Medical Rototics market demand expanding at 21.5% CAGR by 2023; Surgical Robots market to show highest growth

Global Medical Robotics market is majorly propelled by rising need of advance technology in healthcare industry and various advantages gained by automation of medical practices according to our research report Global Medical Robotics Market Outlook 2023”.

Regionally, the medical robotics market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North America is anticipated to witness a significant growth and occupy the largest share of the medical robotics market by 2023.   

Global medical robotics market is anticipated to reach 13 billion by the end of 2023 witnessing a compound annual growth rate of 21.5% over the period of forecast i.e. 2016-2023

Owing to increasing investment in R&D activities coupled with rapid technological advancement in healthcare industry, North America is anticipated to have the upper hand over the global market in terms of revenue share. Asia Pacific is anticipated to be the most attractive market in terms of CAGR; the market is estimated to project a CAGR of 17% over the forecast period.

Rising Need of Advance Technology in Healthcare Industry: Boost

Medical robots are mainly used because of their ability to perform repetitive tasks at high speeds, reliably and without fatigue. Medical robots are now used to carry out critical surgeries such as cardiac, orthopedic, and neurosurgery. Rising need of advance technology in healthcare industry, increasing patient pool and favorable government reforms towards the development of healthcare industry will boost the global medical robotics market in the upcoming 5-6 years.

Various Advantages Gained by Automation of Medical Practices: Momentum

A robot can effectively complete the work of three full-time employees this can save the man power for other activities, along with improved patient care, another aim of making medical robotics mainstream is to cut down on medical costs along with improved diagnostic abilities. Various advantages gained by automation of medical practices such as speed, accuracy, repeatability, reliability, and cost-efficiency will further spur the demand of medical robots in hospitals.

The report titled Global Medical Robotics Market Outlook 2023delivers detailed overview of the medical robotics in terms of market segmentation by regions, by Product and by applications.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the medical robotics industry which includes company profiling of Stryker Corporation., Intuitive Surgical, Inc., Houston Medical Robotics, Inc., Hansen Medical, Inc., Otto Bock Healthcare. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global medical robotics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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