Global medical robotic systems $17,901.5M by 2020

San Francisco, California - The global market for medical robotic systems is expected to reach $17,901.5 million by 2020, growing at an estimated CAGR of 12.7% from 2014 to 2020, according to a new study by Grand View Research Inc. Growing market penetration of healthcare IT is one of the most significant growth drivers for this market. In addition, introduction of advanced technologies such as capsule robot system, software/applications and imaging system, increasing geriatric population base and increasing per capita healthcare expenditure are also expected to boost market growth during the forecast period. Growing geriatric population base is expected to increase the demand for minimally invasive robotic surgeries owing to the fact that old age increases the susceptibility towards disorders such as orthopedics, neurological and others. Presence of untapped growth opportunities in emerging countries such as India, Brazil, and China is expected to serve this market as a future growth opportunity.

Surgical robots dominated the overall market in terms of shares at more than 65% in 2013 majorly owing to their high usage and market penetration rates and the presence of a relatively larger number of R&D programs aimed at new product development. However, the hospital and pharmacy robots are expected to be the fastest growing market segment, at a CAGR of more than 16% from 2014 to 2020 due to increasing demand for population based therapeutic solutions and increasing demand for telemedicine robots.

Further key findings from the study suggest: 

• Laparoscopy is one of the largest application segments of this market and accounted for a share of over 35% in 2013. Growing demand for minimally invasive surgeries and the introduction of advanced robotic systems such as Da Vinci Robotic Surgery Systems are some of the factors accounting for its large share.
• Neurology is one of the fastest growing application segments and is estimated to grow at a CAGR over 15% during the forecast period owing to the increasing prevalence of neurological disorders such as strokes, neurodegenerative disorders, epilepsy, chronic migraine, and others and growing physician adoption rates of innovative technologies.
• North America was the largest regional market in 2013 and accounted for more than 48% of global demand. Presence of sophisticated healthcare infrastructure, high patient awareness levels, healthcare expenditure and market penetration rates of healthcare IT are some of the drivers of this market.
• Asia Pacific is expected to be the fastest regional market, at an estimated CAGR of more than 15% from 2014 to 2020. Rise in healthcare investment, growing patient awareness and disposable income levels, rapid development in rural health care services and the presence of high unmet medical needs are some of the factors attributing to the rapid growth of medical robotics in the region.
• Key players of this market include iRobot Corp., Medrobotics Corp., Titan Medical Inc., Hansen Medical Inc., Renishaw Plc, Health Robotics S.R.L., Or Productivity Plc., Intuitive Surgical Inc., Mazor Robotics Ltd., Accuray Inc., MAKO Surgical Corp., Varian Medical Systems, and Stereotaxis Inc.

The report “Medical Robotic Systems Market Analysis By Product (Surgical, Orthopedic, Laparoscopy, Neurological, Rehabilitation, Assistive, Prosthetics, Orthotics, Steerable, Therapeutic, Exoskeleton, Non-Invasive, Hospital/Pharmacy, Telemedicine, I.V, Pharmacy, Emergency Response Robotic Systems) And Segment Forecasts To 2020,” is available now at www.grandviewresearch.com/industry-analysis/medical-robotic-systems-market. Request Free Sample of This Report at www.grandviewresearch.com/industry-analysis/medical-robotic-systems-market/request.

Source: Grand View Research