“Global medical robotic systems market is anticipated to surpass USD 27 Bn by 2030”, says Visiongain

15 October 2019
Pharma

Visiongain has launched a new pharma report ‘’Medical Robotic Systems Market Report 2020-2030’’ by Product (Surgical, Orthopedic, Laparoscopy, Neurological, Rehabilitation, Assistive, Prosthetics, Others), Application (Laparoscopy, Pharmaceutical Applications), and Geography.

The global medical robotic systems market is anticipated to grow at a lucrative CAGR of 14.2% and anticipated to surpass USD 27 Billion by 2030.

The future of robotic surgery is amazingly thrilling. It has important potential to help improve patient care, benefit next-generation surgeons, and enhance hospital team effectiveness. Robot-assisted surgery will continue to embrace and integrate progress in several key areas over the forecast period. These techniques include improved imaging, smart systems, less invasive methods, data analytics, and optimized medical teaching and coaching.

Robot-assisted surgery challenges include growing levels of autonomy as well as the associated ethical and legal barriers that need to be overcome for medical robots. However, a significant obstacle to the medical robotics industry is the high cost of assembly and maintenance. The price of medical robotic products is on the higher side, for instance per unit cost lies in the range of USD 1 million- USD 2.5 million. Another factor is the adaptation time of the device, a surgeon needs to conduct at least 150 surgical procedures to be fully accustomed to these instruments being adapted.

Due to technological upgrades in fields such as 3D imaging, HD surgical microscopic cameras, robotic catheter control system, motion sensors, information recorders & information analytics, medical robotics systems are experiencing a growing trend over the past few years. For instance, Intuitive Surgical Inc.'s most often used da Vinci Surgical System utilizes a computer-enhanced system which is capable of performing laparoscopic surgery.

This ongoing advancement of medical technology shows that medical robotic systems are quickly progressing. After 90 days of follow-up admissions, ProvenCare, a Geisinger Health System insurance initiative, offers patients with guaranteed insurance cover. This initiative will assist in decreasing surgical mistakes and complications as well as lower surgical costs.

North America holds the majority of market share followed by Europe and will continue to dominate in the future as a result of increasing adoption of surgical robots by hospitals in the region, availability of technologically advanced medical robots, and favorable funding scenario for research on medical robots. Also, the market will continue to be driven by the existence of the target population and increased R&D investment by important business organizations. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to the growing need for advanced surgical procedures in emerging economies such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost medical robotic systems market growth over the forecast period.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global medical robotic systems market. Companies are also increasing their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the market.

The comprehensive market report features companies such as Accuray, Arxium, Auris Surgical Robotics, Inc. (Hansen Medical Inc.), BIONIK, CYBERDYNE INC., EKSO Bionics, Health robotics S.R.L., Hocoma, Intuitive Surgical Inc., iRobot Corporation, Kirby Lester, MAKO Surgical Corp, Mazor Robotics, Medrobotics Corporation, Medtronic, Omnicell, Reninshaw Plc., Smith & Nephew, Stryker Corporation, and Varian among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020–2030 for global markets such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland, India, Japan, China, Australia, ASEAN, GCC, South Africa and North Africa.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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