In a recent published report, Kenneth Research has updated the market report for Medical Robots Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Robots Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
The healthcare industry is characterized by several challenges such as high costs, care delivery failures and overtreatment that escalates healthcare costs and negatively impacts patient outcomes. This has led to an increased adoption of robots in the healthcare sector. Medical robots help surgeons to perform critical operations with precision thereby improving patients’ health. The use of robots in surgeries is also helpful in reducing human errors. The increase in funding for R&D of medical robots, technology advancements, increasing hospital investments on medical robots and issuance of IPOs by medical robots’ companies are the major driving factors for the market growth.
The growing ageing and chronically ill population are the prime factors creating opportunities for the makers of medical robots. The medical robot organizations are heading towards enhancing their offerings and are entering into partnerships with technology providers to cater to the increasing needs of the end-users. The high initial costs is a major concern in the market. The market is segmented by products, applications in surgical areas, and regions including North America, Europe, Asia Pacific, and RoW. Major companies, such as Medtronic, Stryker, Intuitive Surgical, Boston, and Mazor Robotics, are investing in integration of robotics technology into their products.
According to Research, the Medical Robots Market is expected to reach $17.58 billion by 2023, growing at a CAGR of 22.0% during the forecast period 2017–2023. The increased adoption of medical robots in hospitals and pharmaceuticals, the growing ageing population, and the increasing patients’ preference for minimally invasive surgeries are forcing organizations to focus on developing innovative solutions. The increasing demand for managed care and shortage of professionals in the healthcare domain are some of the additional factors contributing to the market growth.
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The products segment holds a prominent market share and is expected to reach $17.58 billion by 2023. A number of start-ups are entering the market to offer attractive designs and innovative features in medical robots to the customers. IoT innovations and the increasing R&D investments from big organizations for enhancement of their product portfolio are also contributing to the market growth.
Currently, North America has a majority share of the Medical Robots Market mainly due to technology advancements. The Medical Robots Market is witnessing a strong growth in countries such as the US and Canada. Europe is spending heavily in the manufacturing of innovative solutions for medical robots. The developing regions, such as Asia Pacific, is expected to improve its market share during the forecast period. The regional government initiatives for developing smart city projects and the increasing FDI for the development of digital healthcare infrastructure in the regions are the main factors contributing to the market growth. MEA is expected to experience a strong market as the regional governments are spending generously on infrastructural developments which will create huge opportunities for the key players to provide innovative solutions in the region.
The key players covered in the report are Medtronic, Stryker, Intuitive Surgical, Boston Scientific, Mazor Robotics, BALT Extrusion, Cyberonics, and Ekso Bionics.
The study covers and analyzes the Medical Robots market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
The report provides an in-depth analysis of the Medical Robots market aiming to offer end-users with innovative medical robots, which enable surgeons in performing critical surgeries with greater precision. The report discusses about products, applications in surgical areas, and regions. With the information offered, key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and public private partnerships (PPPs) interest toward the adoption of medical robots in the healthcare industry. Further, the report provides details about the major challenges impacting the market growth. The report also covers the profiles of major companies.
Device manufacturers, suppliers, distributors, hospitals and diagnostic centers, policy makers, standard development organizations, investor community, university researchers, blog writers, and ambulatory surgery centers.
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The market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
What aspects regarding the regional analysis of market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
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