Global Healthcare Robotics Market to Reach $11.44 Billion by 2023
FREMONT, California, January 23, 2019
FREMONT, California, January 23, 2019 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Healthcare Robotics Market-Analysis and Forecast, 2018-2023", the global healthcare robotics market was valued at $5.40 billion in 2017 and is estimated to reach $11.44 billion by 2025. The global healthcare robotics market is expected to witness a growth rate of 12.64%, during the forecast period from 2018 to 2023. The growth of the market is aided by the impressive increase of healthcare budgetary allocation by government and private institutes and technological advancements in the robotics industry.
Browse 04 market Data Tables and 166 Figures spread through 203 Pages and in-depth TOC on ' Global Healthcare Robotics Market '
In 2017, the total number of cases registered due to the adverse effects of medical treatment were around 34.9 million. Diagnostic and surgical errors have witnessed higher incidence as compared to other types of malpractice. Medical errors by practitioners have been identified as the unintended act and to reduce these kinds of errors, the robotics application has been adopted. Robot-assisted surgical procedures are performed to minimize the risk of errors and to improve the precision and accuracy of the surgical procedures. Other than surgical robotics, healthcare robotics comprises rehabilitation robotics, diagnostic robotics, and radiotherapy robotics.
Rehabilitation robots are expected to witness the highest CAGR in the forecast period. The healthcare robotics market is growing exponentially due to support of the government in increasing the funding for healthcare robotic research, growing investment from hospitals in healthcare robotics, and rising technological advancements in the healthcare robotics industry. There are factors that are also hindering the growth of this market which includes, the shortage of skilled professionals and high cost associated with the robotic platform, among others.
According to Pushplata Patel , L ead A nalyst at BIS Research "North America is currently the leading contributor to the global healthcare robotics market. The North Americahealthcare robotics market was valued at $3.51billion in 2017. Factors, such as increasing cases of chronic diseases, aging populations, and established healthcare infrastructure are driving the growth of the healthcare robotics market in North America. However, the Europe region is expected to grow at an impressive growth rate, during the forecast period from 2018 to 2023.
- Surgical robots increase the accuracy of surgeons while reducing the risk to the patients. Through non-invasive surgical robots, performing critical surgeries with minimal incision and high accuracy becomes easier.
- Based on product types, instruments and accessories contributed to the highest market share in the global healthcare robotics market in 2017. However, robotic systems are expected to witness the highest growth rate, during the forecast period.
- There are several healthcare robots currently in the developing stages that are expected to be launched in the upcoming years. Considerable investments from government and non-government organizations along with an increase in funding activities are expected to facilitate the growth of the global healthcare robotics market.
- Based on application, surgical robotics contributed to the highest market share of approximately 71% in 2017, whereas rehabilitation robots are expected to witness a much higher growth rate as compared to surgical robots.
Source: BIS Research Analysis
This market intelligence report provides a multidimensional view of the global healthcare robotics market in terms of market size and growth potential. This research report aims at answering various aspects of the global healthcare robotics market with the help of the key factors driving the market, threats that can possibly inhibit the overall growth of the market, and the current opportunities that are going to shape the future trajectory of the market expansion.
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Further, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the concerned readers to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, and manufacturers, trend analysis by segments, and demand analysis by regions.
This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants and vendors. The report also profiles 15 companies including several key players, such as Accuray Incorporated, Corindus Vascular Robotics, Inc., Intuitive Surgical Inc., ReWalk Robotics Ltd., Smith & Nephew plc, Stereotaxis, Inc., Stryker Corporation, Zimmer Biomet, Medtronic plc, Fujifilm Holdings Corporation, Auris Health, Inc., Endomaster Pte Ld., Hocoma AG, Restorative Therapies, Think Surgical, and Tyromotion GmbH.
Key questions answered in the report:
- What are the key features of the healthcare robotic technology promoting its incorporation in different applications?
- What is the impact of the requirement of a skilled professional?
- What would be the future of disruptive robotic technology in the market?
- What is the scenario for established and non-established players?
- What are key advantages of the robot-assisted surgical procedure over conventional surgical procedure?
- How did the healthcare robotic market evolve and what is its scope in the future?
- What are the major market drivers, challenges, and opportunities in the global healthcare robotics market?
- What are the key developmental strategies which are implemented by the key players to stand out in this market?
- What are the leading companies dominating the global healthcare robotics market?
- Which surgical robotics application market would witness massive incorporation of the healthcare robotics in the forecast period?
- What are investors' perceptions about the global healthcare robotics market? Also, who are leading stakeholders of the market holding a significant share in the market's intellectual property?
- What are the key companies which made substantial investments to aid technological advancements in the market?
- What are the regulations pertaining to the global healthcare robotics market? What are initiatives implemented by different government bodies to combat the growing prevalence of different types of diseases?
- What was the market value of the leading segments and sub-segments of the global healthcare robotics market?
- How each segment of the global healthcare robotics market is expected to grow during the forecast period, and how much revenue is expected from each of the segments by the end of 2023?
- How is the industry expected to evolve during the forecast period 2018-2023?
- Which region is likely to contribute to the highest sales of the global healthcare robotics market during the forecast period?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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