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Medical Robots Market Worth $16.74B by 2023
July 31, 2018 | PRNewswireEstimated reading time: 2 minutes
The medical robots market is projected to reach $16.74 billion by 2023 from an estimated $6.46 billion in 2018, at a CAGR of 21.0%.
Growth in this market can primarily be attributed to factors such as the advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, technological advancements in medical robots, and the issuance of IPOs by medical robot companies.
The therapeutic robotic systems segment is expected to grow at the highest CAGR during the forecast period.
On the basis of product, the medical robots market is segmented into instruments & accessories and robotic systems. 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. The rehabilitation robotic systems segment is further bifurcated into therapeutic robotic systems, assistive robotic systems, exoskeleton robotic systems, and other rehabilitation robots. The therapeutic robotic systems segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment is largely due to the technological innovations such as voice recognition, adaptive programming, improved sensors, and cloud technology that are being integrated into these robotic systems to increase their efficiency and utility.
The neurosurgery segment is expected to be the fastest growing application segment during the forecast period.
On the basis of application, the Medical Robots Market has been segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery application segment is expected to register the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery.
North America to Dominate the Market in 2018
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.
Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel) are the key players in the Medical Robots Market. Other players involved in this market include Hocoma (Switzerland), Hansen Medical (US), Accuray (US), Omnicell (US), ARxIUM (Canada), and Ekso Bionics Holdings (US).
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