During the period 2021-2027, the global medical robotics market is expected to grow at a CAGR of 21%:
The global benefits of robotic-assisted surgery and robot-assisted training in rehabilitation therapy, technological advancements in robotic systems, improving reimbursement scenarios, increasing adoption of surgical robots, and increased funding for medical robot research are all driving the growth of the global medical robotics market. Reduced post-surgical problems, shorter hospital stays, and cheaper operation costs are other advantages. As a result, the worldwide medical robots market is expanding rapidly and is likely to continue in the coming years.
Impact of COVID-19 on Robotics Market:
COVID-19 has turned into a global stress test. As the number of persons infected with the virus has increased worldwide, concerns for global economic growth have grown. In 2020, the number was still rising. Robots, drones, and artificial intelligence have all gained popularity due to the new coronavirus. The global epidemic of COVID-19 has consequences for the robotics industry. It promoted the development of professional service robots, which have aided in the supplementation of essential infrastructure personnel and alleviating supply chain stress. Furthermore, these technologies assisted in managing significant personnel shortages in healthcare, industry, and supply chains and the requirement for "social separation" and pandemic detection and treatment. According to our calculations, the global medical robotics market will be worth US$ 9.69 Billion in 2021.
The Major Factors That Determine the Surgical Robots Segment's Dominance:
Surgical Robotic Systems, Rehabilitation Robotic Systems, Hospital & Pharmacy Robotic Systems, and Non-invasive Radiosurgery Robotic Systems are the market segments in the analysis based on product. Rapid advancements in surgical robots and increased demand for less invasive surgical procedures, and rising per capita healthcare spending in emerging countries are some of the primary factors driving the surgical robot segment's largest market.
The Market Share of the Laparoscopic Application Segment Is The Largest:
in the analysis based on applications, the medical robots market is divided into Orthopaedic, Laparoscopy, Neurosurgery, and Pharmacy. According to our research, the laparoscopy application segment will account for the most significant share throughout the projected period, owing to an upsurge in laparoscopic surgical operations performed globally and the deployment of surgical robots. Furthermore, the orthopedic segment is expected to develop quickly during the projection period.
North America's Dominance is Defined by Higher Adoption of Advanced Surgical and Rehabilitation Robots:
Due to growing per capita healthcare expenditures and an increasing number of patients undergoing minimally invasive surgical approaches in North America, there is a growing demand for advanced surgical robots from healthcare settings. In addition, the increasing prevalence of chronic diseases, coupled with a higher number of patients suffering from neurological disorders, are other factors driving the market demand for surgical, rehabilitation, and other robots in North America. Besides, the rapidly developing hospital and healthcare infrastructure in the Asia Pacific and Europe is projected to expand the increasing demand for surgical and rehabilitation robots during the forecast period.
Key Market Players:
The introduction of surgical robots and other robots that enable healthcare providers to give more efficient care and treatment has been critical in the market's growth. New entrants in the market also focus on developing robots for rehabilitation systems demand, as market players continue to innovate and introduce advanced surgical and other robots worldwide. iRobot Corporation, Intuitive Surgical, Inc., Stryker Corporation, Accuray Incorporated, Medtronic, Inc., Smith & Nephew plc, McKesson Corporation, and Ekso Bionics Holdings, Inc. are among the important players profiled in the analysis.
The publisher's latest report Medical Robotics Market, Global Forecast By Product (Surgical robotic systems (General Surgery, Gynecology, Urology, Orthopedic and Others), Rehabilitation Robotic Systems (Therapeutic Robots, Exoskeleton Robots, Assistive Robots and Other Rehabilitation Robots), Hospital & pharmacy Robotic Systems (Non - invasive Radiosurgery Robotic Systems and Others Robotic Systems), Application (Orthopedic, Laparoscopy, Neurosurgery, Pharmacy and Others), Regions (North America, Europe, Asia - Pacific and Rest of the World), Company (iRobot Corporation, Intuitive Surgical, Inc., Stryker Corporation, Accuray Incorporated, Medtronic, Inc., Smith & Nephew plc, McKesson Corporation, and Ekso Bionics Holdings, Inc.) provides a detailed analysis of SMedical Robotics Industry.
Product - Market has been covered from 3 viewpoints:
1. Surgical Robotic Systems
a) General Surgery
b) Gynecology
c) Urology
d) Orthopedic
e) Others
2. Rehabilitation Robotic Systems
a) Therapeutic Robots
b) Exoskeleton Robots
c) Assistive Robots
d) Other Rehabilitation Robots
3. Hospital & pharmacy Robotic Systems
a) Non - invasive Radiosurgery Robotic Systems
b) Others Robotic Systems
Application - Market has been covered from 5 viewpoints:
1. Orthopedic
2. Laparoscopy
3. Neurosurgery
4. Pharmacy
5. Others
Regions - Market has been covered from 4 viewpoints:
1. North America
2. Europe
3. Asia - Pacific
4. Rest of the World
Company Insights:
- Overview
- Recent Development & Strategies
- Financial Insights
Companies Covered:
1. iRobot Corporation
2. Intuitive Surgical, Inc
3. Stryker Corporation
4. Accuray Incorporated
5. Medtronic ,Inc
6. Smith & Nephew plc
7. McKesson Corporation
8. Ekso Bionics Holdings ,Inc
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| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | March 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 9.69 Billion |
| Forecasted Market Value ( USD | $ 30.41 Billion |
| Compound Annual Growth Rate | 21.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
Table of Contents
Companies Mentioned
- iRobot Corporation
- Intuitive Surgical, Inc
- Stryker Corporation
- Accuray Incorporated
- Medtronic ,Inc
- Smith & Nephew plc
- McKesson Corporation
- Ekso Bionics Holdings ,Inc
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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