Medical Robotics Global Market - Forecast to 2026
NEW YORK, Jan. 9, 2020 /PRNewswire/ --
A medical robot is a programmable, multifunctional manipulator specialized devices used for surgery, medical training, rehabilitation therapy, hospital and pharmacy industry.
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The use of surgical robotics has been expanding due to rapid development in technology. The robotic surgery is usually associated with minimally invasive surgery that allows the doctors to perform complex procedures with more precision, flexibility, and control than is possible with conventional techniques. Rehabilitation robots are automatically operated machines designed to improve movement and impaired physical functioning in patients. The hospital and pharmacy robots are used for sterilization, cleaning, clinical trials, pill dispensing and fill & pack purposes.
According to the analysis, the medical robotics global market is expected to grow at double digit CAGR from 2019 to 2026 to reach $13,899.4 million by 2026. Some of the factors driving the market are increasing demand for minimally invasive surgery, increasing prevalence of gynaecology, urology and orthopedic disorder, increasing aging population, technological innovations, the rising adaption of medical robots among the population and increasing clinical trials.
The medical robotics market by product is segmented as surgical robotics, rehabilitation robotics, and hospital & pharmacy robotics. Surgical robotics segment accounted for the largest revenue in 2019 and is expected to grow at a low teen CAGR from 2019 to 2026. Rehabilitation robotics segment is expected to grow at a high single digit from 2019 to 2026. Hospital & pharmacy robotics segment is expected to grow at a mid-single digit CAGR from 2019 to 2026.
Surgical robotics global market by product type, it is segmented into systems, instruments & accessories and services. Among surgical robotics, instruments & accessories segment accounted for the largest revenue in 2019 and it is expected to grow at a mid-teen CAGR from 2019 to 2026. Systems segment is expected to grow at a double digit CAGR from 2019 to 2026. Services segment is expected to grow at a mid-teen CAGR from 2019 to 2026.
Surgical robotics global market by application is segmented as orthopedic, gynaecology, urology, neurosurgery, general and gastroenterology (laparoscopy), cancer and others (cardiovascular, cardiothoracic, retina, and hair transplant). Among applications, the general and gastroenterology segment accounted for the largest revenue in 2019 and it is expected to grow at a low-teen CAGR from 2019 to 2026. Neurosurgery segment is expected to grow exponentially from 2019 to 2026.
Rehabilitation robotics global market by product type is segmented into Assistive (Cognitive) Robots, Exoskeleton Robots and prosthetic robots. Among rehabilitation robotics, Assistive (Cognitive) Robots holds the largest revenue in 2019 and is expected to grow at a high single digit CAGR from 2019 to 2026. Exoskeleton Robots segment expected to grow at a high single digit CAGR from 2019 to 2026. Prosthetics Robots segment is expected to grow at a med-single digit CAGR from 2019 to 2026.
Hospital and pharmacy robotics global market by product type, it is segmented into pill dispensing robots, fill & pack robots and other robots (cleaning sterilization and clinical trial robots). Among hospital and pharmacy robotics, fill and pack robots accounted for the largest revenue in 2019 and it is expected to grow at a mid-single digit CAGR from 2019 to 2026. Pill dispensing robots segment is expected to grow at a low single digit CAGR from 2019 to 2026. Other robots segment is expected to grow at a mid-single digit CAGR from 2019 to 2026.
Medical robotics market by region is segmented as North America (U.S. and Rest of North America), Europe (Italy, France, Germany and Rest of Europe), Asia-Pacific (Japan, South Korea, China, and Others) and Rest of the world (Turkey, Brazil, and others). North America accounted for the largest revenue in 2019 and is expected to grow at a low teen CAGR from 2019 to 2026 mainly due to increased prevalence of chronic illness and lifestyle disorders, growing aging population, increase in healthcare expenditure, availability of surgical expertise, increase in research activities, steady number of product approvals and new product launches among the key market players, increased demand for assistive robots and adoption of new technologies.
The Asia-Pacific region is expected to grow with a mid-teen CAGR from 2019 to 2026 due to high levels of healthcare expenditure, improving healthcare infrastructure and increasing government healthcare budgets, funds, growing acceptance of technological advancements, increasing aging population, increasing awareness about medical robotics and rise in healthcare awareness in the emerging countries, such as India and China.
The medical robotics global market is a highly consolidated market hence all the existing players in this market are involved in developing new and advanced therapeutics to maintain their market shares. Some of the major players in medical robotics market are Intuitive Surgical, Inc. (U.S.), Stryker Corporation (U.S.), Accuray Incorporated (U.S.), Zimmer Biomet (U.S.), Johnson & Johnson (U.S.), Medtronic PLC (Ireland), Omnicell, Inc. (U.S.), Siemens Healthineers AG (Germany), Smith & Nephew PLC (U.K.) and Globus Medical (U.S.).
The report provides an in-depth market analysis of the above-mentioned segments across the following regions:
• North America
o U.S.
o Rest of North America
• Europe
o Italy
o France
o Germany
o Rest of Europe
• Asia-Pacific
o Japan
o South Korea
o China
o Rest of APAC
• Rest of the World (RoW)
o Turkey
o Brazil
o Others
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