The robotics-assisted medical care market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. This can primarily be attributed to the increasing preference for minimally invasive surgeries across the world. Minimally invasive surgeries are associated with smaller incisions, faster recovery time, less pain, and short hospital stay. According to the John Hopkins Medicine organization, the use of minimally invasive surgeries can further reduce post-operative complications and save millions of dollars on the country’s healthcare bill. According to a study, it has been estimated that if all the hospitals in the United States will increase the number of minimally invasive procedures by 50%, they can save up to USD 288 million a year. Besides, a rapidly developing healthcare infrastructure across various regions is also projected to raise the demand for robotics-assisted medical care over the forecast period. In addition to these factors, the increasing prevalence of chronic diseases coupled with high per capita healthcare expenditure is also anticipated to favor the growth of the market in the upcoming years.
The market is segmented by robotic systems type into surgical robots, rehabilitation robots, telepresence robots, and others, out of which the surgical robots segment capture the higher share. This can be attributed to the growing demand for surgical robots from the laparoscopy and orthopedic sectors.
Based on application, the market has been segmented into laparoscopy, radiation therapy, orthopedic surgery, neurosurgery, pharmacy, and others, out of which the orthopedic surgery segment is anticipated to grow at a high rate. This can be attributed to the rising application of surgical robots in total knee replacement surgeries. It has been observed that robotic technology in knee replacement surgeries can improve outcomes for patients, which is one of the key factors contributing to the growth of the market segment.CLICK TO DOWNLOAD SAMPLE
Based on end-user, the market is further divided into hospitals, ambulatory surgical centers, rehabilitation centers, and others. Hospitals presently capture a higher share of the market, which is primarily attributed to the increasing investment in enhancing healthcare facilities across hospitals. Further, hospitals experience a high patient influx as compared to others, which is also a key factor accelerating the growth of the market segment.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the fastest CAGR over the forecast period due to the gradually developing healthcare infrastructure. Increasing demand from countries such as China, Japan, and India, on account of the rising cases of acute and chronic diseases, is one of the key factors contributing to the growth of the market in the region. According to the World Health Organization (WHO), chronic diseases such as cardiovascular diseases, respiratory diseases, diabetes, and cancer are the leading cause of death in Asian countries.
Presently, North America captures the higher share of the robotics-assisted medical care market on account of the region’s rapidly developing healthcare infrastructure and growing healthcare expenditure. According to the World Bank Data, the healthcare expenditure in the United States accounted for nearly 17% of the country’s total GDP. The growing healthcare expenditure in the country is expected to introduce new innovations over the forecast period.
The global robotics assisted medical care market is further classified on the basis of region as follows:
Our in-depth analysis of the global robotics assisted medical care market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rapidly growing demand for minimally invasive surgeries and growing advancement in healthcare infrastructure are some of the key factors driving the market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
High cost associated with the maintenance of medical robots is one of the key factors hampering the market growth.
The market in Asia-Pacific region will provide ample growth opportunities owing to the rising demand for minimally invasive surgeries in countries such as China, Japan, India, and South Korea.
The major players dominating the robotics assisted medical care market are Stryker, Medtronic, BIONIK, Smith & Nephew, Zimmer Biomet, and CYBERDYNE, INC. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by robotic systems, application, end-user, and region.
Regarding the robotic system type, the surgical robots segment is anticipated to hold the largest market share due to the growing preference for surgical robots in orthopedic and laparoscopic surgeries.
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