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Global Medical Robotics Market Expected to Reach $11.4B by 2020
April 26, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Medical Robotics market - By product, Application, Regions - Market Size, Demand Forecasts, Industry Trends and Updates (2014-2020)"report to their offering.
This market is expected to reach USD 11.4 Billion by 2020 from USD 4.3 Billion in 2015 at a CAGR of 23.2% during the forecast period.
The medical robotic systems market is majorly fuelled by the enhancement of automation technologies, the rising incidence of disabilities in human beings and rising baby boomer population, that impede their day-to-day physical motions.
Neurology segment is expected to register the fastest growth during the forecast period. This growth is attributed to the advent of newer applications in neurosurgery and the growing popularity of robotic neurosurgery.
North America has the highest market share of the medical robots market in 2014. Its large share is attributed to the high adoption rate of medical robots in the region and the government's strong focus on medical robots to improve the quality of healthcare. Asia Pacific medical robotic systems market is expected to grow at the fastest rate during the forecast period due presence of untapped market/opportunities.
Drivers vs. Constraints:
Key factors that drive the demand for medical robots market include rapidly growing demand for precise and efficient minimally invasive surgeries. Growth in the volume of these surgeries, as a consequence of growing disease prevalence levels is also likely to drive the market growth. However, the high cost of surgery, negative publicity, and wariness among people continue to challenge the growth.
Industry Structure and Updates:
Medical nanotechnology is employing nanorobots that when injected into the patient work at a cellular level. Hyundai Heavy Industries Company of South Korea supplied rehabilitation robotics to Asan Medical Center where trail testing is being done.
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