Over the years, the demand for medical robots has increased significantly. This is due to a paradigm shift in the healthcare industry, where more emphasis is being laid on minimally invasive surgeries through the use of robots. Surgical robots improve the accuracy of procedures and thus reduce the complication rates in surgeries.
Apart from being accurate, robotic procedures also offer significant cost savings in terms of pre- and post-operation care costs and length of stay at hospitals. Furthermore, technological advancements and breakthroughs such as expanded applications of robotic systems, robotics combined with imaging platforms, and capsule robot systems are expected to drive the global medical robotics market in the coming years.
The other factors that are driving the growth of the global medical robotics market include growth in aging population, increase in the incidences of neurological and orthopedic disorders, and growth in demand for telemedicine. Moreover, owing to the increased demand and usage of robot assisted procedures, various government bodies are increasingly supporting the development of medical robots.
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The global medical robot market is categorized into five broad segments—surgical robots, rehabilitation robots, non-invasive radio surgery robots, hospital and pharmacy robots, and others. Based on applications, the medical robots market comprises the following segments—neurology, orthopedics, laparoscopy, special education, and other areas. The medical robotics market was valued at $1,781 million in 2013 and is expected to reach $3,764 million by 2018, growing at a CAGR of 16.1% from 2013 to 2018.
In 2013, North America commanded the largest share of the global medical robotics market, followed by Europe and Asia. However, the growth in the medical robotic systems market is likely to be centered at the fast-growing Asian region. This can be attributed to various factors such as the growth in healthcare spending by various governments in this region, significant healthcare reforms, and increased patient awareness about robot assisted minimally invasive surgeries (MIS).
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The Row region includes Latin America, Africa, the Middle-East, and Pacific countries. These markets are slated to grow at a steady pace, owing to the increase in government healthcare spending and awareness levels of patients regarding robot assisted minimally invasive surgeries.
The key players in the global medical robots market are Intuitive Surgical, Inc. (U.S.), Accuray, Inc. (U.S.), MAKO Surgical Corp. (U.S.), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (U.S.), Titan Medical, Inc. (Canada), and Health Robotics S.R.L. (Italy), among others.
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