Apart from this, the increase in consolidation activities, such as strategic alliances, in order to gain prominent market share may also intensify the competition within the market over the next few years. As per TMR’s estimations, the worldwide market for medical robotic systems, which stood at US$5.4 bn in 2011, is likely to reach an opportunity worth US$13.6 bn by 2018, increasing at a CAGR of 12.60% between 2012 and 2018. Surgical robots have been gaining significant impetus over the last few years, thanks to the enhanced precision they offer in surgeries. The trend is likely to continue in the coming years and the demand for surgical robots is estimated to rise at a CAGR of 11.5% during the forecast period.
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In this blog post, TMR analysts answer some of the important queries pertaining to the global market for medical robotic systems:
What are the main factors that significantly impact the growth of the global medical robotic systems market?
The worldwide market for medical robotic systems is predominantly influenced by the growing significance of automation technologies. The increasing incidence of disabilities among humans, impeding their day-to-day physical motions and activities is also increasing the demand for medical robotic systems across the world.
Additionally, the growing inclination of hospitals and other medical facilities towards automation of their operations, on account of the dearth of skilled medical professionals, escalating healthcare costs, and the soaring cost of manpower is expected to drive positive response for medical robotic systems in the medical and healthcare industry over the forthcoming years, leading to a thriving growth trajectory of this market. However, in the years to come, the increasing costs of purchase and installation these systems may limit their demand, particularly in the emerging economies.
How is this market likely to perform geographically in future?
The global market for medical robotic systems stretches to North America, Europe, Asia Pacific, and the Rest of the World. North America, followed by Europe, is the key contributor to this market, in terms of consumption. Thanks to the presence of a state-of-art medical infrastructure, the scenario is likely to remain same over the next few years.
Apart from this, with strengthening economic conditions, several countries in Asia Pacific and the Rest of the World are expected to witness significant infrastructural advancements in the medical and healthcare industry, which eventually, will lead to increased adoption of medical robotic systems in these geographical segments in the years to come.
What strategies are mostly preferred by leading companies for the development of their businesses?
Due to the presence of a number of companies, the global market for medical robotic systems is highly competitive. The leading players, such as Intuitive Surgical Inc., Accuray Inc., Varian, and MAKO Surgical Corp., are increasingly concentrating on consolidation activities, such as partnerships, mergers, and acquisitions to sustain and develop further in this environment. For instance, Accuray Inc. recently finished the acquisition of TomoTherapy Inc. With this, Accuray hopes to gain a greater share in the global market.
Swisslog and Renishaw are some of the other prominent medical robotic system producers across the world.
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