San Francisco, 11 Sep 2018: According to a report by Grand View Research, Inc., global medical robotic systems market is predicted to value USD 17.89 billion by 2022. Growing requirement for minimally invasive and accurate surgical procedures for quick post-surgical recovery is anticipated to propel demand for medical robotics systems. Such systems are likely to offer features such as 3D imaging, high-definition microscopic cameras, motion sensors, remote navigation, and data recorders.
Growing demand for accurate laparoscopic surgeries among patients is expected to be the major factor behind market growth. Increasing number of surgical procedures owing to rise in geriatric population can augur well for growth of the market. In addition, growing cases of trauma injuries coupled with continuous technological development in surgical medical equipment can influence market growth in the forthcoming years. Moreover, availability of favorable reimbursement policies and growing awareness regarding healthcare establishments is expected to augment market growth during the forecast period (2012 to 2022).
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The medical robotic market can be segregated on the basis of product type, application, and region. Based on product type, the market can be classified into rehabilitation robots, noninvasive radiosurgery robots, hospital and pharmacy robots, emergency response robotic systems, and surgical robots. In 2014, surgical robots dominated the market and accounted for 65% market share owing to increasing adoption of robotic systems in hospitals coupled with growing demand for minimally invasive surgeries. However, non-medical hospital product segment is expected to grow at phenomenal CAGR of 16.8% during the forecast period. Increasing use of cart robots and telemedicine robots to improve automation in hospitals can augment growth of market over the forthcoming years.
Based on application, the market can be segmented into orthopedics robotic systems, laparoscopy, special education, and neurology. Neurology segment is predicted to register a CAGR of 16.7% during the forecast period. Growing cases of neurological disorders such as depression and Alzheimer’s can influence growth of the market. In addition, technological advancements of software and hardware of the NeuroMate system and other robotic technologies with better ergonomics and neurology can account for market growth in the forthcoming years.
On the contrary, the laparoscopy segment accounted for 80% market revenue share in 2014. Introduction of new systems offering better maneuverability & magnification, device micromotions in patient’s body, and device handling can boost precision of surgical procedures. In addition, high demand for laparoscopic diagnostic and therapeutic procedures owing to unhealthy lifestyle of patients can influence market growth during the forecast period.
Orthopedics robotic system segment is anticipated to grow at CAGR of 14.2% during the period of 2015 to 2022. Use of advanced software for total hip arthoplasty (THA), anterior cruciate ligament reconstruction (ACL) and total knee arthoplasty (TKA) can boost growth of the market in the forthcoming years. In addition, growing number of musculoskeletal conditions such as lower back pain, osteoporosis, and rheumatoid arthritis can influence market growth.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2014, North America dominated the market and accounted for 49.7% of overall market share. Increasing number of geriatric population having weak bone density coupled with injuries due to road accidents can foster market growth in the region.
In Asia Pacific, the market is estimated to grow at phenomenal CAGR of 15.6% during the forecast period. Improvement in healthcare infrastructure and penetration of minimally invasive surgeries owing to awareness among patients can fuel growth of market. In addition, introduction of new technologies such as developed software, capsule robot system, and imaging systems are expected to influence market growth in this region. Non-invasive radiosurgery systems and surgical robots can be considered as major product segments contributing towards market growth.
In Europe, the market is anticipated to exhibit a CAGR of 11.7% during 2015 to 2022, following the growth pattern of Asia Pacific. Growing adoption of robot assisted surgeries coupled with technologically advanced surgical procedures is likely to stimulate growth of market in the region. In addition, benefits of using robots in surgeries amount to fewer health risks, minimal scarring, and speed-up recovery. These factors can boost market growth during the forecast period.
Some of the leading companies offering medical robotic systems MAKO Surgical Corp; Intuitive Surgical, Inc; Reninshaw; Varian Medicla Systems; and Accuray Incorporated.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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