CHICAGO, Nov. 23, 2020 /PRNewswire/ -- According to the new market research report "Medical Robots Market by Solution (OR Supply, Data Management, Communication, Anesthesia Information Management, Performance Management), Delivery Mode (On-premise, Cloud-based), End User, Region - Global Forecast to 2025", published by MarketsandMarkets™, the global market is expected to reach USD 12.7 billion by 2025 from an estimated USD 5.9 billion in 2020 at a CAGR of 16.5% during the forecast period.
Growth in this market can be attributed to factors such as the advantages offered by robotic-assisted surgery and robot-assisted training in rehabilitation therapy, technological advancements in robotic systems, Improving reimbursement scenario, the increasing adoption of surgical robots, and the increase in funding for medical robot research. However, the high cost of robotic systems is a key factor limiting market growth in the coming years.
The medical robots market includes Tier I and II vendors like Intuitive Surgical (US), Stryker Corporation (US), BD Rowa (US), Omnicell (US), and Hocoma AG (Switzerland), among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World. The global COVID-19 outbreak has negatively impacted the business to a certain extent. Companies are delaying the purchase of capital expenditure due to current pandemic situation which has led to cash crunch situation for the end users of medical robots.
The instrument and accessories product segment is expected to grow at the highest rate during the forecast period
On the basis of product & service, the medical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment commanded the largest share of the of the market in 2019. This segment is also expected to grow at the highest CAGR of 18.5% during the forecast period. The large share and high growth rate of this segment are mainly driven by the recurrent purchase of instruments & accessories as opposed to robotic systems, which are a one-time investment.
The orthopedic surgery application is expected to grow at the highest rate during the forecast period.
Based on the applications, the medical robots market is segmented into laparoscopy, orthopedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery and other applications. The orthopedic surgery application segment is expected to register the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to the benefits like high implantation and placement accuracy of robots during orthopedic surgeries.
The ambulatory surgery centers segment to grow at the highest CAGR during the forecast period
Based on end users, the market is divided into hospitals, ambulatory surgery centers, rehabilitation centers and other end users (retail pharmacies and external radiotherapy centers). Hospitals are expected to account for the largest share of the global medical robots market in 2020, while ASCs are expected to account for the highest growth rate. The high growth of this segment is due to the increasing number of surgical procedures conducted in ASCs, rising interest in ambulatory care due to the potential for cost-reduction, and the demand for efficient care among patients.
Asia Pacific to witness significant growth from 2020 to 2025
Geographically, the medical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The market in the APAC is expected to grow at the highest CAGR over the next five years. Increasing demand from key markets such as Japan and China and the rising cases of acute and chronic diseases in APAC region to drive market growth in the region.
Some of the prominent players operating in the medical robots market include Intuitive Surgical (US), Stryker Corporation (US), Accuray (US), Omnicell, Inc.(US), BD Rowa (US), Hocoma AG (Switzerland), Medtronic (Ireland), Smith & Nephew (UK), ARxIUM (Canada),
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.