Medical Robots Market to Soar at 21% CAGR and Projected to Reach US$ 16.74 Bn by 2023, Led with Surgical and Rehabilitation

Key factors propelling growth of Medical Robots market are technological advancements in medical robots, advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, & issuance of IPOs by medical robot companies. Rapid growth in geriatric population & rising patient preference for minimally invasive surgeries is likely to offer growth opportunities during forecast period.

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The medical robots market is projected to reach USD 16.74 billion by 2023 from an estimated USD 6.46 billion in 2018. The major influencing factors driving the growth of this market are advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, technological advancements in medical robots, and the issuance of IPOs by medical robot companies.

Medical Robots Market, By Product
1 Introduction
2 Instruments & Accessories
3 Robotic Systems
4 Surgical Robotic Systems
5 Laparoscopy Robotic Systems
6 Orthopedic Robotic Systems
7 Neurosurgical Robotic Systems
8 Rehabilitation Robotic Systems
9 Therapeutic Robotic Systems
10 Assistive Robotic Systems
11 Exoskeleton Robotic Systems
12 Hospital & Pharmacy Robotic Systems
13 Pharmacy Robotic Systems
14 IV Robotic Systems

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The medical robots market is segmented into instruments & accessories and robotic systems. In 2017, the instruments & accessories accounted for the largest share of the medical robots market. The robotic systems segment has been further segmented into surgical robotic systems, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, and hospital and pharmacy robotic systems.

Break of primary participants was as mentioned below:
• By Company Type – Tier 1:54%, Tier 2:34%, and Tier 3:12%
• By Designation – C-level:31%, Director Level:19%, Others:50%
• By Region – North America:46%, Europe:25%, Asia Pacific:18%, RoW:11%

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The medical robots market is segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery.

Premium Insights
1 Medical Robots Market Overview
2 Medical Robots Market, By Product (2018 vs 2023)
3 Robotic Systems Market, By Type (2018 vs 2023)
4 Medical Robots Market, By Application (2018 vs 2023)
5 Geographic Snapshot of the Medical Robots Market

Medical robots market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World. In 2017, North America accounted for the largest share of the medical robots market.

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