HOME Top Market Reports Medical Robots Market by Product (Instruments & Accessories, Medical Robotic Systems (Surgical Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots)), Application (Laparoscopy, Pharmaceutical Applications), and Region - Global Forecasts to 2023

Medical Robots Market by Product (Instruments & Accessories, Medical Robotic Systems (Surgical Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots)), Application (Laparoscopy, Pharmaceutical Applications), and Region - Global Forecasts to 2023

By: marketsandmarkets.com
Publishing Date: July 2018
Report Code: MD 2257

 

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The medical robots market is expected to register a CAGR of 21.0% during the forecast period to reach USD 16.74 billion by 2023 from USD 5.47 billion in 2017. The key factors propelling the growth of the market are technological advancements in medical robots, advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, and the issuance of IPOs by medical robot companies. Rapid growth in the geriatric population and rising patient preference for minimally invasive surgeries is likely to offer growth opportunities during the forecast period. Base year considered for the report is 2017 and the forecast period is 2018–2023.

Objectives of the Study:

  • To define, describe, and forecast the medical robots market on the basis of product, application, and region
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To forecast the size of market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To analyze the market structure, profile key players of the market, and comprehensively analyze their core competencies
  • To track and analyze competitive developments such as new product launches; partnerships, agreements, and collaborations; expansions; and acquisitions in the medical robots market

Drivers

Advantages offered by robot-assisted training in rehabilitation therapy

According to the Centers for Disease Control and Prevention (CDC), stroke is the leading cause of serious long-term disability in the US. Impairments that result from stroke include fatigue, hemiparesis, and difficulties with walking. It is vital for stroke patients to regain their walking ability by actively participating in the rehabilitation process to avoid secondary complications such as osteoporosis or heart disease. In 2017, a study published in the Hong Kong Physiotherapy Journal compared robotic-assisted gait therapy (RAGT) with traditional physiotherapy in 14 patients. The results of this study stated that RAGT could provide stroke patients with extra benefits in terms of ambulation, mobility, and balance as compared to physiotherapy. Also, in 2013, a study conducted by UK-based Cochrane Collaboration concluded that stroke patients who engaged in robot-assisted gait training for their rehabilitation demonstrated improved recovery in independent walking as compared to patients who only pursued conventional gait training. Switzerland-based Hocoma’s Lokomat Pro is a popular therapeutic robot that provides effective gait training for stroke patients at rehabilitation centers worldwide. Balgrist University Hospital (Switzerland), Spaulding Rehabilitation Hospital (US), MossRehab (US), Tan Tock Seng Hospital (Singapore), and Wellington Hospital (UK) are some of the rehabilitation centers using Lokomat for their therapy sessions.

Technological advancements

Researchers work closely with industry veterans and doctors with first-hand knowledge of patient needs and medical practices and gather feedback. This close working relationship fosters the development of medical robots with direct applications. Technological advancements have led to the introduction of a number of medical robots which have enhanced medical practice. Listed below are some of the recent technological advancements in this field:

  • In 2016, Virtual Incision (US) announced positive results for trials on its miniature robots for applications in minimally invasive colon resection procedures. Virtual Incision’s technology earned the 2015 Game Changer Award from Robotics Business Review in the Medical and Surgical category.
  • In 2016, Penguin for Autism Behavioral Intervention (PABI), a robot developed by WPI’s Automation and Interventional Medicine Lab (US), was showcased at The Robotics Trends Show. PABI, designed for treating children with autism, is expected to reduce the out-of-pocket costs for autism therapy. The robot is expected to be available in the market in the next two years.
  • In 2015, the University of Twente (Netherlands) developed a robot-assisted system that aids in steering flexible needles which can reach their target in tissues with sub-millimeter accuracy.

Research Methodology

Top-down and bottom-up approaches were used to validate the size of the medical robots market and estimate the size of other dependent submarkets. Various secondary sources such as Minimally Invasive Robotic Association (MIRA), Clinical Robotic Surgery Association (CRSA), Orthopaedic Rehabilitation Association (ORA), Association for the Advancement of Assistive Technology in Europe (AAATE), Society of Urological Robotic Surgeons (SURS), Society of Robotic Surgery (SRS), Polish Society of Surgical Oncology (POSS), South Eastern European Robotic Surgery Society (SEERSS), Asian Society for Gynecologic Robotic Surgery, Centers for Disease Control and Prevention (CDC), directories, industry journals, databases, and annual reports of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess dynamics of this market. The breakdown of profiles of primaries is shown in the figure below:

Medical Robotic Market

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The prominent players in the medical robots market are Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel).

Target Audience:

  • Medical robots and related device manufacturing companies
  • Suppliers and distributors of medical robot systems
  • Hospitals and diagnostic centers
  • Ambulatory surgery centers
  • Academic centers
  • Venture capitalists

Product Launches and Approvals


Year

Company

SEGMENT

PRODUCT

2018

Hocoma

Systems

Hocoma launched ArmeoSenso, a sensor-based solution for patients with mild to moderate impairments of the upper extremity.

2017

Mazor Robotics

Systems

Mazor Robotics received CE Mark Approval for the Mazor X Surgical Assurance Platform. The CE Mark allows Mazor and its commercial partner, Medtronic, to market the Mazor X in the European Union and other countries that recognize the CE Mark.


Joint Ventures, Agreements, and Partnerships


Year

Name of Agreement

Company 1

Company 2

Description

2016

Joint Venture

Intuitive Surgical (US)

Shanghai Fosun Pharmaceutical Group (Fosun Pharma, China).

Intuitive Surgical entered into a joint venture agreement with the Shanghai Fosun Pharmaceutical Group. This joint venture enabled both companies to conduct R&D, manufacture, and sell robot-assisted catheter-based medical devices across the globe.

2016

Agreement

Mazor Robotics (Israel)

Medtronic (Ireland)

Mazor Robotics entered into a two-stage agreement with Medtronic to enable product co-development and co-promotion.


Mergers and Acquisitions


Year

Company 1

Company 2

Description

2017

Omnicell (US)

InPharmics (US)

Omnicell acquired InPharmics, a provider of advanced pharmacy informatics solutions to hospital pharmacies. The acquisition will expand the capabilities of Omnicell’s product offerings.

2016

Hocoma (Switzerland)

DIH International (Hong Kong)

Hocoma merged with DIH International, a global leader in the advanced rehab research market. The merger is expected to boost the innovative capabilities of both companies, allowing them to offer the best possible solutions to end users.


Product Enhancements


Year

Company

Segment

Product

2017

Omnicell

Central Pharmacy

Omnicell launched the XR2 Automated Central Pharmacy System which utilizes robotic technology to eliminate manual work.

2017

ARxIUM

IV Compounding

ARxIUM enhanced its IV Compounding platform RIVA with a multi-language interface and ability to produce customizable labels and barcodes on compounded sterile preparations (CSPs). Also, the system can handle multiple types of closed-system transfer devices (CSTDs) during IV compounding.


Expansions


Year

Company

Description

2018

Intuitive Surgical

Intuitive Surgical started direct operations in India through a distributor, Vattikuti Technologies. The company’s sixth international office will be headquartered in Bengaluru, India.


Scope of the Report:

The research report categorizes the medical robots market into the following segments and subsegments:

Medical Robots Market, By Product

  • Instruments & Accessories
  • Robotic Systems
    • Surgical Robotic Systems
      • Laparoscopy Robotic Systems
      • Orthopedic Robotic Systems
      • Neurosurgical Robotic Systems
    • Rehabilitation Robotic Systems
      • Therapeutic Robotic Systems
      • Assistive Robotic Systems
      • Exoskeleton Robotic Systems
      • Other Rehabilitation Robots
    • Noninvasive Radiosurgery Robotic Systems
    • Hospital and Pharmacy Robotic Systems
      • Pharmacy Robotic Systems
      • IV Robotic Systems
    • Other Robotic Systems

Medical Robots Market, By Application

  • Laparoscopy
  • Orthopedic Surgeries
  • Neurosurgeries
  • Pharmacy Applications
  • Other Applications

Medical Robots Market, By Region

  • North America
    • US
    • Canada
  • Europe
    • EU5
    • Rest of Europe (RoE)
  • APAC
  • Rest of the World

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 15)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Insights From Primary Sources
                    2.1.2.2 Key Data From Primary Sources
    2.2 Market Size Estimation
    2.3 Market Data Validation and Triangulation
    2.4 Assumptions for the Study

3 Executive Summary (Page No. - 23)

4 Premium Insights (Page No. - 26)
    4.1 Medical Robots Market Overview
    4.2 Medical Robots Market, By Product (2018 vs 2023)
    4.3 Robotic Systems Market, By Type (2018 vs 2023)
    4.4 Medical Robots Market, By Application (2018 vs 2023)
    4.5 Geographic Snapshot of the Medical Robots Market

5 Market Overview (Page No. - 30)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Advantages Offered By Robot-Assisted Training in Rehabilitation Therapy
                    5.2.1.2 Technological Advancements
                    5.2.1.3 Increase in Funding for Medical Robots Research
                    5.2.1.4 Issuance of IPOS By Medical Robot Companies
           5.2.2 Restraints
                    5.2.2.1 Safety Concerns Over Robotic Surgery Devices
           5.2.3 Opportunities
                    5.2.3.1 Rapid Growth in the Geriatric Population
                    5.2.3.2 Rising Patient Preference for Minimally Invasive Surgeries
           5.2.4 Challenges
                    5.2.4.1 High Cost of Robotic Systems

6 Product Pipeline Assessment (Page No. - 35)
    6.1 Introduction
    6.2 Clinical Trials for Medical Robots

7 Medical Robots Market, By Product (Page No. - 38)
    7.1 Introduction
    7.2 Instruments & Accessories
    7.3 Robotic Systems
           7.3.1 Surgical Robotic Systems
                    7.3.1.1 Laparoscopy Robotic Systems
                    7.3.1.2 Orthopedic Robotic Systems
                    7.3.1.3 Neurosurgical Robotic Systems
           7.3.2 Rehabilitation Robotic Systems
                    7.3.2.1 Therapeutic Robotic Systems
                    7.3.2.2 Assistive Robotic Systems
                    7.3.2.3 Exoskeleton Robotic Systems
                    7.3.2.4 Other Rehabilitation Robotic Systems
           7.3.3 Hospital & Pharmacy Robotic Systems
                    7.3.3.1 Pharmacy Robotic Systems
                    7.3.3.2 IV Robotic Systems
           7.3.4 Noninvasive Radiosurgery Robotic Systems
           7.3.5 Other Robotic Systems

8 Medical Robots Market, By Application (Page No. - 56)
    8.1 Introduction
    8.2 Laparoscopy
    8.3 Orthopedic Surgery
    8.4 Pharmacy Applications
    8.5 Neurosurgery
    8.6 Other Applications

9 Medical Robots Market, By Region (Page No. - 68)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
    9.3 Europe
           9.3.1 EU5
           9.3.2 RoE
    9.4 Asia Pacific
    9.5 Rest of the World

10 Competitive Landscape (Page No. - 89)
     10.1 Overview
     10.2 Medical Robots Market: Ranking of Players, 2017
     10.3 Competitive Scenario
             10.3.1 Product Launches and Approvals
             10.3.2 Joint Ventures, Agreements, and Partnerships
             10.3.3 Mergers and Acquisitions
             10.3.4 Product Enhancements
             10.3.5 Expansions

11 Company Profiles (Page No. - 94)
(Introduction, Products & Services, Strategy, & Analyst Insights, Developments, MnM View)*
     11.1 Intuitive Surgical
     11.2 Stryker Corporation
     11.3 Hocoma
     11.4 Mazor Robotics
     11.5 Hansen Medical (A Wholly Owned Subsidiary of Auris Surgical Robotics)
     11.6 Accuray
     11.7 Omnicell
     11.8 Arxium
     11.9 EKSO Bionics
     11.10 Kirby Lester

*Details on Marketsandmarkets View, Introduction, Product & Services, Strategy, & Analyst Insights, New Developments Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 115)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Available Customizations
     12.4 Related Reports
     12.5 Author Details


List of Tables (86 Tables)

Table 1 Indicative List of Clinical Trials in Phase Iii and IV for Medical Robots
Table 2 Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 3 Medical Robots Market, By Region, 2016–2023 (USD Million)
Table 4 North America: Medical Robots Market, By Country, 2016–2023 (USD Million)
Table 5 Europe: Medical Robots Market, By Region, 2016–2023 (USD Million)
Table 6 Instruments & Accessories Market, By Region, 2016–2023 (USD Million)
Table 7 North America: Instruments & Accessories Market, By Country, 2016–2023 (USD Million)
Table 8 Europe: Instruments & Accessories Market, By Region, 2016–2023 (USD Million)
Table 9 Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 10 Robotic Systems Market, By Type, 2016–2023 (Units)
Table 11 Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 12 North America: Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 13 Europe: Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 14 Surgical Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 15 Surgical Robotic Systems Market, By Type, 2016–2023 (Units)
Table 16 Surgical Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 17 North America: Surgical Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 18 Europe: Surgical Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 19 Rehabilitation Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 20 Rehabilitation Robotic Systems Market, By Type, 2016–2023 (Units)
Table 21 Rehabilitation Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 22 North America: Rehabilitation Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 23 Europe: Rehabilitation Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 24 Hospital & Pharmacy Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 25 Hospital & Pharmacy Robotic Systems Market, By Type, 2016–2023 (Units)
Table 26 Hospital & Pharmacy Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 27 North America: Hospital & Pharmacy Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 28 Europe: Hospital & Pharmacy Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 29 Noninvasive Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 30 North America: Noninvasive Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 31 Europe: Noninvasive Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 32 Other Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 33 North America: Other Robotic Systems Market, By Country, 2016–2023 (USD Million)
Table 34 Europe: Other Robotic Systems Market, By Region, 2016–2023 (USD Million)
Table 35 Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 36 Medical Robots Applications Market, By Region, 2016–2023 (USD Million)
Table 37 North America: Medical Robots Applications Market, By Country, 2016–2023 (USD Million)
Table 38 Europe: Medical Robots Applications Market, By Region, 2016–2023 (USD Million)
Table 39 Medical Robots Market for Laparoscopy, By Region, 2016–2023 (USD Million)
Table 40 North America: Medical Robots Market for Laparoscopy, By Country, 2016–2023 (USD Million)
Table 41 Europe: Medical Robots Market for Laparoscopy, By Region, 2016–2023 (USD Million)
Table 42 Medical Robots Market for Orthopedic Surgery, By Region, 2016–2023 (USD Million)
Table 43 North America: Medical Robots Market for Orthopedic Surgery, By Country, 2016–2023 (USD Million)
Table 44 Europe: Medical Robots Market for Orthopedic Surgery, By Region, 2016–2023 (USD Million)
Table 45 Medical Robots Market for Pharmacy Applications, By Region, 2016–2023 (USD Million)
Table 46 North America: Medical Robots Market for Pharmacy Applications, By Country, 2016–2023 (USD Million)
Table 47 Europe: Medical Robots Market for Pharmacy Applications, By Region, 2016–2023 (USD Million)
Table 48 Medical Robots Market for Neurosurgery, By Region, 2016–2023 (USD Million)
Table 49 North America: Medical Robots Market for Neurosurgery, By Country, 2016–2023 (USD Million)
Table 50 Europe: Medical Robots Market for Neurosurgery, By Region, 2016–2023 (USD Million)
Table 51 Medical Robots Market for Other Applications, By Region, 2016–2023 (USD Million)
Table 52 North America: Medical Robots Market for Other Applications, By Country, 2016–2023 (USD Million)
Table 53 Europe: Medical Robots Market for Other Applications, By Region, 2016–2023 (USD Million)
Table 54 Medical Robots Market, By Region, 2016–2023 (USD Million)
Table 55 North America: Medical Robots Market, By Country, 2016–2023 (USD Million)
Table 56 North America: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 57 North America: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 58 North America: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 59 Recent Medical Robot Purchases By Hospitals in the Us
Table 60 US: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 61 US: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 62 US: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 63 Canada: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 64 Canada: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 65 Canada: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 66 Europe: Medical Robots Market, By Region, 2016–2023 (USD Million)
Table 67 Europe: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 68 Europe: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 69 Europe: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 70 EU5: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 71 EU5: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 72 EU5: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 73 RoE: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 74 RoE: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 75 RoE: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 76 Asia Pacific: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 77 Asia Pacific: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 78 Asia Pacific: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 79 RoW: Medical Robots Market, By Product, 2016–2023 (USD Million)
Table 80 RoW: Robotic Systems Market, By Type, 2016–2023 (USD Million)
Table 81 RoW: Medical Robots Market, By Application, 2016–2023 (USD Million)
Table 82 Product Launches and Approvals, 2015–2018
Table 83 Joint Ventures, Agreements, and Partnerships, 2015–2018
Table 84 Mergers and Acquisitions, 2015–2018
Table 85 Product Enhancements, 2015–2018
Table 86 Expansions, 2015–2018


List of Figures (34 Figures)

Figure 1 Medical Robots Market: Research Methodology
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Research Design
Figure 6 Data Triangulation Methodology
Figure 7 Global Medical Robots Market Analysis, By Product (2018–2023)
Figure 8 Medical Robots Market, By Application, 2018 vs 2023
Figure 9 Medical Robots Market in Asia Pacific to Witness the Highest Growth During the Forecast Period
Figure 10 Increase in Research Funding to Drive the Medical Robots Market During the Forecast Period
Figure 11 Instruments & Accessories to Dominate the Medical Robots Market, By Product, in 2018
Figure 12 Surgical Robotic Systems to Dominate the Robotic Systems Market, By Type, in 2018
Figure 13 Pharmacy Applications Segment to Grow at the Highest CAGR in the Forecast Period
Figure 14 Asia Pacific to Witness the Highest Growth During the Forecast Period
Figure 15 Medical Robots Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Clinical Trials to Study the Role of Medical Robots, By Phase
Figure 17 Clinical Trials to Study the Role of Medical Robots, By Type
Figure 18 Clinical Trials to Study the Role of Surgical Robots, By Phase
Figure 19 Clinical Trials to Study the Role of Rehabilitation Robots, By Phase
Figure 20 Instruments & Accessories to Register the Highest Growth During the Forecast Period
Figure 21 Laparoscopy Applications to Dominate the Medical Robots Market During the Forecast Period
Figure 22 North America Will Continue to Dominate the Medical Robots Market During the Forecast Period
Figure 23 North America: Medical Robots Market Snapshot
Figure 24 Europe: Medical Robots Market Snapshot
Figure 25 Asia Pacific: Medical Robots Market Snapshot
Figure 26 RoW: Medical Robots Market Snapshot
Figure 27 Key Strategies Adopted By Market Players (2015-2018)
Figure 28 Intuitive Surgical Dominated the Medical Robots Market in 2017
Figure 29 Intuitive Surgical: Company Snapshot (2017)
Figure 30 Stryker Corporation: Company Snapshot (2017)
Figure 31 Mazor Robotics: Company Snapshot (2017)
Figure 32 Accuray: Company Snapshot (2017)
Figure 33 Omnicell: Company Snapshot (2017)
Figure 34 EKSO Bionics: Company Snapshot (2017)

The medical robots market is projected to reach USD 16.74 billion by 2023 from an estimated USD 6.46 billion in 2018. The major influencing factors driving the growth of this market are technological advancements in medical robots, advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, and the issuance of IPOs by medical robot companies.

By product, the medical robots market is segmented into instruments & accessories and robotic systems. In 2017, the instruments & accessories accounted for the largest share of the medical robots market. The robotic systems segment has been further segmented into surgical robotic systems, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, and hospital and pharmacy robotic systems. In 2017, the surgical robotic systems segment accounted for the largest share of the robotic systems market.

By application, the medical robots market is segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery.

Medical Robotic Market

By region, the medical robots market is segmented into North America, Europe, Asia Pacific, and the RoW. Asia Pacific is expected to grow at the highest CAGR owing to the growing geriatric population, increasing adoption of medical robots, and robot-assisted training initiatives for surgeons.

Safety concerns over robotic surgery devices are expected to limit the growth of the market to a certain extent. According to recent studies, a number of technical difficulties and complications were experienced by performing procedures using robotic systems. According to the FDA, surgical robots have been linked to over 144 deaths, over 1,391 injuries, and 8,061 device malfunctions, from 2000 to 2013 which is likely to restrain market growth in the coming years.

The major market players in the medical robots market include Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel). Other players in the medical robots market include Hocoma (Switzerland), Hansen Medical (US), Accuray (US), Omnicell (US), Arxium (Canada), and Ekso Bionics Holdings (US).

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