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Medical Robotic Systems Market Worth USD 10,710.6 Million 21.5% CAGR Forecast by 2026

July 19, 2019 | Healthcare

The rise in number of health problems and the need to provide better medical assistance are boosting the Global Medical Robotic System Market. In a report, titled, “Medical Robotic Systems: Global Market Analysis, Insights, and Forecasts, 2019-2026,” Fortune Business Insights identifies various factors enabling growth in the market. 


As per the report, the global medical robotic systems market is anticipated to reach US$ 10,710.6 Mn by 2026 from US$ 2,257.8 Mn in 2018. The forecast period is set from 2019 to 2026 and the market is anticipated to grow at a CAGR of 21.5%. 


Introduction of Da Vinci Robots Helped Intuitive Surgical Robots Emerge as Leading Market Player 


Various companies operating in the global medical robotic systems market are investing huge sums in research and development for improved and upgraded features in robots. This is done with special focus on rehabilitation robots and surgical robots as the demand for both has increased due to their efficient performance in the past.


Other company strategies for better revenue generation include merger and acquisitions, product upgrades, and launch of new robots that will not only assist humans for various medical procedures but also perform surgeries accurately. Currently, Intuitive Surgical Company is leading the global market owing to large number of installations of their Da Vinci Surgical robots. 


Some of the companies operating in the global medical robotic system market are Smith & Nephew, Intuitive Surgical Inc., CYBERDYNE INC., Zimmer Biomet, Stryker, Ekso Bionics, BIONIK, Medtronic.


Surgical Robots Segment to Lead Market with Increasing Prevalence of Neurological Disorders 


The rapid advancement in technology and its implementation in the medical sector has helped the surgical robots segment to emerge dominant, in terms of product. As per Fortune Business Insights, surgical robots segment accounted for 64.8% of the market share and is anticipated to continue its dominance in the coming years. Additionally, the increasing number of neurological disorder cases has propelled the demand for surgical robots, making it earn larger revenues.


Introduction of Pharmacy Automation and Other Medical Robots to Propel Growth 


Change in lifestyle and rise in disposable income of people have not only resulted in irregular eating habits of people worldwide, but also has spurred the incidence of various diseases. These have propelled the healthcare industry to invest in advanced facilities required to provide proper medical assistance to the people in need.


The rise in geriatric population and their vulnerability towards various diseases have resulted in high demand for complex treatment such as major surgeries, which further promotes the use of robotics into the medical industry. The aforementioned factors are boosting the medical robotic systems market. 


Other factors promoting the growth of the global medical robot systems market are the increasing patient preference towards minimally invasive surgeries. Besides this, the accuracy offered by robots performing medical treatment is also boosting the market. 


On the flipside, the market may face rough waters in terms of high cost of installation, upgradation, and maintenance. This may not be an option for the developing economies and may thus, restrict growth of the medical robotic systems market on a global basis.


Nevertheless, the accuracy level and efficiency of medical robots is improving by the day which, in turn, is boosting the market. Furthermore, the introduction of other medical robots such as pharmacy automation robots, and rehabilitation robots is bringing huge revenues to the market, that is anticipated to bring lucrative growth opportunities for the market in the forecast duration. 


North America to Continue Dominating Market with Increasing Preference for Minimally Invasive Surgeries 


Fortune Business Insights foresees the global medical robotic systems market to be dominated by North America on account of the higher adoption of advanced surgical robots from healthcare settings in developed economies such as Canada and the U.S. Additionally, the number of patients preferring minimally invasive surgeries is increasing in the region which makes it generate greater revenues. This is likely to continue in the coming years making North America continue its dominance in future. 


Browse Complete Report  Details: https://www.fortunebusinessinsights.com/industry-reports/medical-robotic-market-100957


SEGMENTATION






















ATTRIBUTE



 DETAILS



By Product




  • Surgical Robots

  • Telepresence Robots

  • Rehabilitation Robots

  • Others



By End User




  • Hospitals

  • Ambulatory Surgery Centers

  • Rehabilitation Centers

  • Others



By Geography




  • North America (USA and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)


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