Business Americas

The demand for medical robots has increased significantly. (Photo: Yvonne Bachmann)
Mar 13, 2014 | Business Americas

International medical robots market worth $3,764 million by 2018

by Surgical Tribune

DALLAS, USA: The international medical robots market will be worth $3,764 million by 2018, according to a new report on the major market drivers and restraints in North America, Europe, Asia, and the rest of the world. In addition to increasing demand, technological advancements and breakthroughs are expected to drive the growth of this market in the coming years.

The report analyzed the global medical robots market over the forecast period of 2013–2018. The market was valued at $1,781 million in 2013 and is expected to reach $3,764 million by 2018, growing at a compound annual growth rate of 16.1 percent over the period.

Based on application, the global medical robots market comprises neurology, orthopedics, laparoscopy, special education, and other areas. The market is categorized into five broad segments, namely surgical robots, rehabilitation robots, noninvasive radiosurgery robots, hospital and pharmacy robots, and others.

The surgical robots segment is categorized into orthopedic surgical robots, neurosurgical robots, laparoscopy robotic systems, and steerable robotic catheters. The sub-segments for rehabilitation robots are assistive robots, prosthetics, orthotics, therapeutic robots, and exoskeleton robotic systems. Hospital and pharmacy robots are grouped into telemedicine robots, intravenous robots and pharmacy robots.

Over time, the demand for medical robots has increased significantly. This can be attributed to the paradigm shift in the health care industry, where more emphasis is being placed on minimally invasive surgeries using robots. Surgical robots improve the accuracy of procedures and thus reduce the complication rates of surgeries. Apart from being accurate, robotic procedures offer significant cost savings in terms of pre- and post-operation care costs and length of stay at hospitals. Furthermore, technological advancements and breakthroughs, such as expanded application of robotic systems, robotics combined with imaging platforms, and capsule robot systems, are expected to drive the growth of the global medical robots market in the coming years. Other driving factors include the growth of the aging population, rise in the incidence of neurological and orthopedic disorders, and growth in the demand for telemedicine. Moreover, owing to the increased demand and use of robot-assisted procedures, various government bodies are increasingly supporting the development of medical robots.

In 2013, North America commanded the largest share of the global medical robots market, followed by Europe and Asia. However, the growth in the market is likely to be centered in the fast-growing Asian region. This can be attributed to various factors, such as the increase in health care spending by various governments in this region, significant health care reforms, and increased patient awareness about robot-assisted minimally invasive surgery.

The markets in the rest of the world, which includes Latin America, Africa, the Middle East, and Pacific countries, are forecast to grow at a steady pace, owing to the increase in government health care spending and awareness levels of patients regarding robot-assisted minimally invasive surgery.

The chief competitors in the global medical robots market are U.S. companies Intuitive Surgical, Accuray, MAKO Surgical Corp. and Hansen Medical, as well as Mazor Robotics (Israel), Titan Medical (Canada) and Health Robotics (Italy), among others.

The report, titled "Medical Robots Market by Type (Surgical Robot, Rehabilitation Robotics, Telemedicine, Assistive Robots, Orthotics, Prosthetics, Radio Surgery, Exoskeleton) and Application (Orthopedic, Neurology, Laparoscopy)—Global Forecasts to 2018," can be purchased online. It contains more than 70 market data tables and 22 figures.

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