The "North America Medical Robot Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The North American medical robot market is expected to grow to a value of USD 4.09 Bn by 2023 at a CAGR of 10.12%.
Robots that are used for medical purposes are broadly known as medical robots. Medical robotics can be considered as the application of robotics technology to healthcare to diagnose and treat diseases, or to correct, restore or modify a body function or a body part.
The market definition for the medical robot market would be the one which take into consideration products for assisting medical practitioners during surgery, for monitoring status of patients, and for increasing accuracy and precision. It also considers products useful for patients with disabilities.
The products from this market are used extensively across all age groups. These products are generally mechanical/electronic equipment used by doctors and patients.
Furthermore, surgical robots consist of neurological surgery robotic systems, cardiology surgery robotic systems, laparoscopic surgical robotic systems, orthopedic surgical robotic systems and steerable robotics. Rehabilitation robots comprise therapeutic robots, prosthetic robots, assistive robots and exoskeleton robots. Hospital and pharmacy automation robots includes pharmacy automation robots, IV robots.
America consists of over 40% of the market owing to increasing demand for the robot-assisted surgeries, developed healthcare infrastructure and high healthcare expenditure. Increasing need of automation and advanced devices have also contributed in the market growth.
Key growth factors
The main factor contributing to the growth of the market in this region is the support of the government who pay a significant amount for public insurances through subsidies and various other policies. The government has also taken various steps towards making the reimbursement process hassle-free. Secondly, the average age of this region is considerably higher than other parts of the world.
This will contribute to the growth because the older population requires more medical attention and thus, their usage of medical equipment is much higher. Also, the rate of innovation and development of products in this region is very high which will help in the growth of the market.
Threats and key players
The major drawback in this region is the high competitiveness amongst the rivals and tough competition from newcomers. Since the competition is high, companies have to invest more in research and development (R&D). In addition to that the buyers have a lot to choose from. As a result, prices of products have to be competitive. Hence, profit will be low.
The key competitors in the North American medical robot market are Omnicell, Intuitive Surgical, Ossur, Accuray, Mazor Robotics, Elekta, etc.