Global Medical Robotic Systems Market to be Propelled by Greater Advancements in the Area of Robotic Technology

The field of medical robotics has been evolving since its inception during the mid 1980s. This is a highly dynamic industry with a scope for rapid growth in the coming years. The global medical robotic systems market is anticipated to reach a market value worth US$13.64 billion by 2018 from US$5.48 billion in 2011, growing at a 12.6% CAGR over the period 2012-2018.

Earlier, when the medical robotic system was just introduced, its application was mainly confined to medical procedures such as endoscopy and surgeries. However, with highly sophisticated technology medical robotic systems are being in other medical applications such as emergency response, microsurgeries, neurosurgeries, prosthetics, and radiology. Medical robotic systems are also used extensively in hospitals even for different non-medical applications.

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Factors such as increasing per capita healthcare expenditure and the rapidly growing field of robotic technology drive the global medical robotic systems market. The rising popularity of medical robotic systems can be attributed to the benefits of using these systems such as quick post-operative recovery of the patient, accurate procedure execution, and better surgical outcomes.

Surgical Robots: Highest Share in the Overall Medical Robotic Systems Market

The global medical robotic systems market is segmented on the basis of three main parameters such as type, components, and geography. Different types of medical robotic systems are surgical robots, emergency response robotic systems, non-invasive radiosurgery robotic systems, assistive and rehabilitation systems, exoskeletons/prosthetics, and non-medical robotics in hospitals. In terms of revenue, the segment for surgical robots holds the highest share in the overall market for medical robotic systems.

On the basis of components, the medical robotic systems market is segmented into safety systems, locomotion systems, software platforms, power sources, user interface, and visualization systems. Medical robots are generally categorized on the basis of targeted anatomy, kinematics, the intended operation environment, and the level of automation.

Europe and North America Dominate the Medical Robotic Systems Market with Innovation in Medical Technology

Geographically, the global medical robotic systems market is segmented into Asia Pacific, North America, Europe, and Rest of the World. North America holds the highest share in the medical robotic systems market followed by Europe. Two key factors driving these aforementioned markets are greater advancements and innovations in the field of medical technology and heightened awareness amongst the masses and healthcare providers of these countries about medical robotic systems.

At present, developing economies such as Asia Pacific, Africa, and the Middle East are characterized by significant improvements in healthcare infrastructure and greater expenditures on the same. This is a major factor that stimulates the medical robotic systems market in these regions.

Highly Priced Medical Robots to Hamper the Growth of the Global Medical Robotic Systems Market

Currently, the global medical robotic systems market is characterized by high investments since the various companies operating in this market are constantly striving towards developing newer technologies and innovations. Different types of medical robots are available at a commercial level and intensive research is being carried out to develop highly efficient ones. The commercial availability of medical robots on a large scale is mostly observed in the advanced economies.

Some of the key companies in this market include Stereotaxis, Inc., Swisslog Holding Ltd., Titan Medical, Inc., Hansen Medical, Inc., Accuray, Inc., Stanmore Implants Worldwide, Ltd., Mckesson Corporation, Irobot Corporation, Varian Medical Systems, MAKO Surgical Corp., Intuitive Surgical Inc., ZOLL Medical Corp., and Renishaw Plc.

The robust growth of the medical robotic systems market can be attributed to factors such as high incidence of disabilities affecting a person’s physical movements, better automation technologies, and a rapidly growing baby boomer population. Furthermore, high demand of hospitals for lean hospital management methods can be blamed for rising costs of healthcare, continuously surging human labor costs, and scarcity of skilled and trained medical personnel.

High price of medical robots and robotic surgeries is a major challenge in the global medical robotic systems market.

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