The global medical robotics market is segmented into product type such as instruments and accessories and robotic systems. Additionally, robotic systems are further sub-segmented into surgical robots, rehabilitation robots, non-invasive radiosurgery robots, hospital and pharmacy robots. Further, robotic systems captured the largest segment in 2015 and it is expected to acquire at a remarkable CAGR during the forecast period. In addition to this, growing adoption of innovative technology to curb the operational cost and human errors is envisioned to elevate the global market of medical robotics. Moreover, technological advancement related with medical robotics is also believed to spur the growth medical robotics market.
Global medical robotics market is expected to register a robust CAGR of 21.5% over the forecast period. Moreover, medical robotics market is anticipated to reach USD 13 Billion globally by 2023. The market is expected to expand on the back of growing adoption of medical robotics owing to extensive application of medical robots in critical surgeries such as cardiac, orthopedic, and neurosurgery.
The neurology segment by application is expected to post a significant CAGR by 2023. Further, increasing number of patients suffering from neurological diseases is projected to flourish the global market of neurology. In terms of regional platform, North America is slated to account for the leading market of medical robotics in 2015 aided by U.S. Further, this growth of medical robotics market in this region is attributed to the well-developed healthcare infrastructure and increasing investment in R&D activities.
Favorable Government Initiatives
Supportive government policies towards the development of healthcare industry such as patient Protection and Affordable Care Act (PPACA) based in U.S, which encourages for adopting technologically advanced treatment methods. Moreover, incentives provided by government to the hospitals to promote the adoption of advance medical treatment is envisioned to foster the growth of medical robotics market by the end of 2023.
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Rising Healthcare Expenditure
Increasing healthcare expenditure on the back of positive GDP growth is envisioned to fuel the growth of medical robotics market. Furthermore, rising research and development activities in the field of drug and rising number of clinical trials are the major factors augmenting the demand for medical robots.
On the contrary, high cost associated with medical robots is projected to dampen the market of medical robots over the forecast period.
The report titled “Medical Robotics Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global medical robots market in terms of market segmentation by product type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global medical robots market which includes company profiling of Stryker Corporation, Intuitive Surgical, Inc., Houston Medical Robotics, Inc.,Hansen Medical, Inc., Kirbey, Lester, Otto Bock Healthcare, Kinova robotics, Varian Medical Systems, Hocoma AG, Vecna Robotics, Globus Medical, IRobot Corporation, Titan Medical, Inc.and KB Medical S.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical robots market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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