Global Healthcare Robotics Market, 2023 - Market was Estimated at $5.40 billion in 2017 and is Anticipated to Reach $11.44 Billion by 2023
DUBLIN, March 7, 2019 /PRNewswire/ --
The "Global Healthcare Robotics Market: Focus on Product Type, Application Type, 23 Countries Data, and Competitive Landscape Analysis and Forecast: (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The global healthcare robotics market was estimated at $5.40 billion in 2017 and is anticipated to reach $11.44 billion by 2023
Among the different healthcare robots available in the market, surgical robotics contributed to the highest market share of the global healthcare robotics market in 2017. However, rehabilitation robotics is expected to witness the highest CAGR during the forecast period between 2018 and 2023. The increased adoption of prosthetics by the patients with lost limbs attributes to the highest CAGR displayed by the rehabilitation robotics market. Based on product, instruments and accessories occupied higher market share as compared to robotics systems, whereas robotic systems demonstrated the potential to register higher growth rate than instruments and accessories.
Medical errors or adverse effects due to medical treatments are the third leading cause of death in the U.S. Given the fact that in the year 2017, the payouts for medical malpractices in the U.S., was valued $3.9 billion. Further, the chief medical procedures such as diagnosis and surgery were noticed to witness the high number of instances for medical errors. In the year 2017, the medical payouts for medical errors pertaining to diagnosis and surgery together were attributed to 58% of total medical payouts in the U.S. Global incidence of adverse effects due to medical treatments was 34.9 million in the year 2017. The annual incidence of adverse effect due to medical treatment witnessed a compound annual growth of 3.46% from the year 2010 to 2017.
Acknowledging the alarming growth trend in the incidence of medical errors, several international organizations such as World Health Organization (WHO) and prominent regulatory bodies such as Food and Drug Administration (FDA) rolled-out stringent regulations and a comprehensive set of guidelines for ensuring patient safety and treatment efficiency. However, despite the strenuous efforts of several governmental bodies, the distressing trend of incidence of medical errors haven't been controlled to the expected levels. The current scenario signifies the requirement of the automated system to assist physicians in complicated medical procedures such as diagnosis, surgery, and monitoring, among others.
The technological advancements in the field of mechatronics, sensor technologies, simulation methodologies, and advanced materials have resulted in the development of robotic systems to aid physicians in complex medical procedures such as surgery, diagnosis, and treatment. The advent of robotic systems and massive-scale incorporation by physicians are perceived to be driving the paradigm shift in the healthcare industry.
Enabling physicians to precisely control the outcomes of the medical procedure, the incorporation of robotics systems is acknowledged to be a promising approach to reduce the startling incidence of medical errors globally. The colossal success of surgical robotics systems has significantly expanded the scope of application of automated systems in several other medical procedures such as diagnosis, treatment, rehabilitation, and patient assistance, among others.
North America is the leading contributor to the global healthcare robotics market with a contribution of more than 65% of total healthcare robotics market share in 2017. The North America market is also expected to grow at a CAGR of 11.77% in the forecast period 2018-2023. The global healthcare robotics market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed a high potential to witness robust growth rate during the period. The U.S.-based company, Intuitive Surgical Inc. offering surgical robots contributed more than 57% of the market value in 2017.
The key players who have significant contributions to the global healthcare robotics market are Intuitive Surgical Inc., Varian Medical System, Medtronic plc, Stryker Corporation, Accuray Incorporated, Smith & Nephew plc, Restoration Robotics, ReWalk Robotics, and Mazor Robotics, among others.
Key Topics Covered:
Executive Summary
1 Overview
1.1 Advent of Healthcare Robotics
1.2 Factors Driving Acceptance of the Healthcare Robotic Systems
1.3 Challenges of Healthcare Robotic Systems
1.4 Advantages of Robotics Surgery
1.5 Future Potential: Scope for Advancements
1.5.1 Haptic Technology to Reshape Healthcare Robotics Market
2 Market Dynamics
2.1 Impact Analysis
2.2 Market Drivers
2.2.1 Growing Prominence for Minimal Invasive Surgery
2.2.2 Successful Incorporation of Miniature Robots for Diagnosis
2.2.3 Encouragement & Funding Provided by National Government
2.2.4 Rising Instances of Strokes and Injuries
2.3 Market Restraints
2.3.1 Shortage of Skilled Professionals
2.3.2 High Cost of Robotic Platforms
2.3.3 Reimbursement Issue
2.4 Market Opportunity
2.4.1 Development of the Low-Cost Healthcare Robotic Systems
2.4.2 Artificial Intelligence (AI) in the Healthcare Robotics
2.4.3 Development of Simulators for the Training of Professionals
2.4.4 Development of Micro and Nano-Robots for Surgeries
2.4.5 Increasing Adoption of Robotics Technology to Treat Cancer and Benign Brain Tumors
2.4.6 Robotic Capsules for Diagnosis
3 Competitive Landscape
3.1 Key Strategies and Developments
3.1.1 Approvals, Grants, and Certifications
3.1.2 Awards, Recognitions, and Others
3.1.3 Collaborations, Agreement, Joint Ventures, and Partnership
3.1.4 Product Launch and Enhancements
3.1.5 Mergers and Acquisition
3.2 Market Share Analysis
3.3 Brand Value Analysis
3.4 Growth Share Analysis
3.4.1 Growth Share Matrix (by Application)
3.4.2 Growth Share Matrix (by Surgical Applications)
3.4.3 Growth Share Matrix (by Region)
3.5 Surgical Robots Market Scenario: Established Players Vs Non-Established Players
3.6 Industry Attractiveness
3.6.1 Bargaining Power of Suppliers
3.6.2 Bargaining Power of Buyers
3.6.3 Threat of New Entrants
3.6.4 Threat of Substitutes
3.6.5 Intensity of Competitive Rivalry
4 Industry Insights
4.1 Legal Requirements and Regulations
4.1.1 Regulations in the U.S.
4.1.2 Regulations in Europe
4.1.3 Regulations in other Countries
4.1.4 Consortiums, Associations, and Regulatory Bodies
5 Global Healthcare Robotics Market (by Product)
5.1 Robotic Systems
5.2 Instruments and Accessories
5.3 Services
6 Global Healthcare Robotics Market (by Application)
6.1 Surgical Robotics
6.1.1 General Surgery
6.1.2 Gynecology Surgery
6.1.3 Urology Surgery
6.1.4 Orthopedic Surgery
6.1.5 Neurological Surgery
6.1.6 Transoral Surgery
6.1.7 Others
6.2 Radiotherapy Robotics
6.3 Diagnostic Robotics
6.4 Rehabilitation Robotics
6.4.1 Therapeutic
6.4.2 Assistive
6.4.3 Exoskeleton and Bionics
7 Global Healthcare Robotics Market (by Region)
7.1 North America
7.1.1 The U.S.
7.1.2 Canada
7.2 Europe
7.2.1 Germany
7.2.2 France
7.2.3 The U.K.
7.2.4 Italy
7.2.5 Spain
7.2.6 Belgium
7.2.7 Sweden
7.2.8 The Netherlands
7.2.9 Switzerland
7.2.10 Rest-of-Europe
7.3 Asia-Pacific
7.3.1 Japan
7.3.2 China
7.3.3 Australia
7.3.4 South Korea
7.3.5 India
7.3.6 Singapore
7.3.7 Rest-of-Asia-Pacific
7.4 Latin America
7.4.1 Brazil
7.4.2 Mexico
7.4.3 Argentina
7.4.4 Rest-of-Latin America
7.5 Middle East and Africa
7.5.1 Saudi Arabia
7.5.2 Israel
7.5.3 U.A.E
7.5.4 Rest-of-Middle East and Africa
8 Company Profiles
8.1 Accuray Incorporated
8.2 Auris Health, Inc.
8.3 Corindus Vascular Robotics, Inc.
8.4 Endomaster Pte Ltd.
8.5 FUJIFILM Holdings Corporation
8.6 Hocoma AG.
8.7 Intuitive Surgical, Inc.
8.8 Medtronic plc
8.9 Restorative Therapies
8.10 ReWalk Robotics Ltd.
8.11 Smith & Nephew plc
8.12 Stereotaxis, Inc.
8.13 Stryker Corporation
8.14 Think Surgical, Inc.
8.15 Tyromotion GmbH.
8.16 Zimmer Biomet Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/624xp6/global_healthcare?w=5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article