The global medical robotics market is estimated to garner noteworthy revenue by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors, such as, the higher prevalence of chronic diseases, spinal cord, and sports injuries. Based on the data provided by the National Library of Medicine in 2020, it was stated that about 250,000 to 500,000 people of the global population suffer from spinal cord injuries worldwide. The frequent occurrence of spinal cord injuries can be attributed to road accidents. Furthermore, sports injuries are also accounted to hike the growth of the market over the forecast period. According to the report published by National Safety Council (NSC), it was stated that about 1.6 to 3.8 million athletes get some sort of physical injury annually. Additionally, the growing geriatric population can also be the major growth factor for the market over the forecast period. As of 2019, as per a report published by the United Nations, 703 million people were stated to be aged 65 or above across the globe. All these factors are estimated to propel the growth of the market over the forecast period.
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The market is segmented by end-user into nursing homes, hospitals, orphanages, and others, out of which, the hospital segment is anticipated to hold the notable share in the global medical robotics market during the forecast period, on account of the 24-hours availability of healthcare services and higher patients pool. The hospital segment is also anticipated to grow on the back of the availability of skilled medical professionals and the attached advanced laboratories to conduct the requisite tests and operations.
Major Macro-Economic Indicators Impacting the Market Growth
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.
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
Our in-depth analysis of the global medical robotics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of chronic diseases, spinal cord, and sports injuries are the major factors driving the growth of the medical robotics market.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 - 2031.
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.
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.
The market is segmented by product type, patient type, application, end-user, and by region.
The hospital segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Over-priced manufacturing procedures of the requisite technology are estimated to hamper the market growth.
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.
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