Medical Robotics Market Analysis: By Surgical Robots (Neurosurgical, Orthopedic, Laparoscopy); Rehabilitation (Exoskeleton, Prosthetic, Assistive); Telemedicine and Hospital Robots - With Forecast (2015 - 2020)
Medical Robotics is an integration of robotic technology with healthcare. These robots enhance the quality of healthcare services and offer more accurate results to the professionals. These robots help the professionals to perform complex surgeries and utilize its application to different types of end users across the medical sector. Treatment through medical robotics offers great advantage as compared to the conventional treatment technique. This includes minimal blood loss and maximizes precision during surgeries which lead to fast recovery of patients with reduced complications.
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The report ‘Medical Robotics Market’ is segmented by its Types that comprises of Surgical Robots, Rehabilitation Robots, Non-Invasive Radio Surgery Robots, Robotic Catheters, Telemedicine Robots and Hospital Robots among others. Surgical robots and Rehabilitation Robots are further sub-segmented to provide deeper understanding about the medical robots types and its characteristics. The market is further been analyzed according to its geographical regions which includes Americas, Europe, APAC and RoW to provide exhaustive trends impacting the market.
According to a recent study from MarketIntelReports, the global medical robotics market size was $2.67 Billion in 2014 and is growing at a CAGR of 19% from 2015 to 2020. Technological advancements coupled with intensive research is driving the growth of the medical robotics market. Due to this factor, since the past decade, the medical robotics industry has witnessed introduction of various new products such as da Vinci robot and radio surgery robots. In the span of five years, medical robotics market has also seen the launch of products such as robotic exoskeletons in the rehabilitation robotics segment, cleaning and disinfectant robots and telemedicine robots.
The medical robotics market is leading in Americas region and is likely to grow in future. This is attributed due to high amount of investment in healthcare in the United States. European region is forecast to have significant growth in the next five years as government is initiating new policies to improve health and well-being of the people in the region. Medical robots are primarily gaining popularities in Urology and Gynecology verticals for specific surgeries and doctor assistance. Additionally, Rehabilitation robotics are witnessing high demand in medical sector for treating orthopedic disorders such as osteoarthritis, osteoporosis among others in elderly people for fast recovery and improvement in performance activities.
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The global market for medical robotics currently is being led by the U.S., which is followed by Europe with a market share of 62% and 24% respectively.
Since the inception of medical robotics, the cost of equipment (Robot) has been a critical aspect. The cost of equipment remains to be high currently, as the robot consists of the combination of various sophisticated tools and techniques. Hence, the high cost of equipment persists as the major challenge for the manufacturers of medical robots in increasing their penetration across different geographic regions. Despite of the cost barrier, the market has observed steady growth in few parts of the world. Globally the prices of medical robots are estimated to reduce as the demand increases for more specialized and versatile robots at lower costs as compared to the current prices. The reduction in cost will also be favored by the increasing competition in the medical robotics market space as competition aids in driving the cost down.
The prominent players of Medical Robotics market are:
- Intuitive Surgical Inc. (U.S.),
- Mazor Robotics (Israel),
- Accuray Inc. (U.S),
- Hansen Medical Inc.(U.S.),
- InTouch Health Technologies Inc. (U.S.),
- Renishaw PLC (United Kingdom)
- Hocoma AG (Switzerland) and many more.
The research methodology adopted for the medical robots market involved collection of average selling prices and shipments of medical robotics for various hospitals and medical industries. The historical data was validated from association such as Clinical Robotic Surgery Association, International Society for Medical Robotics to name a few. The final revenues were calculated with the help of the shipments and ASPs and validated with various industry experts.
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