasts: 2017-2023
- June, 2017
- Domain: ICT - Verticals
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The healthcare industry is characterized by several challenges such as high costs, care delivery failures and overtreatment that escalates healthcare costs and negatively impacts patient outcomes. This has led to an increased adoption of robots in the healthcare sector. Medical robots help surgeons to perform critical operations with precision thereby improving patients’ health. The use of robots in surgeries is also helpful in reducing human errors. The increase in funding for R&D of medical robots, technology advancements, increasing hospital investments on medical robots and issuance of IPOs by medical robots’ companies are the major driving factors for the market growth.
The growing ageing and chronically ill population are the prime factors creating opportunities for the makers of medical robots. The medical robot organizations are heading towards enhancing their offerings and are entering into partnerships with technology providers to cater to the increasing needs of the end-users. The high initial costs is a major concern in the market. The market is segmented by products, applications in surgical areas, and regions including North America, Europe, Asia Pacific, and RoW. Major companies, such as Medtronic, Stryker, Intuitive Surgical, Boston, and Mazor Robotics, are investing in integration of robotics technology into their products.
According to Infoholic Research, the Medical Robots Market is expected to reach $17.58 billion by 2023, growing at a CAGR of 22.0% during the forecast period 2017–2023. The increased adoption of medical robots in hospitals and pharmaceuticals, the growing ageing population, and the increasing patients’ preference for minimally invasive surgeries are forcing organizations to focus on developing innovative solutions. The increasing demand for managed care and shortage of professionals in the healthcare domain are some of the additional factors contributing to the market growth.
The products segment holds a prominent market share and is expected to reach $17.58 billion by 2023. A number of start-ups are entering the market to offer attractive designs and innovative features in medical robots to the customers. IoT innovations and the increasing R&D investments from big organizations for enhancement of their product portfolio are also contributing to the market growth.
Currently, North America has a majority share of the Medical Robots Market mainly due to technology advancements. The Medical Robots Market is witnessing a strong growth in countries such as the US and Canada. Europe is spending heavily in the manufacturing of innovative solutions for medical robots. The developing regions, such as Asia Pacific, is expected to improve its market share during the forecast period. The regional government initiatives for developing smart city projects and the increasing FDI for the development of digital healthcare infrastructure in the regions are the main factors contributing to the market growth. MEA is expected to experience a strong market as the regional governments are spending generously on infrastructural developments which will create huge opportunities for the key players to provide innovative solutions in the region.
The key players covered in the report are Medtronic, Stryker, Intuitive Surgical, Boston Scientific, Mazor Robotics, BALT Extrusion, Cyberonics, and Ekso Bionics.
The study covers and analyzes the Medical Robots market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
The report provides an in-depth analysis of the Medical Robots market aiming to offer end-users with innovative medical robots, which enable surgeons in performing critical surgeries with greater precision. The report discusses about products, applications in surgical areas, and regions. With the information offered, key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and public private partnerships (PPPs) interest toward the adoption of medical robots in the healthcare industry. Further, the report provides details about the major challenges impacting the market growth. The report also covers the profiles of major companies.
Device manufacturers, suppliers, distributors, hospitals and diagnostic centers, policy makers, standard development organizations, investor community, university researchers, blog writers, and ambulatory surgery centers.
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include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.