Regionally, the global medical robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness remarkable growth over the forecast period on the back of up-surged increment in the investment for healthcare R&D activities and the advancement in healthcare technology. For instance, in 2020, the number of e-prescriptions was estimated to be about 2 billion in the United States while in 2019, approximately 85% of physicians were anticipated to have EMR and EHR systems in their offices in the same region. Additionally, a significant increment in investment in healthcare research and development is also projected to be the major growth driver of the market in the region during the forecast period. Data provided by the National Center for Science and Engineering Statistics showed that in 2018, USD 114.5 billion were spent on medical applications in the United States.
Furthermore, the global medical robotics market is projected to grow at a noteworthy pace in the Asia Pacific region over the forecast period. The growth of the market in the region is accounted to factors, such as, the growing geriatric population with multiple disorders and diseases and increasing medical infrastructure in the region. Such factors are projected to boost the growth of the market during the forecast period.
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The global medical robotics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global medical robotics market includes the following segments:
February 22, 2022: Renishaw, the global engineering technologies company, to display the advantages of additive manufacturing in the healthcare sector at LMT LAB DAY Chicago.
January 1, 2022: Stryker Corporation acquires the clearance from U.S. food and drug administration for its Q Guidance System, a system that facilitates percutaneous computer-assisted surgery.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising prevalence of chronic diseases, spinal cord, and sports injuries are the major factors driving the growth of the medical robotics market.
Ans: The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 - 2031.
Ans: The major players in the market are Smith & Nephew Healthcare P Ltd, Ekso Bionics Holdings, Inc., Engineering Aethon, Inc., Renishaw plc, Intuitive Surgical, Inc., Teladoc Health, Inc., Hocoma AG, and Myomo Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, patient type, application, end-user, and by region.
Ans: The hospital segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Ans: Over-priced manufacturing procedures of the requisite technology are estimated to hamper the market growth.
Ans: North America region will provide more business opportunities for the growth of the medical robotics market in the future on the back of growing geriatric population.