Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Healthcare or medical robots are robotic machines utilized in the healthcare sector. Multiple robotic systems used in the world’s top hospitals today provide immense feasibility in carrying out more complex tasks at a rapid and accurate pace. Today, medical robots are well known for their roles in surgery, specifically the use of robots, computers, and software to accurately manipulate surgical instruments through one or more small incisions for various surgical procedures. Robot’s concrete focus and attentive robots further strengthen their core functionality and enable them to perform tasks with extreme precision. These robots are backed by AI which allows them to learn while performing tasks. Several advantages offered by surgical robots and rehabilitation robots along with the growing demand for better and faster healthcare services are major factors which are expected to drive growth of the market. Furthermore, technological advancements in healthcare sector are anticipated to fuel the demand for healthcare robotics during the estimated time period.
The growth of the market is driven by advantages offered by surgical robots and rehabilitation robots along with the growing demand for better and faster healthcare services. The demand for minimally invasive surgeries (MIS) is increasing worldwide, mainly due to the benefits associated with these procedures such as their cost effectiveness. Minimally invasive robotic surgery contributes to these benefits by providing greater precision and repeatability, as well as better control and efficiency. Robotic surgery also offers advanced visualization capabilities that provide surgeons with an excellent view of the surgical field, using HD cameras to visualize structures down to the microscopic level. These systems offer greater dexterity than the human hand; Due to their 360-degree rotation capability, robots can allow surgeons to reach even hard-to-reach areas. The most significant benefit of using robotic technology in rehabilitation is the ability to perform high dose, high intensity training. This property makes robotic therapy a promising new technology for the rehabilitation of patients with motor disorders caused by stroke or spinal cord diseases. Research in the field of rehabilitation robotics has grown rapidly, and the number of therapeutic rehabilitation robots has increased significantly over the past two decades. These advantages of surgical robots and rehabilitation robots along with the growing demand for better and faster healthcare services are expected to drive the growth of the overall healthcare robotics market in the coming years.
The rise in healthcare expenditure in developing nations is likely to drive the growth of the market. Emerging markets have seen a steady increase in the number of surgeries over the past decade, driven by growing patient numbers and a boom in medical tourism. It is likely to contribute to the market. In addition to low processing costs, markets in developing countries are characterized by less stringent regulations and data requirements. Regulatory policies in the Asia-Pacific region are also perceived by market players to be more adaptable and business-friendly. It is expected to have a positive impact on the growth of the market. Furthermore, the growing spending on healthcare and surgical procedures, coupled with the business expansion of major players in emerging markets and technological developments in the medical sector, are expected to provide strong growth opportunities for the market during the forecast period.
Robot-assisted surgeries are much more expensive than minimally invasive surgeries. Additionally, a robot's annual maintenance cost is tremendously high, which adds to the already high cost of robotic surgery. It is expected to negatively impact the growth of the market. A high cost associated with healthcare robotics is expected to restrain the growth of the market.
A high cost associated with healthcare robotics is one of the major challenging factors for the growth of the market. Likewise, stringent regulations and a lack of well-trained medical staff in developing nations for operation of healthcare robotics is expected to be a major growth challenge for the market. Also, the lack of an advanced healthcare system in underdeveloped nations and is expected to pose a key challenge to the growth of the market.
The report provides an in-depth analysis of the global Healthcare Robotics market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A growing demand for better and faster healthcare services are expected to stimulate the demand for healthcare robotics, and therefore, the market is expected to witness growth at a specific CAGR from 2022-2029.
Global Healthcare Robotics market comprises of different market segments like product, application, end-user and geography.
On the basis of product, the Healthcare Robotics market consists of key segments like
The instrument and accessories are expected to gain a major share of the market over the forecast period. Usually advanced anaesthesia monitors measure end-tidal carbon dioxide (ETCO), neuromuscular function, and brain activity. These devices are more accurate, durable, and reliable in monitoring anaesthesia.
Also, robotic systems are expected to witness high growth over the forecast period. Robotic systems have become a vital element of many hospitals' workforces, performing everything from surgeries to administrative labour. In addition to the operating room, robotic systems are now used in clinical settings to assist healthcare workers and improve patient care.
The market finds its major applications in
The laparoscopy segment is expected to lead the market over the estimated time period. Large number of minimally invasive laparoscopic surgeries are being conducted through the use of robotics. Through the use of robotic laparoscopic surgery, various surgeons all over the globe are now able to offer a minimally invasive option for conducting complex surgical procedures in a manner that is less time-consuming, robust and effective.
Also, orthopaedic surgery segment is expected to grow at a high rate over the forecast period. An increase in the prevalence of orthopaedic injuries and musculoskeletal illnesses is anticipated to fuel the demand for robotics during the forecast period.
The global Healthcare Robotics market include major end-users like
Hospitals and clinics are expected to account for the largest share of the market. The advanced medical and robotic instruments and equipment are being used in most of the hospitals and clinics. The rise in healthcare spending in developing nations has led to a huge development in the healthcare infrastructure. This is expected to drive the growth of the hospitals and clinics segment over the forecast period.
The rehabilitation centres are expected to witness high growth over the forecast period. Robot-assisted therapy can be used by physical therapists in conjunction with traditional physiotherapy approaches. This is expected to stimulate the demand for robotics in rehabilitation centers.
The Global Healthcare Robotics market is studied for the following regions:
Asia-Pacific is likely to dominate the market over the forecast period, owing to the rapid increase in geriatric population with poor bone density and injuries. High improvements in health infrastructure, and rise in number of minimally invasive surgeries and patients' awareness are the most important factors that are expected to stimulate market growth in the region.
The North America region is expected to witness high growth over the forecast period. Rising innovations and technological developments in medical sector, along with increasing health expenditure, increasing rates of chronic diseases, rising geriatric population, are key factors driving the growth of the market in the region.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Healthcare Robotics market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the global Healthcare Robotics market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The global healthcare robotics market has been significantly impacted by the COVID-19 pandemic. New projects around the world have stalled, which has led to a significant drop in demand for medical robots. Global factories struggled to manufacture, integrate and assemble new technologies as workers have stayed at home and even equipment already available in different warehouses cannot be transported due to rules and regulations in place, which has to its disrupted global supply chains. The market for non-essential goods and services would be less affected than other markets because these systems are an integral part of automation. Also, the world would move more towards automation so that no more pandemics could disrupt production. This COVID-19 crisis is expected to provide businesses with opportunities to invest, implement and explore technologies that require less human contact. For example, the combination of AI and automation. The impact of COVID-19 on the market is temporary as only the production and supply chain is at a standstill. Once the situation improves, the production, supply chains and demand for these products is anticipated to gradually increase as various industries develop. This is expected to provide lucrative growth opportunities foe key players operating in the market in the upcoming years.
The competitive landscape analysis of the Healthcare Robotics market is primarily focused on expanding the global growth of Healthcare Robotics industry with new product innovation, and business expansion. An increasing presence of a range of manufacturers operating in Healthcare Robotics sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
September 2022: Titan Medical announced an agreement with Medtronic for a limited development program. As per the agreement, Medtronic will evaluate the performance of Titan’s instruments and cameras in gynaecological procedures, which Titan Medical plans to pursue as the first indication for its surgical robot.
June 2022: Intuitive had announced the U.S. Food and Drug Administration had cleared the integration of a mobile cone-beam CT (CBCT) imaging technology and the Ion Endoluminal System used for robotic-assisted bronchoscopy.
June 2020: Accuray had introduced its next-generation CyberKnife platform called the CyberKnife S7 System with advanced precision and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic body radiation therapy (SBRT) treatments and stereotactic radiosurgery (SRS).
May 2020: Stryker Corporation had received regulatory approval for MAKO robotic surgery system in Japan for make partial knee indication.
The global Healthcare Robotics market include segments like product, application, end-user and geography. By product, the healthcare robotics market includes key segments like robotic systems, instrument, accessories and services. The instrument & accessories segment is likely to have growing demand in the market during the forecast period. The market finds its major applications in cardiology, laparoscopy, pharmacy, physical rehabilitation, external beam radiation therapy, neurosurgery, orthopaedic surgery and others. The laparoscopy segment is expected to lead the market over the forecast period. The global Healthcare Robotics market include major end-users like hospitals & clinics, rehabilitation centers and ambulatory surgical centers. The hospitals and clinics segment is expected to account for the largest share of the market. The Global Healthcare Robotics Market is studied across various key countries of regions: North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD Million |
| Market
Segment studied: | Product End-user Geography |
Market
Players and its Competitors: | Covidien PLC (Ireland) Medtronic PLC.(Ireland) Drägerwerk AG & Co. KGAA (Germany) Fukuda Denshi (Japan) GE Healthcare (United States) Heyer Medical AG. (Germany) Infinium Medical (United States) Masimo (United States) Mindray Medical International Limited (China) Nihon Kohden Corporation (Japan) Philips Healthcare (Netherlands) Schiller AG (Switzerland) |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for Healthcare Robotics market?
Laparoscopy has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining the majority of market share during the forecast period (2023-2029)?
Asia-Pacific is expected to gain a major market share during the forecast period (2023-2029).
