The Global Medical Robotics Market is expected to surpass US$ 16 Billion by 2025
NEW YORK, June 2, 2020 /PRNewswire/ -- The Global Medical Robotics Market is expected to surpass US$ 16 Billion by 2025. Medical robotics can be considered as the application of robotics technology to healthcare to diagnose and treat diseases, or to correct, restore or modify a body function or a body part. With the help of medical robotics, surgeons can carry out operations more precisely and in a less invasive way. It increases the accuracy of the operation with wide range of advantages such as decreased risk of infection, decreased post-operative pain and possess less life risks. The major drivers for the market growth are growing geriatric population globally, rising preference for minimally invasive surgeries, increasing adoption of advanced medical technologies and medical robotics, growth in funding for medical robot research, and mounting technological developments in the medical robotics coupled with increase in surgeon/patient acceptance of both laparoscopic procedures and robotic assistance. On the contrary, the dearth of trained medical personnel and safety concerns over robotic surgery devices are anticipated to restrict the adoption of medical robotics over the forecast period.
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Impact of COVID-19 on Medical Robotics Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The COVID-19 disease has infected more than 4.76 Million people worldwide, with United States accounting for around 32% of cases. Globally the death toll has surpassed 314,138, according to the latest statistics from the Worldometers (as of May 17, 2020). The number is still growing, and the duration of the pandemic is still difficult to predict.
Robots have a great potential of support in the current severe corona pandemic. They can support in healthcare environments, but also in the development, testing and production of medicine, vaccines and other medical devices and auxiliaries. These technologies can help deal with massive staffing shortages in healthcare, manufacturing, and supply chains; the need for "social distancing;" and diagnosis and treatment. For example, robotics plays a vital role in healthcare, they minimize human intervention at all levels, starting from patient examination to patient care and drug delivery mechanism. The virus has been a good opportunity for companies to display robots for public applications. Disinfection robot UVD for example has been in high demand since the outbreak of COVID-19 pandemic.
By Product Type - Global Medical Robotics Market and Forecast
-- Surgical robotics segment dominated the medical robotics market in terms of revenue in 2019.
-- Rehabilitation robots are gaining popularity due to the rising aging population subject to increasing physical disabilities.
-- It is predicted that the Hospitals and pharmacy robots will contribute around 12% share to the global medical robotics market by 2025.
By Segment - Global Surgical Robotics Market and Forecast
-- The instruments & accessories segment commanded the largest share of the surgical robotics market.
-- Surgical robotic systems market is expected to register significant growth, owing to growing demand in hospitals that offer surgical procedures for complicated conditions.
-- The continuous need for better servicing of surgical systems will drive the market for robotic services.
By Application - Global Surgical Robotics Market and Forecast
-- Based on applications, the General and Gastroenterology (Laparoscopy) segment accounted for largest share of the surgical robotics market.
-- To enhance the overall surgical outcome by reducing the recovery time, hospital stay, and postoperative pain, most surgeons prefer robotics to perform complicated surgeries in areas such as urology and gynecology.
-- The orthopedic surgical robots have gained immense popularity over the years, driven by massive usage of surgical robots in knee replacement surgeries.
-- Robotic technology has been used in cardiovascular medicine for over a decade, and its use has been expanded to interventional cardiology and percutaneous coronary and peripheral vascular interventions.
-- The global neurosurgery robotics market is primarily driven by increasing prevalence of neurological dysfunction, stroke and brain aneurysm across the globe.
By End User - Global Surgical Robotics Market and Forecast
-- The Hospitals segment accounted for largest share of the surgical robotics market in 2019.
-- It is predicted that the Ambulatory surgical centers (ASCs) will grow at a significant pace during the forecast period, due to the benefits associated with ambulatory surgical procedures.
By Segment - Global Rehabilitation Robotics Market and Forecast
-- The Assistive (Cognitive) robots commanded the largest share of the rehabilitation robotics market in 2019.
-- Robotic exoskeletons are emerging as a rehabilitation tool to improve various health-related consequences after spinal cord injury. For instance, ReWalk is the first exoskeleton that received FDA clearance for rehabilitation use in the United States.
-- It is predicted that the Prosthetic Robots will grow at a significant pace during the forecast period.
By Segment - Global Hospital and Pharmacy Robotics Market and Forecast
-- Fill & Pack Robots commanded the largest share of the hospital and pharmacy robotics market in 2019.
-- It is predicted that the Pill Dispensing Robots will grow at a faster rate during the forecast period, as these robots support the minimization of errors that occur while dispensing medications.
By Region - Global Medical Robotics Market and Forecast
-- North America captured largest share of the medical robotics market in 2019, and will dominate the market over the forecast period.
-- Europe accounted for around 20% share of the medical robotics market in 2019, owing to increasing adoption of robot-assisted surgical procedures in the region.
-- Asia-Pacific is the fastest growing region in the global medical robotics market.
-- It is predicted that the Latin America will account for around 4% share of the global medical robotics market by 2025.
The report titled "Global Medical Robotics Market (By Segment - Surgical Robotics, Rehabilitation Robotics, Hospital and Pharmacy Robotics, By Application & Region), Key Players Analysis, Trends, Key Industry Developments - Forecast to 2025" provides a comprehensive assessment of the fast-evolving, high-growth Medical Robotics Industry.
This 258 Page report with 83 Figures and 14 Tables has been analyzed from 13 viewpoints:
1. Global - Medical Robotics Market, Volume and Forecast (2015 - 2025)
2. Impact of COVID-19 Pandemic on Medical Robotics Market
3. Global Medical Robotics Market Share and Forecast (2015 - 2025)
4. By Product Type - Global Medical Robotics Market and Forecast (2015 - 2025)
5. By Segment - Global Surgical Robotics Market and Forecast (2015 - 2025)
6. By Application - Global Surgical Robotics Market and Forecast (2015 - 2025)
7. By End User - Global Surgical Robotics Market and Forecast (2015 - 2025)
8. By Segment - Global Rehabilitation Robotics Market and Forecast (2015 - 2025)
9. By Segment - Global Hospital and Pharmacy Robotics Market and Forecast (2015 - 2025)
10. By Region - Global Medical Robotics Market and Forecast (2015 - 2025)
11. Global Medical Robotics Market - Company Profiles, Financials, Strategy, Recent Developments
12. Global Medical Robotics Market - Key Industry Developments
13. Global Medical Robotics Market - Growth Drivers and Challenges
By Product Type - Global Medical Robotics Market and Forecast
1. Surgical Robotics
-- Surgical Robotic Systems
-- Surgical Robotic Instruments & Accessories
-- Surgical Robotic Services
2. Rehabilitation Robotics
-- Assistive (Cognitive) Robots
-- Exoskeleton Robots
-- Prosthetic Robots
3. Hospital and Pharmacy Robotics
-- Pill Dispensing Robots
-- Fill and Pack Robots
-- Other Hospital and Pharmacy Robots
By Application - Global Surgical Robotics Market and Forecast
1. Orthopedics
2. Gynecology
3. Urology
4. General and Gastroenterology (Laparoscopy)
5. Interventional Cardiology
6. Neurosurgery
7. Cancer
8. Other Surgical Robotics
By End User - Global Surgical Robotics Market and Forecast
-- Hospitals
-- Ambulatory Surgical Centers
By Region - Global Medical Robotics Market and Forecast
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Rest of the World
Global Medical Robotics Market - Company Profiles
1. Accuray Incorporated
2. Globus Medical, Inc.
3. KUKA AG
4. Intuitive Surgical, Inc.
5. Yaskawa Electric Corporation
6. Johnson & Johnson
7. Medtronic Plc
8. Omnicell, Inc.
9. Siemens Healthineers Ag
10. Smith & Nephew Plc
11. Stryker Corporation
12. Zimmer Biomet Holdings Inc
13. TransEnterix Surgical, Inc.
14. Think Surgical, Inc.
Companies Mentioned
1. Accuray Incorporated
2. Globus Medical, Inc.
3. KUKA AG
4. Intuitive Surgical, Inc.
5. Yaskawa Electric Corporation
6. Johnson & Johnson
7. Medtronic Plc
8. Omnicell, Inc.
9. Siemens Healthineers Ag
10. Smith & Nephew Plc
11. Stryker Corporation
12. Zimmer Biomet Holdings Inc
13. TransEnterix Surgical, Inc.
14. Think Surgical, Inc.
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