Medical Robots Market 2021 Set to Witness Growth | Challenges and Threats Faced by Key Vendors, Development Trends, Share, Size, Demand and 2030

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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The report Medical Robots Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2023.

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.

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Market Analysis

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.

Product Analysis

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.

Regional Analysis

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

Key Players

The key players covered in the report are Medtronic, Stryker, Intuitive Surgical, Boston Scientific, Mazor Robotics, BALT Extrusion, Cyberonics, and Ekso Bionics.

Competitive Analysis

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.

Benefits

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.

Key Stakeholders

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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Table of Contents
1 Industry Outlook
1.1 Industry Overview
1.2 Industry Trends
1.3 PEST Analysis
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.3 Related Markets
3.3.1 AI in Healthcare
3.3.2 Industrial Robotics
4 Market Outlook
4.1 Overview
4.2 Market Trends
4.3 Market Definition – Infoholic Research
4.4 Porter 5 (Five) Forces
5 Market Characteristics
5.1 Medical Robots: Advantages and Disadvantages
5.2 Evolution of Robot Assisted Surgery
5.3 Market Segmentation
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Benefits of robot assisted training in rehabilitation therapy
5.4.1.2 Technological advancements
5.4.1.3 Increasing funding on R&D
5.4.1.4 Increasing investments from hospitals
5.4.2 Restraints
5.4.2.1 Safety concerns over robotic surgery devices
5.4.2.2 High cost
5.4.3 Opportunities
5.4.3.1 Rapid growth in aging population
5.4.3.2 Huge opportunities for nanorobots makers
5.4.3.3 Increasing demand from patients for minimally invasive surgeries
5.5 DRO – Impact Analysis
5.6 Key Stakeholders
6 Products: Market Size and Analysis
6.1 Overview
6.2 Instruments and Accessories
6.3 Medical Robotic Systems
6.3.1 Market Size and Analysis
6.3.2 Surgical Robots
6.3.2.1 Laparoscopy Robotic Systems
6.3.2.2 Neurosurgical Robotic Systems
6.3.2.3 Orthopedic Robotic Systems
6.3.2.4 Steerable Robotic Catheters
6.3.3 Rehabilitation Robotic Systems
6.3.3.1 Therapeutic Robotic Systems
6.3.3.2 Assistive Robotic Systems
6.3.3.3 Prosthetic Robotic Systems
6.3.3.4 Orthotic Robotic Systems
6.3.3.5 Exoskeleton Robotic Systems
6.3.4 Non-invasive Radiosurgery Robotic Systems
6.3.5 Hospital and Pharmacy Robotic Systems
6.3.5.1 Pharmacy Robotic Systems
6.3.5.2 IV Robotic Systems
6.3.5.3 Telemedicine Robots
6.3.6 Other Robotic Systems
7 Applications by Surgical Areas: Market Size and Analysis
7.1 Overview
7.2 Laparoscopy
7.2.1 Market Size and Analysis
7.3 Orthopedics
7.3.1 Market Size and Analysis
7.4 Neurology
7.4.1 Market Size and Analysis
7.5 Special Education
7.5.1 Market Size and Analysis

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