The global medical robotics market is expected to show high growth during 2018-2024, owing to rise in technological innovations and expanding applications of medical robots coupled with investment by top companies in the medical robotics research-and-development.
Moreover, increasing demand for minimally invasive surgeries in developed and emerging economies is also driving the growth in the medical robotics market. In addition, with a rising ageing population, rehabilitation robots are expected to be a key component of the market growth. However, high-entry cost and safety concerns may hamper the growth to some extent in the global medical robotics market.
Medical robots are most useful application of robotic technology because of the ability to work without fatigue and perform monotonous tasks over and over. Medical robots like surgical robots can enlarge or minimize surgical movements, making the movements more exact and the operation more precise. Robots in healthcare have a huge potential to bring medical care to regions without healthcare facilities, to make the production and distribution of pharmaceuticals more efficient, to lighten the load of medical professionals, and to help people in need for rehabilitation. Healthcare workers are not only overburdened by labour shortage, but also face increasingly hazardous work environments, and are themselves at great risk of injury and disability. Medical robots can provide support to health care workers to do their jobs more efficiently.
The global medical robotics market is divided based on type, application, end-user and region. Based on the type, the global medical robotics market is segmented into surgical robots, rehabilitation robots, non-invasive radio-surgery robots, hospital and pharmacy automation robots and others. On the basis of application, the market is segmented into laparoscopy, orthopedics, neurology, and others. Based on region, the global medical robotics market is divided into North America, Europe, Asia-Pacific and Rest of the World.
North America is expected to lead the medical robotics market, mainly driven by growing awareness towards technological advancements and rise in cases of general surgery. Europe being the largest producer of professional service robots is expected to show healthy growth rate in the medical robots market during the forecast period. In the Asia-Pacific region, China and South Korea are leading the medical robotics market. India with its smart city projects and focus on healthcare infrastructure is also expected to show steady growth during 2018-2024.
Companies operating in the global medical robotics market are focusing on mergers, partnerships, collaborations, and acquisitions in order to grow in the market. Some of the major players in the global medical robot market includes, Intuitive Surgical, Stryker Corporation, Hansen Medical, Aethon Inc, Barrett Medical, Ekso Bionics, Mazor Robotics, Omnicell Technologies, among others.