Latest added Medical Robotics Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Smith & Nephew, Stryker, Aethon, Intuitive Surgical, Mazor Robotics, InTouch Technologies, Renishaw plc, Medtech SA, Ekso Bionics. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Medical Robotics Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Medical Robotics Market by companies, region, type and end-use industry.
Request for Sample Copy of This Report @ https://marketdigits.com/medical-robotics-market/sample
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Medical Robotics Market, By Product (Surgical Robotic Systems, Rehabilitation Robotic Systems, Hospital & Pharmacy Robotic Systems, Noninvasive Radiosurgery Robotic Systems), Application (Laparoscopy, Neurosurgery, Cardiology, Orthopedic Surgery, Pharmacy Applications), End User (Hospitals and Clinics, Specialty Centres, Rehabilitation Centres) and Geography – Global Forecast to 2026”. Early buyers will get 10% customization on study.
To Avail deep insights of Medical Robotics Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Medical Robotics Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
Grab Complete Details with TOC @ https://marketdigits.com/medical-robotics-market/toc
The report covers exhaustive analysis on:
- Medical Robotics Market Segments
- Medical Robotics Market Dynamics
- Historical Actual Market Size
- Medical Robotics Market Size & Forecast
- Medical Robotics Agents Current Trends/Issues/Challenges
- Competition & Companies involved
- Medical Robotics Market Drivers and Restraints
The global medical robots market is expected to reach USD 12.7 billion by 2025 from an estimated USD 5.9 billion in 2020 at a CAGR of 16.5% during the forecast period. The key factors propelling the growth of this market are the advantages offered by robotic-assisted surgery and robot-assisted training in rehabilitation therapy, technological advancements in robotic systems, Improving reimbursement scenario, the increasing adoption of surgical robots, and the increase in funding for medical robot research. However, the high cost of robotic systems is a key factor limiting market growth in the coming years.
COVID-19 Impact on the Medical Robots Market
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The pandemic is going to negatively impact the medical robots market.The pandemic has led to a temporary ban on elective surgeries across the globe, which resulted in cancellations of elective surgeries worldwide. According to a report published by researchers of CovidSurg Collaborative, around 28 million surgeries were canceled across the globe during 12 weeks of peak disruption during the COVID-19 pandemic. The decrease in surgical procedures has led to less revenues for medical robots market as the revenue from the sale of instrument and accessories segment couldn’t be realized. Intuitive Surgical reported a decrease of around 20% in the daVinci surgical procedures conducted in second quarter of 2020 as compared to second quarter of 2019. A further decrease is expected in third quarter due to the increasing prevalence of COVID-19 in various regions.
Furthermore, capital markets and economies worldwide have been negatively impacted by the COVID-19 pandemic, and it may cause an extended regional or global economic recession. Such economic disruption could have a negative impact on the medical robots manufacturers as the current pandemic has also put a lot of financial strain on healthcare institutions who have reduced their capital and overall spending. Most of the hospitals have also deferred their ongoing purchases of capital equipments. The demand for medical robots can be expected to be back to pre-covid levels sometime in early 2022.
Medical Robots Market Dynamics
Drivers: Advantages of robotic-assisted surgery & robot-assisted training in rehabilitation therapy
Across the globe, the demand for minimally invasive surgeries (MIS) is on the rise mainly due to the advantages associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, and considerable cost savings. Robotic minimally invasive surgery adds to these advantages by ensuring greater accuracy and repeatability, as well as providing greater control and efficiency. According to a 2018 article on a gynecological study of laparoscopy hysterectomy, the conversion rate of straight-stick laparoscopy to open surgery was 25%. On the other hand, procedures using a robotic platform showed a conversion rate of typically less than 5%, which leads to a reduction in morbidity and blood loss.
Robotic surgery also offers highly advanced visualization capabilities that provide surgeons with a superior view of the operating area, using HD cameras to illustrate up to microscopic structures. These systems provide greater dexterity than what the human hand is capable of; given their ability to rotate 360 degrees and superior maneuverability, robots can allow surgeons to even reach hard-to-access areas.
According to the Center for Disease Control and Prevention (CDC), stroke is the leading cause of serious long-term disability in the US. Impairments that result from stroke include fatigue, hemiparesis, and difficulties with walking. It is vital for stroke patients to regain their walking ability by actively participating in the rehabilitation process to avoid secondary complications such as osteoporosis or heart disease. In 2017, a study published in the Hong Kong Physiotherapy Journal compared robotic-assisted gait therapy (RAGT) with traditional physiotherapy in 14 patients.
The results of this study stated that RAGT could provide stroke patients with extra benefits in terms of ambulation, mobility, and balance as compared to physiotherapy. Also, in 2013, a study conducted by UK-based Cochrane Collaboration concluded that stroke patients who engaged in robot-assisted gait training for their rehabilitation demonstrated improved recovery in independent walking as compared to patients who only pursued conventional gait training. The most important advantage of using robot technology in rehabilitation intervention is the ability to deliver high-dosage and high-intensity training. This property makes robotic therapy a promising novel technology for rehabilitation of patients with motor disorders caused by stroke or spinal cord disease. Research into rehabilitation robotics has been growing rapidly, and the number of therapeutic rehabilitation robots has increased dramatically during the last two decades.
These advantages of surgical robots and rehabilitation robots and the rising demand for better, quicker healthcare services are expected to drive the growth of the overall medical robots market in the coming years.
Restrains: High price of robotic systems
Robot-assisted surgeries are much more expensive than minimally invasive surgeries. The American Congress of Obstetricians and Gynecologists recommends robotic hysterectomy only for unusual and complex clinical conditions. The association states that the adoption of robotic surgery for all hysterectomies would add an estimated USD 960 million to the annual cost of hysterectomy surgeries in the US. The da Vinci system, which is one of the most commonly used robotic systems, costs between USD 1.5 million and USD 2.5 million, while the CyberKnife radiosurgery robotic system costs around USD 4 to 7 million per unit. Similarly, average price of a Lokomat rehabilitation robot is around USD 380,000.
In addition, the annual maintenance cost of a robot is close to USD 125,000, which further adds to the already high cost of robotic surgery. A research letter published in the Journal of the American Medical Association (JAMA) in August 2018 estimated the cost of each robotic surgical procedure at USD 3,568. The rising cost of surgeries due to the use of robotic systems is thus expected to restrain the growth of the medical robots market.
In the last few years, hospitals worldwide have witnessed a decrease in their budgets, primarily due to declining federal budgets. For instance, the Florida government’s budget cuts for South Florida hospitals amounted to USD 160 million in 2017. In 2017, 44 urban hospitals in Denver faced budget cuts ranging between USD 0.1 million to USD 20 million.
Similarly, hospital budgets in some European countries were reduced in the last couple of years, with further reductions expected in the coming years. Reductions in budgets have necessitated cost-containment measures in many facets of hospital operations. Cost-cutting has resulted in staff lay-offs, delays in facility upgrades, and freezing the purchases of capital equipment such as high-cost robotic systems.
Opportunities: Emerging markets and growing medical tourism
The emerging markets are expected to offer significant opportunities for players in the medical robots market, mainly due to the rising adoption of surgical robots in surgeries. The emerging countries have registered a sustained increase in the number of surgical procedures during the past decade, driven by the growing target patient population and rising medical tourism. As of 2017, Brazil, Russia, India, China, and South Africa were among the fastest-growing economies in the world and are expected to account for one-third of the total global healthcare expenditure by 2022 (Source: World Economic Forum).
Emerging countries such as India offer radiotherapy treatment options at a lesser price as compared to developed countries. For instance, in the US, patients have to pay between USD 50,000–100,000 for CyberKnife treatment, whereas in India, the procedure costs around 60–80% lesser (Source: Tour2India4Health Group). In addition to low treatment costs, the markets in developing countries are characterized by the presence of less-stringent regulations and data requirements. Also, the regulatory policies in the Asia Pacific are considered to be more adaptive and business-friendly by market players. All these factors are encouraging market players to focus more on emerging markets in the coming years.
Thus, the growing healthcare expenditure and surgical procedures, coupled with business expansions of major players in the emerging markets, are likely to present high growth opportunities for the medical robots market.
The instrument & accessories segment to hold the largest market share in 2020
On the basis of product & service, the medical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment commanded the largest share of the of the market in 2019. This segment is also expected to grow at the highest CAGR of 18.5% during the forecast period. The large share and high growth rate of this segment are mainly driven by the recurrent purchase of instruments & accessories as opposed to robotic systems, which are a one-time investment
The laparasopic application segment to hold the largest market share in 2020
Based on the applications, the medical robots market is segmented into laparoscopy, orthopedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery and other applications. The laparoscopy application segment is expected to account for the largest share during the forecast period owing to increasing sugical laparascopic procedures conducted globally and increasing adoption of surgical robots.
The hospitals end user segment to hold the largest market share in 2020
Based on end users, the market is divided into hospitals, ambulatory surgery centers, rehabilitation centers and other end users (retail pharmacies and external radiotherapy centers). Hospitals are expected to account for the largest share of the global medical robots market in 2020 owing to higher adoption of medical robots in hospitals and increasing robotic surgery procedures conducted in hospitals.
Asia Pacific to witness significant growth from 2020 to 2025
Geographically, the medical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The market in the APAC is expected to grow at the highest CAGR over the next five years. Increasing demand from key markets such as Japan and China and the rising cases of acute and chronic diseases in APAC region to drive market growth in the region.
Intuitive Surgical (US), Stryker Corporation (US), Omnicell (US), BD Rowa (US), ARxIUM (Canada), Hocoma AG (Switzerland), are some of the leading players of the medical robots market.
Medical Robotics Market research report genuinely attempts to determine the impact of buyers, substitutes, new entrants, competitors, and suppliers on the market. Besides, the Medical Robotics Market report gives insights into revenue growth and sustainability initiative. With the global market data provided in this report, it has become easy to gain global perspective for the international business. The market report also performs study on production capacity, consumption, import and export for all major regions across the globe. An international Medical Robotics Marketing report aids to establish correlative relationship between the product brand and consumers’ needs and preferences.
Medical Robotics Market : Product Synopsis :-
Chapter 1 – Executive Summary
Chapter 2 – Market Overview
Chapter 3 – Market Analysis & Opportunity Assessment , By Product Type
Chapter 4 – Market Analysis & Opportunity Assessment , By Matrix Type
Chapter 5 – Global Medical Robotics Market Analysis & Opportunity Assessment , By Application
Chapter 6 – Market Analysis & Opportunity Assessment , By End User
Chapter 7 – Market Analysis & Opportunity Assessment , By Region
Chapter 8 – North America Market Analysis & Opportunity Assessment
Chapter 9 – Latin America Market Analysis & Opportunity Assessment
Chapter 10 – Western Europe Market Analysis & Opportunity Assessment
Chapter 11 – Eastern Europe Market Analysis & Opportunity Assessment
Chapter 12 – Asia Pacific Excluding Japan, China & South Korea Market Analysis & Opportunity Assessment
Chapter 13 – Japan Market Analysis & Opportunity Assessment
Chapter 14 – China Market Analysis & Opportunity Assessment
Chapter 15 – South Korea Market Analysis & Opportunity Assessment
Chapter 16 – MEA Market Analysis & Opportunity Assessment
Chapter 17 – Competition Landscape, Company Share and Company Profiles
Chapter 18 – Assumptions and Acronyms
Chapter 19 – Research Methodology
Any Questions? Inquire Here Before Buying @ https://marketdigits.com/medical-robotics-market/analyst
About Market Digits :
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us :
Phone : +91-9822485644
Email : email@example.com