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Global Healthcare Robotics Market to Reach $11.44 Billion by 2023
March 18, 2019 | Business WireEstimated reading time: 1 minute
The global healthcare robotics market was estimated at $5.40 billion in 2017 and is anticipated to reach $11.44 billion by 2023.
Among the different healthcare robots available in the market, surgical robotics contributed to the highest market share of the global healthcare robotics market in 2017.
However, rehabilitation robotics is expected to witness the highest CAGR during the forecast period between 2018 and 2023. The increased adoption of prosthetics by the patients with lost limbs attributes to the highest CAGR displayed by the rehabilitation robotics market. Based on product, instruments and accessories occupied higher market share as compared to robotics systems, whereas robotic systems demonstrated the potential to register higher growth rate than instruments and accessories.
North America is the leading contributor to the global healthcare robotics market with a contribution of more than 65% of total healthcare robotics market share in 2017. The North America market is also expected to grow at a CAGR of 11.77% in the forecast period 2018-2023. The global healthcare robotics market is majorly dominated by the U.S. and the European players.
However, several emerging countries of Asia-Pacific and Latin America displayed a high potential to witness robust growth rate during the period. The U.S.-based company, Intuitive Surgical Inc. offering surgical robots contributed more than 57% of the market value in 2017.
The key players who have significant contributions to the global healthcare robotics market are Intuitive Surgical Inc., Varian Medical System, Medtronic plc, Stryker Corporation, Accuray Incorporated, Smith & Nephew plc, Restoration Robotics, ReWalk Robotics, and Mazor Robotics, among others.
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