Global Medical Robotics Market Report 2021-2029 Featuring iRobot, Renishaw, Titan Medical, Medrobotics, Accuray, Varian Medical Systems, Intuitive Surgical & OR Productivity - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Medical Robotics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
Global Medical Robotics Market- Growth, Share, Opportunities and Competitive Analysis, 2021 - 2029 offers strategic insights into the global medical robotics system industry along with the market size and estimates for the duration 2019 to 2029.
Medical robotics have been in use in the medical sector for various applications since early 1980s. Nevertheless, due to reliability and safety concerns, the adoption of medical robotics have been relatively slow. With the expanding capabilities and the ongoing trend of automation across different application sector, medical robotics have found widespread application in the healthcare sector, over the period of time.
Today, medical robots have been developed for performing various surgical procedures including neurological, orthopedics, minimally invasive surgeries and others. Popular types of medical robots, designed as per the application, include surgical robots, rehabilitation robots, minimally invasive robots, hospital and pharmacy robots and others.
The most significant factor fueling the market growth is the overall superior economic and social advantages of medical robotics over traditional human operation. Medical robotics are designed for better precision, faster procedure and safer surgical procedure.
In addition, medical robotics are suitable for use in hybrid operating room, one of the rapidly growing technologies in the medical sector. Subsequently, medical robotics market is estimated to register strong growth during the forecast period. Another significant factor fueling the market growth is the encouragement and funding provided by various national governments. Market players are hence, more inclined towards research and development, thereby producing more reliable and safer robotic systems.
The global medical robotics market is dominated by the surgical robotics systems accounting for more than 55% of the total market revenue generated, worldwide. Surgical robotic systems are used for various surgeries/procedures including neurological, orthopedic and laparoscopic among others.
Since the volume of these procedures is high globally, the segment is estimated to retain its dominant position in the market throughout the forecast period. Another major factor fueling the segment growth is the rising adoption of minimally invasive surgical procedures. Nevertheless, the rehabilitation robots segment is projected to witness the highest growth during the forecast period.
The overall medical robotics market is dominated by the laparoscopy application segment. In 2020, the segment contributed to more than eighty percent of the total revenue generated worldwide. The segment growth is mainly attributed to the rising demand for minimally invasive diagnostic and therapeutic procedures. With the further rising penetration of minimally invasive medical procedures, the segment is estimated to retain its dominant position in the market throughout the forecast period.
Apart from laparoscopy application segment, the neurological application segment is projected to register the highest growth during the forecast period. The growing prevalence of neurological diseases such as Parkinson's disease, brain tumor, epilepsy and others has led to higher volume of neurological surgical procedures. Consequently, this is estimated to significantly drive the demand for medical robotics specifically for neurological treatment in the coming years.
As of 2020, the North America region dominates the global medical roboticsmarket contributing to more than one third of the total market revenue. The growth here is majorly attributed to the wide adoption of robotic systems across various medical applications. Due to rising penetration of hybrid operating rooms coupled with strong government encouragement, the region is estimated to retain its dominant position in the market throughout the forecast period.
Asia Pacific is projected to emerge as the fastest growing region for medical robotics in the coming years. Due to growing medical tourism in countries such as India, Thailand, Singapore and others, strong investment can be seen on healthcare IT and other medical devices. As a result, the region is estimated to emerge highly lucrative for medical robotics during the forecast period.
- iRobot Corporation
- Renishaw Plc.
- Titan Medical Inc.
- Medrobotics Corporation
- Accuray Inc.
- Varian Medical Systems
- Intuitive Surgical Inc.
- OR Productivity Plc.
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