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Medical Robots Market 2022 Recovering from Covid-19 Outbreak- More Details About key players and Future Analysis

09-22-2022 06:49 AM CET | Health & Medicine

Press release from: The Insight Partners

Medical Robots

Medical Robots

The medical robots market is projected to reach US$ 25,443.36 million by 2028 from an ectimated value of US$ 9,189.70 million in 2022; it is expected to grow at a CAGR of 18.5% from 2022 to 2028.

COVID-19 Pandemic Impact on Medical Robots Market

After the onset of the COVID-19 pandemic, the global healthcare systems have been severely challenged with an explosive surge of positive cases, resulting in a significant increase in the demand for medical care. Increased need for treatment and solution for Coronavirus has increased demand for management of COVID-19 cases in hospitals and other healthcare facilities. The health care systems are overburdened, and the delivery of medical care to all patients has become a challenge. In addition, the medical device industry is also facing the negative impact of this pandemic. As the COVID-19 pandemic continues to unfold, medical device companies are finding difficulties managing their operations.

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The medical robots market majorly consists of players such as Intuitive Surgical, Inc.; Stryker; Hocomo AG; Medtronic; Auris Health Inc.; Accuray; Omnicell Inc.; ARxIUM; and Ekso Bionics.

Many companies offering medical robots have their business operations in various regions, and businesses are adversely affected by the COVID-19 outbreak. This has disrupted and restricted companies' ability to distribute products and resulted in temporary closures of their facilities. However, gradually hospitals have started resuming elective procedures as the COVID-19 recovery rate is improving. Therefore, the demand for medical equipment such as medical robots is expected to increase.

Cancer and diabetes are among the leading causes of mortality across the world. As per a study by the American Cancer Society (ACS), in 2021, ~1.9 Million new cancer cases were diagnosed in the US. In 2021, according to Dutch Cancer Registry, around 123,672 new cancer cases were registered in the Netherlands. Moreover, According to an article published by Elsevier ltd in 2017, around 1 to 3% of the female population carry breast implants in the Netherlands. Breast surgeries are among the most common procedures in plastic surgeries performed in the country. Furthermore, according to the International Diabetes Federation (IDF), in 2021, an estimated 537 Million people across the world had diabetes. The number is expected to reach 783 Million by 2045.

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According to the data published by the Obesity and Metabolic Surgery Society of India in 2020, the number of bariatric surgeries increased by around 86.7% in India during 2014-2018. In addition, according to the study published by the American Society for Metabolic and Bariatric Surgery, in 2019, around 252,000 weight loss surgeries were performed in the US. The increasing number of surgical procedures creates a need for robotic surgery instruments. Therefore, the staggering prevalence of chronic conditions and the rising number of surgical procedures generate the demand for robotic surgery instruments.

The report segments the medical robots market as follows:

The medical robots market is segmented based on products, technology, and application. Based on products, the market is segmented into surgical robots, hospital & pharmacy robots, rehabilitation robots, non-invasive radiosurgery robots, and others. In terms of application, the market is segregated into laparoscopy, neurology, orthopedics, gynecology, urology, cardiology, and others. Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others. By geography, the medical robots market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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