In terms of medical technology, robotic devices are being successfully used to perform various delicate surgical procedures, limb replacement, and various other health related tasks. Over the past few years, the global demand for medical robotics has grown significantly. As a result, the industry is taking special efforts in terms of manufacturing, delivery and technological soundness of these products. The global medical robots market is strongly driven by increasing demand and applications across different medical technology applications. As a result, the industry is poised to witness stronghold over the global healthcare industry, which is estimated to be a great sign for the new entrants in the industry.
Segmentation in Medical Robotics Market
In order to understand the prevailing trends and challenges for the industry, researchers have segmented the market into various segments and sub-segments. In case of the global medical robots market, researchers have segmented the industry on the basis of the types of robots, their applications, geographic demand. The basic types of robots include surgical, rehabilitation, hospital and pharmaceutical, non-invasive radio surgery, and other types of robots. Applications of medical robotics range from neurology, laparoscopy, orthopedics, special education, research and such other applications. On the basis of geography, the global market is segmented into North America, Europe, Asia, and rest of the world. The rest of the world segment mainly concentrates on Middle East, Latin America, and Africa.
Trends and Forecasts to 2018
As mentioned before, the medical robotics technology is witnessing an upward scale in terms of demand, applications, adoption, and technological advancements. As a result, the global medical robots market is expected to witness healthy growth in the applications and products segment. Growth in the rate of adoption across developing regions and emerging markets is also considered to be a great sign for the overall conditions of the market. As an influence of all these factors, the global market is estimated to make waves in terms of demand, revenue, adoption, and innovation. Rising demand for noninvasive and minimally invasive surgical procedures is also an essential reason for the rise in demand.
According to the market research reports, the global medical robots market will grow at a CAGR of over 16% and reach $3764 million by the end of the year 2018. In the year 2013, North America dominated the global market, which was followed by Europe, Asia and rest of the world. Improvement of accuracy level of surgical procedures, reduced complications involved in the course of treatment, and reduced pre and post operation care costs are expected to be some of the strongest driver for the global medical robotics market during the next few years to come.