Medical Robots Market Competitive Analysis 2018 to 2026

Medical robots are the new technological devices in the medical science field that help in performing surgeries with more ease. These are also known as telemanipulators which function according to the instruction of the surgeon. Medical robots are becoming a regular member of the medical staff across the globe, taking a patient’s pulse, scanning vital signs, taking pictures, and even reading case notes. Medical robots are also available with wheels that help in transporting things and are controlled by using joysticks. Robotics in medical helps to communicate the need, progress, and outcome of patient data and forms an important part of digital health technology. Also, robotics in medical incorporates visual indicators of performance in order to encourage the surgeon to have optimal performance during surgeries. However, new developments in computer technology and medical devices are enhancing the vision, precision, and control on surgery. These are likely to drive the demand for medical robots during surgical procedures in the near future.

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Growth of the global medical robots market is driven by rapid development in technology, increase in funding for research in robotics for medical by health care companies, rising patient preference for minimally invasive surgeries, and adverse effects associated with the use of conventional diagnostic methods. According to an article published in the journal “Plastic and Reconstructive Surgery”, in 2017, the use of daVinci Surgical Robotic System in a robotic-assisted laparoscopic cholecystectomy has been widely implemented in many surgical specialties – from cardiac surgery to gynecology. In the U.S. 80% of radical prostatectomies are now being performed using robotics. Rising prevalence of accidents leading to pelvic, ankle, or other surgeries is expected to drive the medical robots market during the forecast period. Furthermore, rising incidence of hospital acquired infections (HAIs) is another major factor which can positively influence the use of robots in hospitals in the near future. According to the Robotic Tomorrow Magazine, 2018, in North America 20% of the attempts to draw blood from veins fails on the first try. There are more than 36 million IV insertions in a year and 170,000 cases of adverse effects occur due to mislabeled blood samples. These errors can be reduced by using real-time vein viewing systems in hospitals and clinics. However, long regulatory approval time, rise in expenditure on research & development, high cost of devices and their maintenance, and lack of awareness are anticipated to restrain the growth of the medical robots market during the forecast period.

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The medical robots market can be segmented based on product type, application, end-user, and geography. In terms of product type, the medical robots market can be classified into medical robotic systems and instruments & accessories. The medical robotic systems segment can be further segmented to surgical robots, rehabilitation robots, and non-invasive radiosurgery robots. In terms of application, the medical robots market can be divided into laparoscopy, pharmaceuticals, and others. According to the Association of American Medical Colleges, the U.S. is likely to face a shortage of around 90,000 doctors by 2020, as the practicing doctors attain retirement, thereby creating a space for medical robots in hospitals and clinics in the next few years. In terms of end-user, the medical robots market can be classified into diagnostic laboratories, life sciences and research & development, clinics, hospitals, and others.

Geographically, the medical robots market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global medical robots market due to advantages offered by robot-assisted training in rehabilitation therapy, sophisticated lifestyle of people, and high per capita health care expenditure made by the government. Early-phase diagnosis and surgery for diseases is driving the medical biotechnology and pharmaceutical market, which in turn, is expected to drive the medical robots market in North America. Europe is the second leading market for medical robots due to favorable government policies regarding health care infrastructure, high incidence of chronic diseases due to environmental conditions, and growing awareness programs regarding hospital acquired infections. The medical robots market in Asia Pacific is expected to grow at a significant rate due to growing population, rising incidence of accidents leading to surgery, changing lifestyle of people, increasing awareness about robotic surgery, high per capita expenditure, and rise in air pollution level and other environmental conditions. In addition, economic growth in countries, such as, India and China in Asia Pacific and Brazil in Latin America has supported the development of health care infrastructure in these countries, creating growth opportunities for the medical robots market during the forecast period.

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Major players operating in the global medical robots market include EKSO Bionics, Hansen Medical (Auris Surgical Robotics), Intuitive Surgical, Stryker Corporation, Mazor Robotics, Kirby Lester, Omnicell, AND Arxium.