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Global Medical Robots Market Size, Share, Development, Growth and Demand Forecast to 2024

  • Publishing: May 2021
  • Report Code: LS10225
  • Available Format: PDF

The global medical robots market is growing significantly due to increasing demand for minimally invasive surgeries with the help of robots in the industry. Moreover, rising need for errorless surgeries are expected to support the growth of the medical robots market. Massive unexplored market in medical robots industry of developing economies are creating ample opportunities for the medical robots market to grow at a considerable rate in the coming years.

The advanced research and development facilities and new product developments by the companies are supporting to address the demand for cost effective healthcare in the medical robots industry. Surgical robots reduce the pre and post-operative cost and length of stay in hospital. Moreover, development of nanorobots is also expected to support the growth of the medical robots market in the coming years.

On the basis of type of medical robots, the market can be categorized as noninvasive radiosurgery robots, surgical robots, rehabilitation robots, hospital and pharmacy robots and others. By type, the surgical robots lead the medical robots market, as surgical robots reduces the complication rate of surgeries and improves the accuracy of the procedure. Surgical robots are further categorized as orthopedic surgical robots, laparoscopy robotic systems, steerable robotic systems, neurosurgical robotic systems and others. The laparoscopic robotic systems lead the surgical robots market; whereas, the neurosurgical robotic systems segment is expected to grow with the fastest rate, among all the surgical robots category, in the coming years due to increasing demand for minimally invasive surgeries. Rehabilitation robots include assistive robots, prosthetics, exoskeleton radiosurgery robots, orthotics and therapeutic robots. Moreover, the hospital and pharmacy robots include telemedicine robots, I.V. robots, pharmacy robots and others.

Some of the factors driving the growth of medical robots market are rise in geriatric population, increasing prevalence of neurological and orthopedic conditions, rising demand for telemedicine, technological advancement in automation of healthcare industry, and increased demand and usage of robot assisted procedures. The medical robots market can be categorized on the basis of application as neurology, special education, laparoscopy, orthopedics and others. In addition, reduction in medication errors using medical robots, increase in healthcare spending and rise in government funding and grants are also fueling the growth of the global medical robots market. However, high initial investment, and lack of skilled labors are some of the factors restraining the growth of the medical robots market.

Geographically, North America will be leading the global medical robots market in the coming years, due to rise in aging population, growing prominence of rehabilitation robots, and favourable reimbursement policies. Moreover, Asia-Pacific is the fastest growing region in the global medical robots market. The major reasons contributing to the fastest growth in the region are increasing healthcare expenditure, large pool of patients, rise in government support and funding, increasing medical tourism, and improving healthcare infrastructure in the region. Moreover, the medical robots market is also growing due to increasing awareness of patients in the emerging countries, such as India and China, of Asia-Pacific region.

Some of the companies operating in the medical robots market are Accuray, Inc., Titan Medical, Inc., Health Robotics S.R.L., Renishaw Plc., Hansen Medical, Inc., OR Productivity Plc, Mako Surgical Corporation, Swisslog Holding Ltd., Medrobotics Corporation, Intuitive Surgical Inc., ZOLI Medical Corporation, Mckesson Corporation, and Mazor Robotics Ltd.

 

Report Coverage

  • Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
  • Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
  • Uncovers potential demands in the market
  • Porter analysis identifies competitive forces within the market
  • Provides information on the historical and current market size and the future potential of the market
  • Provides sizes of key regional markets using yardsticks of processes, segments, products, end user and technology, etc (as applicable)
  • Highlights the competitive scenario of the market, major competitors, market share, benchmarking, investments and merger acquisitions
  • Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.
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