Medical Robots Market Report: Several challenges face the healthcare industry such as high costs, failed care delivery models and overtreatment, which drive up healthcare costs and negatively impact patient outcomes. Healthcare robot adoption has therefore increased. As a result, medical robots allow surgeons to perform critical operations with greater precision, improving patient health. The use of robots in surgeries also reduces human error. Funding of R&D of medical robots, technological advancements, hospital investments in medical robots, and IPOs by medical robot companies are some of the major factors driving the market growth.
Growing aging and chronically ill populations are prime factors creating opportunities for medical robot makers. Medical robot organizations are striving to improve their offerings and entering into partnerships with technology providers in order to meet the needs of the end-users. High initial costs are a major concern for the market. The market is segmented by products, surgical applications, and regions including North America, Europe, Asia Pacific, and Rest of World. Several major companies, including Medtronic, Stryker, Intuitive Surgical, Boston, and Mazor Robotics, are investing in robotics technology.
Benefits: The report provides an in-depth analysis of the Medical Robots market, aimed at providing end users with innovative medical robots, which enable surgeons to perform critical surgeries with greater accuracy. The report discusses the products, applications and areas in the surgical fields. With the provided information, key stakeholders can learn about key trends, drivers, investments, initiatives of vertical player, and Public Private Partnerships (PPPs) that are interested towards the adoption of medical robots.
Market Analysis: The Medical Robots Market is expected to reach $17.58 billion by 2023, growing at a CAGR of 22.0% from 2017 to 2023, according to Infoholic Research. The increased adoption of medical robots in hospitals and pharmaceuticals, the aging population, and the preference of patients for minimally invasive surgery are forcing organizations to develop innovative solutions. Additional factors contributing to the market growth include the growing demand for managed care and the scarcity of healthcare professionals.
Regional Analysis: At present, North America holds the majority of the medical robot market mainly due to technology advancements. Countries like the US and Canada are witnessing tremendous growth in the medical robots market. Europe is spending heavily on manufacturing innovative solutions for medical robots. Developing regions, such as Asia Pacific, are expected to improve their market share during the forecast period. Regional government initiatives to develop smart city projects and increase in FDI for the development of digital healthcare infrastructure in the regions are the main factors contributing to the growth of the market. The Ministry of External Affairs is expected to experience a strong market as regional governments are spending liberally on infrastructure development which will create huge opportunities for key players to provide innovative solutions in the region.
Product Analysis: The products segment has a large market share and is expected to reach $17.58 billion by 2023. There are a number of start-ups offering attractive designs and innovative features in medical robots to the market. The IoT innovations and the increasing R&D investments from big organizations are also contributing to the market growth.
Key Players: Key players covered in the report are Medtronic, Stryker, Intuitive Surgical, Boston Scientific, Major Robotics, BALT Extrusion, Cyberonics and Acko Bionics.
Competitive Analysis: The study covers and analyzes the Medical Robots market. Bringing out the entire key insights of the industry, the report aims to provide an opportunity to the players to understand the latest trends, current market scenario, government initiatives and technologies related to the market. Additionally, it helps venture capitalists understand companies better and make informed decisions.