World Medical Robotics and Computer – Assisted Surgery Market Is Expected to Reach $20.5 Billion by 2022 – Allied Market Research
A new report published by Allied Market Research titled, World Medical Robotics and Computer-Assisted Surgery Market – Opportunities and Forecasts, 2015 -2022, projects that the world medical robotics and computer-assisted surgery market would reach $20.5 billion by 2022. The surgical robotics segment was the highest revenue-generating segment, accounting for nearly half of the market share in 2015, and is expected to maintain its dominance throughout the forecast period.
The major factors boosting the market growth include a shifting trend from conventional surgery to advanced robotic surgery, growing adoption of robotics prosthetic & exoskeleton for rehabilitation therapeutics, and rising incidence of cancers and other critical disorders. In addition, rising emphasis on hospital & pharmacy automation and presence of high unmet medical needs in developing and underdeveloped economies are anticipated to drive the demand for medical robotics and computer-assisted surgical systems. Moreover, in order to minimize human errors during drug handling & medicine dispensing and reduce hospital maintenance cost & faculty time, large-scale hospitals and pharmacies are now adopting automated or robotic solutions. However, the high cost associated with such medical robotics and robotic surgical procedures is the major factor restraining the market growth.
The rehabilitation robotics and hospital & pharmacy robotics segments collectively accounted for around one-third of the market share in 2015, and is projected to maintain dominance throughout the forecast period. The growth of this market was majorly attributed to the shifting trend from wheelchair to robotic rehabilitation therapy, growing focus on hospital infrastructure improvisation, and increasing healthcare expenditure. Likewise, the use of hospital and pharmacy robotics have led to cost-cutting in hospital expenditure and reduction in cases of hospital-acquired infection, which further supplements the adoption of hospital and pharmacy automation robots.
- The rehabilitation robotics market is projected to register the highest CAGR of 20.8% during forecast period.
- In surgical robotics, the accessories segment is expected to maintain its market foothold.
- In 2015, prosthetics was the highest revenue-generating segment, whereas exoskeleton is projected to be the fastest growing segment in the rehabilitation robotics market during the forecast period.
- The medication-dispensing robotics segment generated the highest revenue, which accounted for over half of the hospital and pharmacy robotics market share in 2015.
- In 2015, gynecology and urology surgery segments collectively accounted for about half of the surgical robotics market.
- Asia-Pacific is likely to be the fastest growing market, growing at a CAGR of 16.5% from 2015 to 2022.
- In 2015, North America and Europe collectively accounted for around three-fourths of the world medical robotics and computer-assisted surgery market revenue.
North America is anticipated to remain the highest revenue-generating region, owing to widespread adoption of surgical robotics along with the non-invasive robotic radiosurgical solutions. The growth of medical robotics and computer assisted surgery market in Europe is primarily characterized by the increase in geriatric & amputee population, high incidence of chronic diseases, and growing investment on hospital infrastructure. Moreover, the Asia-Pacific region is expected to grow rapidly because of the increasing healthcare expenditure, growing awareness of advanced robotic solutions for several health conditions, and increase in disposable income.
The key companies profiled include Intuitive Surgical, Inc., Blue Belt Technologies Ltd., Think Surgical, Inc., Hansen Medical, Inc., MAKO Surgical Corp., Renishaw plc., Stanmore Implants Worldwide, Ltd., Mazor Robotics Ltd., ReWalk Robotics, Smith & Nephew, Ekso Bionics, Hocoma AG, Titan Medical Inc., and Hitachi Medical Systems.