Global Medical Robotic Systems Market is Expected to Witness a CAGR of 16.5% During 2018-2024

Industry : Press Releases Date : June 11th, 2018
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Global Medical Robotic Systems Market

The global medical robotic systems market was valued at USD 6.8 billion in 2017 and is expected to reach USD 21.5 billion in 2024 at a CAGR of 16.5% during the forecast period.The factors attributed to the growth are increasing applications in healthcare sector such as dentistry, diabetes, surgery, among others, and advancement in medical imaging such as magnetic resonance imaging, higher resolution, and 3D ultrasound. Moreover, increase in surgeon and patient’s acceptance of medical robotics technology, and rising number of product approval is further propelling the market growth.

With the emerging technology medical robots are successfully changing the face of healthcare.Robotic technology has been used for surgeries, drug delivery, physical and cognitive rehabilitation,telemedicine, and patient management. The demand of medical robotics technology is growing in hospitals, homes, clinics, schools, nursing homes, and in both rural, and urban areas and will continue to increase in coming years.

Amongst applications, robotic surgery is driving the market

Robotic surgery plays a vital role in the medical field by reducing the manual labor of the doctors at the time of surgery. This surgery is usually performed through tiny incisions; robotic system effectively enhances the flexibility, precision and control during the operation.Furthermore, it allows surgeons to perform complex surgical procedures. The da Vinci Si surgical Robot allows doctors to operate with greater precision and minimal discomfort for the patient.

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Medical Robotic Systems Market – Regional Insight

North America held the largest market share of the global market in 2017. The growth in the region is attributed to technological advancement in medical robotic systems, and growing number of hospitals adopting medical robotics technology. Europe held the second largest share of the global market owing to growing investments in medical robotic systems, and growing number of robotics-related projects in this region. Asia Pacific is expected to grow at the rapid rate over the forecasted period due to presence of emerging economies, improving healthcare infrastructure, introduction of new technologies such as innovation in software and imaging systems.

Key findings from the report:

  • On the basis of products type, the surgical robots segment held the major share of the market in 2017, due to growing demand for non-invasive surgeries, and increasing incidence of chronic diseases nowadays.
  • Based on the application:
    • The laparoscopic application segment held major share of the market in 2017, owing to growing number of laparoscopic surgery, and technology advances such as HD, 3D, and 4K imaging. Moreover, adoption of the medical robotics technology in this segment is further boosting the market growth.
    • The neurology application segment is expected to be the fastest growing segment over the forecast period
  • Geographically, North America held the largest share in the market in 2017.Asia pacific is expected to witness significant growth in the coming years
  • Some of the key companies operating in the market includeTitan Medical Inc.; MICROBOT MEDICAL INC.; Accuray Incorporated; Medrobotics Corporation; Hansen Medical; Intuitive Surgical, Inc.; Stryker Corporation; TransEnterix, Inc; Ekso Bionics; Mazor Robotics.; KUKA Aktiengesellschaft, and Kawasaki Heavy Industries, Ltd.

This report segments global medical robotic systems market by product type, application, and region.

By Product Type

  • Surgical Robots
    • Orthopedic Robotic Systems
    • Neurosurgical Robotic Systems
    • Steerable Robotic Catheters
    • Laparoscopy Robotic Systems
  • Hospital & Pharmacy Robots
    • IV Robotic Systems
    • Pharmacy Robotic Systems
    • Telemedicine Robots
  • Rehabilitation Robots
    • Assistive Robotic Systems
    • Prosthetic Robotic Systems
    • Orthotic Robotic Systems
    • Therapeutic Robotic Systems
    • Exoskeleton Robotic System
  • Noninvasive Radio Surgery Robots
  • Other Medical Robotic Systems

By Application

  • Cardiology Application
  • Neurology Application
  • Oncology Application
  • Orthopedic Application
  • Urology Application
  • Laparoscopic Application
  • Other

By Region

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East and Africa

Global medical robotic systems market 2018-2024