robotic surgery devices market
Market Insights
The global robotic surgery devices market is expected to grow at thriving CAGR of 20.8% during the forecast period of 2017 to 2023. This projection has been made by Market Research Future in their latest market report on the subject. Medical robots and robotics systems optimize revolutionary technology to improve existing global healthcare standards with a much lower margin for error. The global medical robots market is rife with opportunity and is expected to flourish during the assessment period.
Medical robots offer unmatched accuracy and have proven to greatly reduce the risk of morbidity in various surgical procedures. Successful use of medical robots in performing surgical procedures such as cardiothoracic procedures and general surgical procedures to name a few. The precise capability of this technology to provide treatment with the lowest possible margin for error is a key driver of market growth. Other drivers encouraging global demand for medical robots include the prevalence of various diseases due to changing lifestyles, improving reimbursement policies and the increasing awareness regarding the technology.
Maintenance costs of high-end medical costs and the costs associated with the treatment which use medical robots are expensive and as such are expected to restrict growth for the market during the review period. However, the potential of this market offers many opportunities for market expansion and growth. Technological advancements are expected to significantly improve existing technology over the course of the forecast period.
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Key Players
Some of the key market players who have been identified and analyzed in the report include Stryker Corporations, Aethon Inc., Smith & Nephew Ltd., InTouch Health Technologies, Inc., Intuitive Surgical, Inc., and Medtech SA.
Other players included are Auroba Biomed Inc., Mazor Robotics Ltd., Titan Medical, Inc., Hocoma AG, Varian Medical System, Inc., Ekso Bionics Holdings, Inc., Hansen Medical, Inc., Transenterix, Inc., ZOLL medical corp, KUKA Roboter GmbH, Carefusion Inc., Kinova, Myomo Inc., ReWalk Robotics, and Medrobotics Corporation.
Market Segmentation
Segmentation of the global medical robotics market has been performed based on product, application, and region. By product, the market has been segmented into medical robotic systems, rehabilitation services, hospitals & pharmacies, accessories, and others. Further sub-segmentation is as follows:
- Medical robotic systems – neurosurgical robotic systems, orthopedic robotic systems, laparoscopy surgical robotic systems and others.
- Rehabilitation services – prosthetic robots, orthotics robots, assistive robots, therapeutic robots and others.
- Hospitals & pharmacies – pharmacy robot, I.V. robots and others
By application, the market has been segmented into cardiology, neurology, laparoscopy, rehabilitation, and others.
By region, the global market has been segmented into the Americas, Europe, the Asia-Pacific and the Middle East & Africa.
Regional Analysis
The Americas due to their inclusion of the US and Canada lead the market with the most significant market share. The developed countries of this region have a strong tendency to adopt the latest in technology rapidly. Additionally, the region features the presence of strong competitors, a well-established healthcare sector in the countries mentioned above and have high healthcare expenditure which promotes adoption of medical robotics. The increasing demand for automation and the effort to reduce morbidity rates, contribute to the growth of the market. Europe, with its similar growth pattern to the Americas, has the second largest share of the total market.
The Asia-Pacific is expected to be a significant region during the forecast period due to the presence of huge opportunities. The rapidly improving infrastructure and the demand for healthcare facilities and treatment options equivalent to those in developed countries are expected to prompt robust growth for the global medical robotics market during the assessment period.
Latest Industry News
The Weirton Medical Center which is located in West Virginia, U.S.A has upgraded to an advanced robotic surgery device called Vinci Surgical System Xi which was developed by NASA to assist in surgeries in outer space in cases of emergency. Surgeons have noticed that they can perform finer movements and the powerful camera makes anatomy more readily visible.
A noted figure in the medical robotics field and the man behind Intuitive Surgical, Frederic Moll, has set up a new start-up called Auris Health which uses second-generation robotics to improve early diagnosis of lung cancer. Early diagnosis is key to a higher survival rate of lung cancer.
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