Medical Robotic Systems Market Worth USD 18 billion by 2020

February 16, 2017

The global Medical Robotic Systems Market is projected to reach nearly USD 18 billion by 2020. In 2014, the industry stood at around USD 7.5 billion. Advancements in computerized surgical technologies, like telemedicine and bacteriobots for treating terminal cancers may fuel product demand over the forecast period (2012 to 2020). Heightened awareness, high population growth, improvements in healthcare infrastructure, and rising prevalence of lifestyle diseases are other industry drivers. 

Widespread penetration of IT is yet another factor that has spurred the demand for medical robots in the world of healthcare. Greater preference for minimally invasive surgeries over the conventional ones may further contribute to overall demand in the years to come. Minimally invasive surgeries reduce the risks of infections & excessive bleeding, ensure shorter post-operative hospital stays, and lead to quicker healing.

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The overall Medical Robotic Systems Market is categorized on the basis of products, applications, and regions. Products comprise emergency response robotic systems, hospital & pharmacy robots, noninvasive radiosurgery robots, rehabilitation robots, and surgical robots. Surgical robots held a 3/5th share in overall revenues in 2014. Rapid adoption of these in hospitals and growing preference for minimally invasive surgeries are factors that fuel this segment. Laparoscopy robotic systems, orthopedic surgical robots, neurological surgical systems, and steerable robotic catheters are different types of surgical robots. Rehabilitation robots are of various types, namely prosthetic, assistive robots, exoskeleton robotic systems, orthotics, and therapeutic robots. 

On the basis of applications, the overall industry is divided into four key areas, namely laparoscopy, neurology, special education, and orthopedics. In orthopedics, medical robots are used in surgical systems, such as iBlock, Stanmore sculptor, robodoc, ZAKO RIO, and navio PFS. The special education segment comprises surgical systems, like pathfinder, neuromate, and renaissance. Laparoscopy is further segmented into freeHand endoscope holder system, ALF-X surgical system, and da vinci robotic surgery system. With a share nearly 89%, laparoscopy was by far the largest application segment in 2014. 

Geographically, the global medial robotic systems industry is classified into Asia Pacific, Europe, North America, and Rest of the World. Fueled by sophisticated medical infrastructure, high healthcare spending, and surging income levels, North America dominates the global market. Other regional drivers are growing geriatric population, high rate of market penetration, and favorable government & NGO initiatives. Asia Pacific is expected to grow at a nearly 14% CAGR till 2020. The region may be propelled by the expanding the Medical Robotic Systems Market in China & India in the forthcoming years. These emerging economies are primarily driven by rapid proliferation of hospitals, widespread awareness about medical robots, and high healthcare spending. 

Prominent companies operating in the worldwide Medical Robotic Systems Market are Intuitive Surgical Inc,; MAKO Surgical Corp.; iRobot Corporation; Medrobotics Corporation; and Varian Medical Systems among various others. Recently, a group of eye surgeons successfully injected a thrombolytic drug directly into the retinal vein of a patient in order to dissolve a blood clot. Any retina-based procedure is usually very complex since retinal veins are as thin as human hair. Researchers from a Belgium based university have developed a surgical robot that can treat retinal vein occlusion. This is a condition that leads to loss of vision and in some cases, even blindness.

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