Robotics Assisted Medical Care Market Highlights 2020-2029
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.
Robotics Assisted Medical Care Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global robotics assisted medical care market includes the following segments:
By Robotic System
- Surgical Robots
- Rehabilitation Robots
- Telepresence Robots
- Others
By Application
- Laparoscopy
- Radiation Therapy
- Orthopedic Surgery
- Neurosurgery
- Pharmacy
- Others
By End-User
- Hospitals
- Ambulatory Surgical Centers
- Rehabilitation Centers
- Others
Growth Drivers
- Rising Preference for Minimally Invasive Surgeries
- Increasing Efficiency of Surgical Robots in Performing Laparoscopic Surgery
- Increasing Technological Advancement in Medical Sector
Challenges
- Higher Maintenance Costs of Surgical Robots
- High Cost of the Robotics Assisted Surgeries
Top Featured Companies Dominating the Market
- Stryker
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Medtronic
- BIONIK
- Smith & Nephew
- Zimmer Biomet
- CYBERDYNE, INC.
- Intuitive Surgical
- Omnicell
- Hocoma
