Robotics Assisted Medical Care Market Segmentation by Robotic Systems (Surgical Robots, Rehabilitation Robots, Telepresence Robots, and Others); by Application (Laparoscopy, Radiation Therapy, Orthopedic Surgery, Neurosurgery, Pharmacy, and Others); and by End-User (Hospitals, Ambulatory Surgical Centers, Rehabilitation Centers, and Others) – Global Demand Analysis and Opportunity Outlook 2029
Buy Now Report ID: 2978 | Published Date: Feb 13, 2023
Our in-depth analysis of the global robotics assisted medical care market includes the following segments:
By Robotic System
By Application
By End-User
Growth Drivers
Challenges
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:
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.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The rapidly growing demand for minimally invasive surgeries and growing advancement in healthcare infrastructure are some of the key factors driving the market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Ans: High cost associated with the maintenance of medical robots is one of the key factors hampering the market growth.
Ans: 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.
Ans: The major players dominating the robotics assisted medical care market are Stryker, Medtronic, BIONIK, Smith & Nephew, Zimmer Biomet, and CYBERDYNE, INC. among others.
Ans: 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.
Ans: The market is segmented by robotic systems, application, end-user, and region.
Ans: 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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