Rising geriatric population coupled with increasing number of the disabled population leading to a high demand for improved nursing and medical care is driving the market. Increased adoption of invasive surgeries owing to exceptional benefits has impacted the market growth positively. Rising need of automated equipment especially in case of invasive surgeries is fueling the market growth. Also, rising labor shortage coupled with high turnaround time in hospitals and other healthcare facilities has opened new avenues for market growth.
Latest report by Value Market Research expects the Global Healthcare Robotics Market was valued USD 5 billion in 2017 and is likely to reach at USD 17.9 billion by 2024 with CAGR of 20%.
SURGICAL ROBOTS DOMINATED THE SEGMENT
In 2017, surgical robots led the type segment and has accounted for over 60% of the total market share. Use of surgical robots to reduce pain, blood loss, infection rate, and faster recovery is driving the segment growth. Additional benefits such as better visualization, patent monitoring, enhanced dexterity and precision in minimally invasive surgeries are fueling the segment growth.
NEUROSURGERY EMERGED AS THE LEADING APPLICATION SEGMENT
Neurosurgery dominated the application segment by accounting for X.X% of the total market share in 2017. Benefits associated with robotic neurosurgery are reduction in human bases error, operating time, medical complication and increase safety in minimal access to neurosurgery are driving the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
By region, Asia Pacific emerged as the leading market and has accounted for over X.X% of the total market share in 2017. Booming healthcare industry along with rising penetration of invasive surgeries is driving the regional market growth. Rising adoption of robotic surgeries in Asian countries such as China, Taiwan, Korea, and India is further boosting the regional market growth.
KEY PLAYERS OF THE MARKET
The major players of the healthcare robotics market are Accuray Inc., Aurora Biomed Inc., Biotek Instruments Inc., Ekso Bionics Holdings Inc., Hansen Medical Inc., Hocoma, Intuitive Surgical Inc., Irobot Corporation, Kirby Lester Llc, MAKO Surgical Corp, Mazor Robotics Ltd., Roche Holding AG, Titan Medical Inc., Varian Medical Systems and ZOLL Medical Corp.
As per this study the Global Healthcare Robotics Market was valued at USD 12.54 BN (by revenue) in 2021 and is anticipated to reach USD 52.19 BN by 2028 with a CAGR of 22.6%.
Healthcare robots are a tremendous innovation in medical science, they are a blend of medicine and technology. They aid surgeons in performing surgeries with perfect precision. They can be considered as an alternative method to minimally invasive surgeries. Surgical robots, robotic prosthetic limbs, hospital logistics robots, nursing robots, and exoskeleton robots used for rehabilitation are some of the healthcare robots among other potential robots.
Market Dynamics
Healthcare robots are gaining hype in the market owing to the growing automation technologies in surgical equipment. Rising demand for accurate laparoscopic surgeries along with the growing expenditure in healthcare infrastructure is further boosting the market growth. Growing need for developing surgical procedures need for improving the quality of life for the elderly and the disabled and large-scale global investment in the robotics market is again propelling the market growth. However, high installment cost of the robots is likely to impede the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of healthcare robotics.
Market Segmentation
The broad healthcare robotics market has been sub-grouped into application and type. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Applications
- Neurology
- Cardiology
- Orthopedic
- Laparoscopic
- Other
By Type
- Surgical Robots
- Rehabilitation Robots
- Telemedicine Robots
- Pharmacy And Hospital Automation Robots
- Non-Invasive Radiosurgery Robots
- Robotic Catheters
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for healthcare robotics in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Healthcare Robotics Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the healthcare robotics market include Accuray Inc, Aurora Biomed Inc, Biotek Instruments Inc., Ekso Bionics Holdings Inc, Hansen Medical Inc, Hocoma, Intuitive Surgical Inc, Irobot Corporation, Kirby Lester Llc, MAKO Surgical Corp, Mazor Robotics Ltd, Roche Holding AG, Titan Medical Inc, Varian Medical Systems, and ZOLL Medical Corp. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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