The major influencing factors driving the growth of this market are technological advancements in medical robots, advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, and the issuance of IPOs by medical robot companies.
What the Market Looks Like?
Predicted to grow at a CAGR of 21.0% during the forecast period, the global Medical Robots Market is estimated to reach USD 16.74 billion by the end of 2023. North America is expected to account for the largest share of the medical robots market in 2018, followed by Europe.
By product, the market is segmented into instruments & accessories and robotic systems. In 2017, the instruments & accessories accounted for the largest share of the medical robots market. The robotic systems segment has been further segmented into surgical robotic systems, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, and hospital and pharmacy robotic systems. In 2017, the surgical robotic systems segment accounted for the largest share of the robotic systems market.
By application, the market is segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery.
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What Drives the Market?
The growth of the global market for Medical Robots is primarily influenced by the following factors:
- Advantages Offered By Robot-Assisted Training in Rehabilitation Therapy
- Technological Advancements
- Increase in Funding for Medical Robots Research
- Issuance of IPOS By Medical Robot Companies
The growing preference for and rising number of robotic procedures performed are likely to present growth opportunities in the medical robots market.
Geographical growth scenario of Medical Robots Market
Geographically, the Medical Robots market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the medical robots market in 2018, followed by Europe. The large share of this region can be attributed to the increasing adoption of surgical robots by hospitals in the region, favorable funding scenario for research on medical robots, and the availability of technologically advanced medical robots.
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Leading market players and strategies adopted
The prominent players in the Medical Robots Market include Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel). Other players in the market include Hocoma (Switzerland), Hansen Medical (US), Accuray (US), Omnicell (US), Arxium (Canada), and Ekso Bionics Holdings (US).
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