According to the report “Medical Robotics Market Analysis: By Surgical Robots (Neurosurgical, Orthopedic, Laparoscopy); Rehabilitation (Exoskeleton, Prosthetic, Assistive); Telemedicine and Hospital Robots - With Forecast (2015 - 2020)”
, published by IndustryARC, the medical robotics market is estimated to reach $7.6 Billion by 2020 at a CAGR of 19%.
Browse 88 Market Tables, 33 Figures spread through 148 Pages and an in-depth TOC on “Medical Robotics Market”
Medical Robotics is the science which combines robotics with healthcare. With the help of medical robotics, patient population can be treated with utmost accuracy. Various surgical procedures are being conducted with the assistance of robots such as urological procedures, gynecological procedures, general surgical procedures, cardiothoracic procedures and many more. Robotics has helped in easing the complexity involved in performing such surgeries which has aided medical robotics to become more widely disseminated.
According to a recent study from IndustryARC, the global medical robotics market size was $2.67 Billion in 2014 and is growing at a CAGR of 19% from 2015 to 2020. Technological advancements coupled with intensive research is driving the growth of the medical robotics market. Due to this factor, since the past decade, the medical robotics industry has witnessed introduction of various new products such as da Vinci robot and radio surgery robots. In the span of five years, medical robotics market has also seen the launch of products such as robotic exoskeletons in the rehabilitation robotics segment, cleaning and disinfectant robots and telemedicine robots.
The global market for medical robotics currently is being led by the U.S., which is followed by Europe with a market share of 62% and 24% respectively.
Since the inception of medical robotics, the cost of equipment (Robot) has been a critical aspect. The cost of equipment remains to be high currently, as the robot consists of the combination of various sophisticated tools and techniques. Hence, the high cost of equipment persists as the major challenge for the manufacturers of medical robots in increasing their penetration across different geographic regions. Despite of the cost barrier, the market has observed steady growth in few parts of the world. Globally the prices of medical robots are estimated to reduce as the demand increases for more specialized and versatile robots at lower costs as compared to the current prices. The reduction in cost will also be favored by the increasing competition in the medical robotics market space as competition aids in driving the cost down.
The Major Players in Medical Robotics Market based on extensive research and interviews include
- Intuitive Surgical (U.S.)
- Stryker corporation
- Accuray Inc.
- Mazor Robotics
- Hocoma AG
All the 5 companies hold a significant market share in the industry globally with a few small players showing presence regionally. Also, all the major companies are focusing on making the robotic equipment clinically and operationally cost-effective.
Rehabilitation robotics has emerged as one of the growing segments in the medical robotics market currently. The factor driving the growth of this segment are the prosthetics and exoskeleton robots which have been assessed as the most effective alternative method of treatment for the physically handicapped people, disabled people and also the traumatized individuals for helping conduct activities of daily living (ADLs). Hocoma and ReWalk Robotics are companies who manufacture exoskeleton robotics. The companies also provide these devices in combination with therapies which has further fostered the adoption of these devices amongst people.
Minimally invasive surgery with the use of robots has evolved as the safer and convenient method of treatment by the surgeons as well as the patients in various parts of the world.
Over the years, a steady increase in the healthcare spending in developed countries like the U.S. has been observed. The introduction of Patient Protection and Affordable Care Act (PPACA or ACA) in the U.S. has also enabled healthcare service providers to adopt advanced treatment methods as the act provide hospitals with incentives that promote technology adoption leading to improved quality of healthcare services and facilities provided. Similarly in Europe, the government has introduced a policy framework on Health 2020, for the improvement of the quality of the healthcare services provided in the region and also supports the actions taken by the Government for health and well-being of the citizens. Such policies will help in driving the focus of investors in the Medical Robotics Market which will lead to more number of entrants in the market. Hence, implementation of these policies will act as a major driver for the growth of the Medical Robotics market.
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