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 size will witness a
significant growth USD 23.6 billion by 2030 registering a whopping CAGR of 15.8%
throughout the forecast period (2022 – 2030).
The global medical robotics market insight 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.
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 – 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.
Global Medical Robotics Market –Geographical Analysis
The North American region, heading with the huge
number of technological advances leads the global medical robotics market,
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.
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