Medical Robots Transforming Healthcare Market Size to Grow at a CAGR of 6.8% During the Forecast Period 2020-2025
Research Reports
May 25, 2021
Medical Robots Transforming Healthcare Market size is $7.6 Billion in 2019, growing at a CAGR of 6.8% during the forecast period 2020-2025. Medical robotics is an evolving healthcare field that has been creating a healthcare paradigm change as it enhances the quality of patient care. Some of the factors expected to stimulate the adoption of medical robots are demographic change, the lack of healthcare personnel, the need to enhance the quality of life for the disabled and the elderly, and the need to improve surgical procedures coupled with the emphasis on developing technologically advanced robots. For instance, Japan’s Health Ministry has approved Cyberdyne’s HAL exoskeleton suit as a medical device, citing the benefits provided by rehabilitation robots, thus covering it under the public health insurance scheme.
Medical Robots Transforming Healthcare Market Segment Analysis – By Type
In 2019, Surgical segment dominated the Medical Robots Transforming Healthcare Market in terms of revenue is estimated to grow at a CAGR of 7.3%. The growing use in the healthcare industry of surgical robots that are associated with medical robotics is increasing significantly. Surgical robots are commonly used as an assistant position, conducting operations beyond human limits. Many hospitals and clinics are now rapidly introducing surgical robots, and surgical procedures such as laparoscopic surgery, heart-thorax surgery, orthopaedics and trauma surgery are largely dominant abetting towards the growth of the market.
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Medical Robots Transforming Healthcare Market Segment Analysis – By Geography
In 2019, the North America region dominated Medical Robots Transforming Healthcare Market in terms of revenue with a market share of 42% owing towards rising public & private funding for R&D in this region. Medtronic’s Stealth Autoguide technology is being introduced by Phoenix Children’s Hospital in the US. This platform robotically assists the neurosurgeons in order to position the instruments accurately during medical procedures. Also, the rising Pandemic in US has raised the demand for robots which will further accelerate the markets growth. According to the American Heart Association, 99 million people in the region are suffering from heart diseases and strokes, the increasing number of cardiovascular diseases is anticipated to increase the demand for non-invasive surgeries further giving rise to medical robots transforming healthcare market. Government has taken initiatives to promote technological advancements and initiatives to escalate the minimally invasive surgical process are key factors in the growth of the Medical Robots Transforming Healthcare market. Europe is expected to record the fastest growth rate during the forecast period 2020-2025.
Medical Robots Transforming Healthcare Market Drivers
Rapid Growth In Technological Advancements And Growing Preference Of Non-Invasive Procedures By Patients
Growing technical innovation encourages the development of the sector. Monarch, a surgical robotic platform that combines modular robotics, micro-instrumentation, and data science for better bronchoscopic procedures, was introduced by Hansen Medical in March 2018. Medical robot uses non-invasive surgeries in the field of gynecology, cosmetology, open surgery, laparoscopic procedures, and others. These procedures deliver negligible risks, reduce the risk of infections, decrease discomfort, and improve recovery more quickly. Traumatic injuries, cancers and cardiovascular disease raise the impact of surgical intervention in medical robots transforming healthcare market.
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Medical Robots Transforming Healthcare Market Challenges
Lack of Skill & High Cost of Implementation
The cost and absence of trained workers operating the robots are the key challenges hindering the increasing implementation of robotics. The investment in industrial robots is very high, which impedes the use of robots and, in addition, the need for knowledgeable workers also has a significant effect on the use of robotics in healthcare sector. Most of the hospital or clinic deny to have medical robotics owing to its high price as this condition forces hospitals and clinics to market these procedures at higher prices. Also, regulatory concerns regarding usage of medical robots and growing stringent government policy and regulation toward the use of product for application is restraining growth of the market.
Medical Robots Transforming Healthcare Industry Outlook
Product Launches was the key strategy of the players in the Medical Robots Transforming Healthcare Industry. Medical Robots Transforming Healthcare top 10 companies include Elekta AB, Hocoma AG, Intutive Surgicals Inc., Mazor Robotics, Rewalk, Varian Medical Systems, Accuray Inc., MedtEch S.A., Kuka Roboter GMBH and Irobot Corporation.
Acquisitions/Product Launches
In February 2020, Intuitive Surgical Inc. acquired Orpheus Medical. This acquisition helped the company expand its product line, providing access to information technology and archiving surgical video to hospitals around the globe.
In May 2016, Mazor Robotics entered into partnership with Medtronic plc. for its robot-assisted spine surgery technology that includes a co-promotion agreement and an equity investment of $42million.
Key Takeaways
The increasing shortage of healthcare professionals with the need to improve quality of life for disabled and elderly accelerates the Medical Robots Transforming Healthcare demand over the forecast years 2020-2025.
The rise of Novel Corona virus has also resulted in the extensive demand for medical robots in order to treat patients safely is likely to be the major driving factor for the market’s growth.
Europe region is projected to record the fastest growth rate during the forecast period 2020-2025.
Related Reports :
A. Medical Robotics Market
https://www.industryarc.com/Report/2331/Medical-Robotics-Market-Research-Report.html
B. Laparoscopic Instruments Market
https://www.industryarc.com/Report/16399/laparoscopic-instruments-market.html
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