Global Medical Robots Market to be Worth USD 11.4 Bn by 2023
A new report released by Research on Global Markets states that the global medical robots market is expected to be worth approximately USD 11.4 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 12.6% during the 2018-2023 period. A global shortage of medical professionals, growing inclination towards minimally invasive surgeries, and higher incidence of chronic diseases and physical disabilities are driving the adoption of medical robots across the world.
The global medical robots market research report provides segmentation based on product and application. Based on product, surgical robots held the largest share (38%) in 2017. These robots are competent in different types of surgeries because of their preciseness compared to entirely manual procedures. The hospital automation, and rehabilitation robots segments held market shares of 27% and 25%, respectively, in 2017.
In terms of application, laparoscopy held the largest market share in 2017, and accounted for 37% of the global revenue. Surgeons are increasingly using robots for laparoscopic surgeries, owing to their ability of minimizing risks. The application of medical robots in cardiology and orthopaedics is relatively low across the world, according to Research on Global Markets.
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It also tracks the performance of the global medical robots market across North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. North America held the largest share of the market in 2017, contributing to 41% of the global revenue, followed by Europe (24%), and Asia-Pacific (22%). Rehabilitation robots are expected to witness increased adoption, owing to a growing affluent and aging population who prefer to lead self-sufficient lives with the help of robots.
Key highlights of this report:
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global medical robots market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on products (surgical robots, non-invasive radiosurgery robots, rehabilitation robots, and others [pharmacy and hospital automation]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on applications (neurology, laparoscopy, orthopedic, cardiology, and others [oncology, ophthalmology, dentistry, etc.]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for medical robots across the world to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.