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Global Micro-Robots Market to Witness a CAGR of 65.1% during 2018-2024
August 24, 2018 | Globe NewswireEstimated reading time: 2 minutes
The global micro-robots market is expected to grow progressively with a CAGR of 65.1% during 2018-2024. The growth is primarily attributed to the increasing demand for surgical micro-robots, technological advancements in manufacturing sector, and increasing usage of smart phones and tablets. Electronic devices such as smart phones require precision manufacturing to perform detail-oriented tasks, which has led to the rapid increase in the adoption of micro-robots. Moreover, increasing adoption of robotic technology in medical field is further boosting the market growth. However, limited power storage and complex fabrication process may hamper the market growth.
Micro-robots are extremely small size robots and are useful in different applications in various end-user industries. Their size ranges from fraction of a millimeter to one millimeter. Micro-robots can perform many production steps autonomously and can manage micro meter size components. An autonomous micro-robot has its own in-built (on-board) processing unit, which controls the robot and allows it to operate without any human intervention. Furthermore, either the robot uses light weight batteries, or it can collect/ search power from the surrounding environment in the form of light energy or vibration. Moreover, the micro-robots are also able to operate through wireless connection, such as Wi-Fi. Due to this, the host micro-robot can coordinate with nearby micro-robots to accomplish more complex tasks.
Key findings from the report:
- Based on mode of operation, autonomous segment dominated the global micro-robots market in 2017, and is expected to grow at the fastest rate during the forecast period
- Based on application, surgeries segment dominated the global micro-robots market in 2017 and is expected to retain its dominance during the forecast period
- On the basis of end-use, medical & healthcare segment held the major market share in 2017, owing to the increasing adoption of micro-robots for surgical operations
- Key players of the global micro-robots market includes Techject Inc.; Seiko Epson Corporation; Thermo Fisher Scientific Inc.; QinetiQ; THALES S.A.; Northrop Grumman; Clearpath Robotics; ReconRobotics Inc.; among others.
Increasing Applications of Micro-Robots in Various End-User Industries
Micro-robotics is an emerging technology which is playing an important role in number of end-user industries. With the rapid development and adoption of capsule type micro-robots, cells and drugs can easily be encapsulated and released into the targeted areas of the human body, for diagnostic or biopsy purposes, substituting invasive tubes. This helps in delivering correct volumes of the drugs in the targeted areas and reduces the cell damage. Moreover, it is also widely used in different applications such as automated underwater vehicle, spy robots, and in automated ground vehicles for mapping inaccessible areas. Furthermore, micro-robots are also used in rescue operations after natural disasters such as earthquake for the detection of live human beings.
Global Micro-Robots Market - Regional Insight
North America held the largest share of the global micro-robots market in 2017. The growth in the region is attributed to the presence of major device manufacturers. Furthermore, Asia-Pacific is expected to register the highest CAGR during 2018-2024. The growth of the market is mainly driven by increasing demand of medical robots in the healthcare industry and growing demand for military robots in search and rescue operations.
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