Market Overview
Acknowledging
the potential, the market holds to increase in the years to come, Market
Research Future (MRFR) in its recently published analysis asserts that the
global medical robotics market share will witness a significant growth USD
52.41 billion by 2032 registering a whopping CAGR of 15.69% throughout the
forecast period (2023 – 2032).
The
global medical robotics
market report has been growing pervasively mainly due to the constant
advancements in the medical robotics technology. Operating machines
remotely and performing surgeries meticulously, medical robotics technology,
has
been proven to be far more effective than other similar technologies of medical
science. Resultantly, this technology is being used across the verticals of
healthcare making a number of surgical procedures easier & successful.
Moreover, the increasing number of urological, cardiothoracic, and general
surgeries is escalating the market on the global platform.
Integration
of augmented reality (AR) and artificial intelligence (AI) into medical
robotics technology have further enabled medical robotics to reach par
excellence, making cost-effective healthcare available. Simultaneously, the
emergence of AR &AI has been supporting medical robotics to streamline
operating theatres, making the surgical procedures efficient without leaving
scope for human error at the same time saving a whole lot of time of healthcare
staff.
Additional
factors predominantly propelling the growth of the market include the
augmenting demand for robotic surgeries and the prevalence of diseases &
increasing cases of accidents. Furthermore, growing investments transpired into
R&D activities are helping the market to create a significant revenue
pocket in the global space, improving the technology further.
On
the other hand, factors such as the latency issues occurred due to the
embryonic stage of this technology such as the time lapses between the
instructions physicians give to direct the controls and machines’ response
which results in robots getting programmed incorrectly, are impeding the growth
of the market. Also, the intense training required before operating
these robots (machines) which demands a significant amount of time, present
challenges to the growth of the market, slowing down its uptake.
Moreover,
the technology demands more advancement in terms of logistics for instance;
once programmed, this robotics cannot change the course instantly, meaning,
they offer no chance for the needed adjustments to take place during the
surgery which is also a crucial factor. Nevertheless, advancements in
technology which is expected in the nearing future will support the market to
perceive mega accruals, ruling-out these issues.
Global Medical Robotics Market – Segmentations
For ease of understanding, the market has been segmented into three key dynamics: -
By Product : Various Accessories, Hospitals & Pharmacies (I.V. Robots, Pharmacy Robot, and others), Medical Surgical Robotic Systems (Neurosurgical Robotic Systems, Orthopaedic Robotic Systems, Laparoscopy Surgical Robotic Systems, and other), and Rehabilitation Services (Prosthetic Robots, Orthotics Robots, Assistive Robots, Therapeutic Robots, and other) among others.
By Application : Cardiology, Neurology, Rehabilitation, and Laparoscopy among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Medical Robotics Market – Competitive Analysis
Highly
competitive, the medical robotics market appears to be fragmented owing to the
presence of several well-established players. These players are focusing on
optimizing situational awareness towards customers to ensure their mission
success. They seek market expansion through various strategic initiatives
such as innovation, M&A, and increasingly invest in R&D to develop
cost-effective product portfolio. As they are aware that these
investments are going to help them to expand their market presence
Major Players:
global medical robotics market players include Smith & Nephew Ltd. (UK), Stryker Corporation (US), ReWalk Robotics (Israel), Medtech SA (France), KUKA Roboter GmbH (Germany), Hocoma AG (Switzerland), Aethon Inc. (US), Mazor Robotics Ltd. (Israel), Intuitive Surgical, Inc. (US), Varian Medical System, Inc. (US), Titan Medical, Inc. (US), Intouch Health Technologies, Inc. (US), Medrobotics Corporation (US), Kinova (US), Carefusion Inc.(US), Ekso Bionics Holdings, Inc. (US), Myomo Inc. (US), Hansen Medical, Inc. (US), Transenterix, Inc. (US), ZOLL Medical Corp. (US), and Auroba Biomed Inc. (US) among others.
Global Medical Robotics Market –Geographical Analysis
The
North American region, heading with the huge number of technological advances
leads the global medical robotics
market overview, accounting for over 40% of the market share. Factors such as the
augmenting demand for well-developed healthcare infrastructure and
robot-assisted surgeries driven by the high healthcare expenditure drive the
growth of the regional market.
The
medical robotics market in the European region accounts for the second-largest
market, globally. Favorable governmental support and initiatives are expected
to help the market to grow extensively, registering a considerable CAGR
throughout the forecast period. The proliferating healthcare sector led by the
resurging economy is radiantly fostering the growth in the regional market.
The
Asia Pacific medical robotics market has been rapidly emerging as a profitable
market, globally. Factors such as the huge technological developments and the
continually developing healthcare infrastructure that is led by the rapidly
developing economy are expected to boost the growth of the regional market,
allowing it to register a fabulous CAGR throughout the assessment period,
proving more opportunities to the international players.
About US:
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Research Future (MRFR), enable customers to unravel the complexity of various
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