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Healthcare IT

Medical Robotics Market Value Chain, Factor Analysis, Region and Forecasts Till 2023

Medical Robotics Market
Medical Robotics Market

Major Players:

Key players leading the global medical robotics market include Smith & Nephew Ltd. (UK), Stryker Corporation (US), ReWalk Robotics (Israel), Medtech SA (France), KUKA Roboter GmbH (Germany), Hocoma AG (Switzerland), Aethon Inc. (US), Mazor Robotics Ltd. (Israel), Intuitive Surgical, Inc. (US), Varian Medical System, Inc. (US), Titan Medical, Inc. (US), Intouch Health Technologies, Inc. (US), Medrobotics Corporation (US),  Kinova (US), Carefusion Inc.(US),   Ekso Bionics Holdings, Inc. (US), Myomo Inc. (US), Hansen Medical, Inc. (US), Transenterix, Inc. (US), ZOLL Medical Corp. (US), and Auroba Biomed Inc. (US) among others.

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Medical Robotics Market – Overview

The Global Medical Robotics Market has been growing pervasively mainly due to the constant advancements in the medical robotics technology.  Operating machines remotely and performing surgeries meticulously, medical robotics technology,

has been proven to be far more effective than other similar technologies of medical science. Resultantly, this technology is being used across the verticals of healthcare making a number of surgical procedures easier & successful. Moreover, the increasing number of urological, cardiothoracic, and general surgeries is escalating the market on the global platform.

Integration of augmented reality (AR) and artificial intelligence (AI) into medical robotics technology have further enabled medical robotics to reach par excellence, making cost-effective healthcare available. Simultaneously, the emergence of AR &AI has been supporting medical robotics to streamline operating theatres, making the surgical procedures efficient without leaving scope for human error at the same time saving a whole lot of time of healthcare staff.

Segmentations Analysis:

For ease of understanding, the market has been segmented into three key dynamics: –

By Product: Various Accessories, Hospitals & Pharmacies (I.V. Robots, Pharmacy Robot, and others), Medical Surgical Robotic Systems (Neurosurgical Robotic Systems, Orthopaedic Robotic Systems, Laparoscopy Surgical Robotic Systems, and other), and Rehabilitation Services (Prosthetic Robots, Orthotics Robots, Assistive Robots, Therapeutic Robots, and other) among others.

By Application: Cardiology, Neurology, Rehabilitation, and Laparoscopy among others.

By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.

Competitive Analysis

Highly competitive, the medical robotics market appears to be fragmented owing to the presence of several well-established players. These players are focusing on optimizing situational awareness towards customers to ensure their mission success.  They seek market expansion through various strategic initiatives such as innovation, M&A, and increasingly invest in R&D to develop cost-effective product portfolio.  As they are aware that these investments are going to help them to expand their market presence

Industry/ Innovation/ Related News

March 18, 2019 —- Smith & Nephew plc. (the UK), a leading global medical equipment manufacturing company launched its new medical robot – NAVIO 7.0, designed to reduce surgery times. The Hull Financial Times Stock Exchange (FTSE) company, Smith & Nephew had recently bought Osiris Therapeutics (the US), a medical firm for over UK pound 500 MN, said that it would release the NAVIO 7.0 on or before the end of 2019.

At the event, Smith & Nephew had also announced that it would soon be purchasing the Brainlab Orthopaedic Joint Reconstruction business, as it positions itself at the heart of future medical robotics.

This is a strategic acquisition that will further enhance Smith & Nephew’s multi-asset digital surgery and robotic ecosystem and also further accelerate R&D in the areas of digital surgery and augmented reality.

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Geographical Analysis

The North American region, heading with the huge number of technological advances leads the global medical robotics market, accounting for over 40% of the market share. Factors such as the augmenting demand for well-developed healthcare infrastructure and robot-assisted surgeries driven by the high healthcare expenditure drive the growth of the regional market.

The medical robotics market in the European region accounts for the second-largest market, globally. Favorable governmental support and initiatives are expected to help the market to grow extensively, registering a considerable CAGR throughout the forecast period. The proliferating healthcare sector led by the resurging economy is radiantly fostering the growth in the regional market.

The Asia Pacific medical robotics market has been rapidly emerging as a profitable market, globally. Factors such as the huge technological developments and the continually developing healthcare infrastructure that is led by the rapidly developing economy are expected to boost the growth of the regional market, allowing it to register a fabulous CAGR throughout the assessment period, proving more opportunities to the international players.

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