Medical robots assist surgeons to carry out various surgeries with extra precision. This is one of the emerging fields for various applications for medical robots such as pharmacy applications, neurosurgery, cardiology, laparoscopy, and orthopedic surgery. As these robots assist in surgeries, they reduce infection risks, thereby increasing accuracy while carrying out surgeries. Medical robots have several advantages such as decreased blood loss, post-operative pain, and infection. Innovations in robotic industries pave way for the market for more improved and better medical robots. The global medical robots market size is experiencing a significant growth, and is expected to grow considerably in next few years.
Key players of the medical robots market analyzed in the research include Houston Medical Robotics, Stryker Corporation, Hansen Medical, Intuitive surgical, Kerby Lester, Varian Medical Systems, Otto bock Healthcare, Hocoma AG, Kinova Robotics, Vecna Robotics, and Others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
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The global medical robots market is segmented into type, application, end user, and region. Based on type, the market is further segmented into hospital & pharmacy robotic systems, surgical robotic systems, noninvasive radiosurgery robotic systems, rehabilitation robotic systems, and others. In terms of application, the market is sub-divided into cardiology, laparoscopy, pharmacy, neurosurgery, orthopedic surgery, and others. Based on industry vertical, the market is bifurcated further into specialty centers, hospitals & clinics, rehabilitation centers, and others. Geographically, the global market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rise in advanced treatment methods for various severe diseases, widespread neurological and cardiac disorders and cancer propels the medical robots market growth. As critical surgeries are needed to be done in these disorders and it can be performed using medical robots, which propel the market growth. However, safety concerns, lack of trained personnel, and high cost for robotic surgeries hinder the market growth. However, adoption of advanced technologies and increase in funding for medical robotics is expected to fuel the market growth further.
New product launches to flourish the market growth
Da Vinci SP surgical system for urologic surgical techniques, which are suitable for single port methodology was dispatched by Intuitive Surgical subsequent to being affirmed by the U.S. FDA in 2018.
This medical robot assists surgeons to perform surgeries. It was designed for narrow and deep access to tissues in the body. It has the ability to enter the body through small incision, which helps in reducing complex procedures involved in surgery. Thus, further improving control, vision, and precision of surgeons while performing surgery.
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Surge in use of IOT and AI applications in medical industry
Advancements in IOT & embedded technologies across the globe has led to development and growth of medical robots. Artificial intelligence, which has taken automation to a different level, has been able to drive the medical robots market even further. Manual surgeries involve error risks, in terms of operational stability so medical robots are used to improve efficiency. Intervention of AI has created various opportunities for improvements in invasive surgeries. Thus, a wide range of applications have been created by using IoT, AI, and Cloud, which has helped in favoring the medical robots market.
COVID-19 scenario Analysis:
- Global medical robots market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have significant led to decline in demand for medical robots.
- Global factories have struggled to manufacture, integrate and assemble new technologies as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules and regulations, which, in turn, has disrupted the global supply chains.
- The market would be less impacted than other markets for non-essential goods and services as these systems are essential part of automation. Moreover, the world would be shifting more toward automation so that no other pandemic can disrupt production.
- This COVID-19 crisis is expected to provide opportunities for companies to invest, implement, and research in technologies, which involve less human touch. For instance, combination of AI and automation.
- The impact of COVID-19 on medical robots market revenue size is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase as various growing industries
Key benefits of the report:
- This study presents the analytical depiction of the global medical robots market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical robots market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global medical robots industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global medical robots market trends analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in this research report:
- Who are the leading market players active in the medical robots market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the medical robots market?
- What are the projections for the future that would help in taking further strategic steps?
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