Rapid growth in the geriatric population and rising patient preference for minimally invasive surgeries is likely to offer growth opportunities during the forecast period.
Northrook, IL -- (SBWIRE) -- 12/06/2019 -- Growth in this Medical Robots Market can primarily be attributed to factors such as the advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, technological advancements in medical robots, and the issuance of IPOs by medical robot companies.
What the Market Looks Like?
Predicted to grow at a CAGR of 21.0% during the forecast period, the global Medical Robots Market is estimated to reach USD 16.74 billion by the end of 2023.
By product, the market is segmented into instruments & accessories and robotic systems. In 2017, the instruments & accessories accounted for the largest share of the medical robot's market. The robotic systems segment has been further segmented into surgical robotic systems, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, and hospital and pharmacy robotic systems. In 2017, the surgical robotic systems segment accounted for the largest share of the robotic systems market.
By application, the market is segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery.
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What Drives the Market?
The growth of the global market for Medical Robots is primarily influenced by the following factors:
- Advantages Offered by Robot-Assisted Training in Rehabilitation Therapy
- Technological Advancements
- Increase in Funding for Medical Robots Research
- Issuance of IPOS By Medical Robot Companies
Geographical growth scenario of Medical Robots Market;
Geographically, North America is expected to account for the largest share of the medical robots market in 2018, followed by Europe. The large share of this region can be attributed to the increasing adoption of surgical robots by hospitals in the region, favorable funding scenarios for research on medical robots, and the availability of technologically advanced medical robots.
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Leading market players and strategies adopted;
The prominent players in the Medical Robots market include Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel) are the key players in the market. Other players involved in this market include Hocoma (Switzerland), Hansen Medical (US), Accuray (US), Omnicell (US), ARxIUM (Canada), and Ekso Bionics Holdings (US)
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