Medical Robots Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Medical Robots Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2020 | Medical Devices | PPT format

Report Digest


Global Medical Robots Market: Snapshot

Computer-assisted surgery or robotically assisted surgery or robotic surgery are the terms that are being used for the technological development that employs a robotic systems to assist in various surgical procedures. Robot assisted surgeries came into place to augment the capabilities of surgeons performing open surgeries on a patient or to deal with the limitations of already existing procedures of minimally-invasive surgeries.

In minimally-invasive surgeries, surgeons make use of one or two methods to direct the instruments, instead of directly moving the instruments himself. He either makes use of a computer or a telemanipulator to control and move the instruments that are being used there. A telemanipulator is being defined as a distant manipulator that enables the surgeon to accomplish normal movements that pertaining to the surgery. On the other hand, a robotic arm is used to perform those movements making use of manipulators and end-effectors to execute surgery on the patient. In computer control systems, the surgeon makes use of a computer to regulate the end-effectors and the robotic arms that are being used for the surgery. One advantage of such surgeries are that the surgeon could be present at any location of the world, he does not necessarily need to be present there at the operation theatre (OT) to perform the operation thereby resulting in possibility of remote surgery

However, all is not rosy with the deployment of robots in the medical industry. Robotic surgeries are quite often criticized for being too expensive. They also require very high-end technical know-how to assist in surgeries.

Global Medical Robots Market: Overview 

Medical robots comprise the use of robotics in various disciplines of medical science to execute a variety of functions performed by clinicians and healthcare workers. Requiring limited human oversights, they can be configured to support, extend, and automate various healthcare services, especially those involving monotonous tasks. The rising application of robotic and autonomous systems in the healthcare industry has transformed the quality of medical treatment making their use increasingly popular worldwide. 

The spiraling demand for medical robots in areas of disease diagnosis, treatment, and prevention is propelled by the marked dexterity with which they perform various tasks. The successful use of robotic technology for a range of complex tasks such as targeted drug deliveries, precision surgeries, decontamination of healthcare spaces, and detection of biological targets has paved the way for commercial applications of medical robots. 

Global Medical Robots Market: Trends 

The enormous benefits of robot-assisted training in rehabilitation therapy, soaring governmental funding for robotics in developed regions, and constant technological advances in the medical industry are the factors propelling the growth of the medical robots market. The rising application of robots in hospitals worldwide to carry out various tasks that call for extreme precision and unmatched promptness has spurred the demand for medical robots. 

Over the past few decades, medical robots have gained traction among surgeons for performing complex and non-invasive surgeries in different medical specialties, particularly urology and neurosurgery. However, a host of emerging legal and ethical concerns related to robotic surgeries, coupled with the high cost of robotic systems, is likely to restrain the market. Nevertheless, concerned stakeholders, including leading regulatory agencies, are actively taking initiatives to address various patient safety concerns. The substantial benefits of boosting surgical outcomes have kept a large number of surgeons ebullient of the promising avenues emanating in the market.

Global Medical Robots Market: Market Potential 

Curexo Inc., a Korea-based manufacturer of medical devices and an importer of surgical robots, has recently acquired medical robots division of Hyundai Heavy Industries for a sum of 11.1 billion won (approximately $9.9 million). With this, Curexo intends to lead the regional medical robots market by expanding its product portfolio by including robots for the purpose of rehabilitation, patient care, and other healthcare operations. The leading shipbuilding company will become the second largest shareholder of Curexo with a significant stake of 6.7%. Previously, the shipbuilder has developed medical robots for a variety of tasks such as patient-handling, endovascular therapies robots, and orthopedic surgeries. 

In an another encouraging market development that will spur the investment to the development of medical robots, Myomo Inc., a orthotics and prosthetics service company based in Massachusetts, has recently announced a crowdfunding campaign through an online brokerage which will enable it to sell shares in an initial public offering (IPO). The start-up, founded in 2004, actively markets braces and other similar medical devices for people suffering from neurological disorders and upper-limb paralysis. The issuance of IPO will allow a large number of individual investors—ordinary and institutional investors—participate in IPOs. As a result, the medical device manufacturer hopes to raise a whopping sum of $15 million before it begins trading on NYSE by the end of April, 2017. 

Medical Robots Market: Regional Outlook 

North America is a prominent market for medical robots. Europe and Asia Pacific markets contribute significant shares in the global medical robots market. Asia Pacific is anticipated to register an impressive CAGR along the forecast period. The spiraling demand for medical robots is driven by staggering rise in the number of regulatory approvals of robots to be used in various medical areas in Japan. In addition, the increasing prevalence of various cancer types in China, and growing popularity of robotic-assisted procedures in hospitals in India are expected to fuel the market. Furthermore, the increasing collaborations between various stakeholders in emerging nations of Asia has propelled the regional market. 

Medical Robots Market: Competitive Analysis 

The global medical robots market is highly competitive and fragmented with the presence of several small and medium- scale companies competing against each other and with a handful of large players. Among the intense rivalry, major players eyeing a significant share in this market include Intuitive Surgical, Inc., Mazor Robotics Ltd., Stryker Corporation, Hocoma AG, Hansen Medical Inc., Omnicell, Inc., Accuray Incorporated, Ekso Bionics Holdings, Inc., and Kirby Lester LLC.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.