Medical Robots Market by Product (Instruments & Accessories, Medical Robotic Systems (Surgical Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots)), Application (Laparoscopy, Pharmaceutical Applications), and Region - Global Forecasts to 2023
“The medical robots market is projected to grow at a CAGR of 21.0%.”
The medical robots market is projected to reach USD 16.74 billion by 2023 from an estimated USD 6.46 billion in 2018. The major influencing factors driving the growth of this market are 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. However, safety concerns over robotic surgery devices are likely to restrain market growth in the forecast period.
“The laparoscopy robotic systems segment to dominate the surgical robotic systems market 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 surgical robotic systems segment is further bifurcated into laparoscopy robotic systems, orthopedic robotic systems, and neurosurgical robotic systems. In 2017, the laparoscopy robotic systems segment accounted for the largest share of the global surgical robotic systems market. This segment is also expected to register the highest CAGR from 2018 to 2023. The large share and high growth of this segment can be attributed to the advantages offered by robotic laparoscopy systems such as greater stability than the human hand, reduced number of incisions, and better visual magnification. Robotic surgeries also generally result in lesser pain, shorter hospital stays, and faster recovery of patients.
“The laparoscopy segment is expected to be the largest application segment.”
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 laparoscopy segment accounted for the largest share of the global medical robots market in 2017. The large share of this segment can be attributed to the growing volume of laparoscopic surgeries performed worldwide.
“In 2018, North America to dominate the medical robots market and Asia Pacific is projected to grow at the highest CAGR during the forecast period.”
The medical robots market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World. In 2017, North America accounted for the largest share of the medical robots market. The major factors contributing to the large share of this segment include 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.
Asia Pacific is expected to register the highest CAGR during the forecast period. The major factors driving the growth of this regional segment include growing geriatric population, increasing adoption of medical robots, and robot-assisted training initiatives for surgeons.
Break of primary participants was as mentioned below:
By Company Type - Tier 1: 54%, Tier 2: 34%, and Tier 3: 12%
By Designation - C-level: 31%, Director Level: 19%, Others: 50%
By Region - North America: 46%, Europe: 25%, Asia Pacific: 18%, RoW: 11%
The major market players in the medical robots market include Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel).
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