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A medical robot is a modern phenomenon in health industry which assists the doctor in complex operation and allows him greater access to diagnose critical areas of human anatomy. The growth in the medical robot market is mainly driven by the increase in the demand for minimally invasive surgeries along with technological advancement in the AI sector.
End-User/ Technology
Currently, medical robots are widely used for orthopedic, neurological, gynecological and urological surgeries. On account of rapid growth in robotics technology, it is expected that in near future the application of medical robots will widely spread in various domains of medical science. While manufacturers are innovating new technologies, the investors are looking to tap the global market by making an alliance with hospitals and surgeons by offering them an advanced robotic solution at a low cost. Hospitals, pharmacy, and rehabilitation centers are accepting the usage of medical robotics. Information and Communication Technology (ICT) and mechatronics are the building blocks of medical robotics and computer aided surgery system. The improvement in hardware and innovation of advanced algorithms (i.e. machine learning, cognitive decision making etc.) are helping in the growth of this industry.
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Market Dynamics
The medical robotics market is growing day by day due to increase in demand for accuracy and precision in surgery. The rapid growth of technology, wide application in critical surgeries and assistive rehabilitation solution are the main driving force for the growing needs of medical robots. Heavy investment in the medical robotics is ensuring the growth of the market. On the other hand high cost, lack of knowledge and inadequate training for operating personnel are impeding the growth. Manufacturers are trying to provide a cost-effective and diverse solution to tap the global market. For instance, Da Vinci X Surgical System from Intuitive Surgical aims to provide an advanced robot-assisted medical solution at a low cost to hospitals.
Market Segments
The market can broadly be segmented into four parts- surgical, rehabilitation, non-invasive radiosurgical and hospital & pharmacy robotics. Surgical robotics system is subdivided into neurosurgical, urological, orthopedic and laparoscopy surgical robotic systems. Rehabilitation robotics includes prosthetic, exoskeleton and orthotics robots. Dispensing robots, I.V. robots are some of the examples of hospital and pharmacy robots.
Regional/Geographic Analysis
North America is the market leader followed by Europe and Asia Pacific. Technological advancement, venture capital investment, govt support and increasing demand for minimally invasive surgeries ensure North America's leadership in the medical robotics market. High purchasing power and disposable income in North America and Europe also ensure the market growth. Investors and manufacturers are highly interested in Asia Pacific regions due to the presence of untapped market with lots of opportunities.
Opportunities
Surgical robots account for the largest market share followed by hospital and pharmacy robots. Rehabilitation robotics market is expected to have the largest growth rate in the coming years. Large demand exists for the pharmacy and hospital robotics market. Rising incidence of disease, need for accurate operating treatment, govt initiatives and increasing awareness among people are generating interest for investors and manufacturers.
Key Players
Some of the major players in the market include Intuitive Surgical, Inc., Stryker Corporation, Smith and Nephew Ltd., Aethon Inc, Varian Medical System, Inc., Medtech SA, RedWalk Robotics, Metrobotics Corporation, Hansen Medical Inc. etc.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market - Current Trends
Competition & Major Companies
Technology and R & D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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