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The Global Medical Robots Market is set to witness a very successful period with technological advancements occurring frequently, market will rise from its initial estimated value of USD 5.9 billion in 2018 to an estimated value of USD 28.9 billion by 2026 registering a CAGR of 21.8% in the forecast period of 2019-2026
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Market Definition: Global Medical Robots Market
Medical Robots are mechanical robots that are used in medical services. They aid in surgeries, rehabilitation or even in dispensing of medical pharmaceutics. Medical robots are used in a variety of surgical practices. These robots act as a tele manipulator acting on behalf of the surgeon to perform hazardous tasks or even the most precise procedures.
North America had the highest market share in 2017 and the same will be the case by the end of the forecast period. Asia-Pacific region will witness the highest growth rate from all the regions.
Global Medical Robots Market, By Product (Instruments and Accessories, Surgical Robots, Rehabilitation Robots, Noninvasive Radiosurgery Robots, Hospital and Pharmacy Robots, Others), Application (Laparoscopy, Orthopedic, Neurosurgeries, Pharmacy, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends & Forecast to 2026
- Medical robots offer up a variety of rehabilitation techniques and are greatly effective in comparison to conventional rehabilitation techniques, this factor will act as a major market growth
- Technological advancements have enhanced the medical robots market due to the close working relationship of doctors and the medical robots industry, which have improved the market growth potential for medical robots
- Lack of knowledge about the operations of these robots and the appropriate information required from the surgeons regarding these robots act as a major market restraint
- High cost are restraining the industry to properly breakthrough the market share
Medical robots are automated mechanical components and robots that improve the delivery & quality of healthcare services. These robots differ on the basis of the functioning they provide and therefore are of different varieties. These robots provide surgical assistance, diagnostic improvements and rehabilitation of patients as well as providing pharmaceuticals. They can even perform certain high-risk surgical procedures while also assisting surgeons by acting as their tele manipulator in the operating room.
Medical robots market is growing due to effectiveness and variations in providing rehabilitation, technological advancements of medical robots; the effects of these factors are mentioned below:
- Effectiveness and variations in providing rehabilitation: The demand for highly effective and efficient rehabilitation procedure is in increased demand, which is increasing the adoption rate for medical robots. This is because these robots can carry greater weight load without the chances of patients suffering from falls or failures. These robots can improve the overall healthcare servicing, as they result in reduction of patients undergoing rehabilitative processes. They also exhibit certain different methods for rehabilitation as compared to traditional rehabilitation processes which are not being as effective for the patient
- Technological advancements of medical robots: Various medical device manufacturers have started various collaborative strategies and involving physicians, surgeons that are expert in their fields to improve the overall operability of the medical robots. These experts have provided valuable insights and inputs to the manufacturers resulting in various innovations and technical advancements of the robots. This strategy is increasing the potential for further collaborative processes and innovations in the robotic field
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Regional expansion and strategic acquisitions utilized by the manufacturers:
- In February 2019, Johnson & Johnson Services, Inc. announced that they had agreed to acquire Auris Health for USD 3.4 billion, with additional USD 2.35 billion agreed in the deal as milestone payments depending on certain targets. This acquisition will help Johnson & Johnson improve their medical devices offerings which will be able to offer safer surgical procedures and solutions to hospitals and patients
- In November 2018, Panasonic Corporation announced that they will launch two of their assisted robots for the Indian market by early 2019. The robots include a robot which will assist users in carrying luggage while the other one is a walk-assisting robot which will be initially launched for hospitals. These robots are set to be provided to hospitals before indulging in consumer sales. The company is looking to invest heavily in the region with in-region production facilities which will supply company’s products across the entire Asia-Pacific countries
The market is segmented on the basis of product as instruments & accessories, surgical robots, rehabilitation robots, noninvasive radiosurgery robots, hospital & pharmacy robots, other robots; application is categorized into laparoscopy, orthopedic surgeries, neurosurgeries, pharmacy applications, others.
Key Developments in the Market: Global Medical Robots Market
- On September 1, 2016 Hocoma, announced a merger with DIH International that will enhance Hocoma’s reach into rehabilitation and medication management globally
- On May 30, 2018, Intuitive Surgical announced the expansion of its operations in India through a distributor Vattikuti Technologies Pvt. Ltd.
Competitive Analysis: Global Medical Robots Market
The Global Medical Robots Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Medical Robots market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Medical Robots Market
Major market competitors currently working in the Medical Robots Market are Intuitive Surgical, Stryker, Hocoma, Mazor Robotics, CMR Surgical Ltd, Auris Health Inc., Accuray Incorporated, Omnicell Inc., ARxIUM, Ekso Bionics, Capsa Healthcare, TransEnterix Surgical Inc., Stereotaxis Inc., ReWalk Robotics, Titan Medical Inc., Medtech SA, Aethon, Medrobotics Corporation, InTouch Technologies Inc., McKesson Corporation, Renishaw plc., Varian Medical Systems Inc., OR Productivity PLC, and Siemens Healthcare GmbH.
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Key Insights in the report:
- The key market players are analyzed and their effects on the market is also observed
- Market analysis is conducted for the forecast period of 2018 to 2025, and the market segmentations are observed during that period
- The market drivers and restraints have been clearly analyzed for the effect that they have over the market in the forecast period of 2018 to 2025
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