Advancements in Robotics to Impact Demand for Medical Robotic Systems Positively

Owing to the presence of a large pool of participants, the global market for medical robotic systems demonstrates a competitive landscape, states a report by Transparency Market Research (TMR). Surgical Inc. and Varian Medical systems are the leading manufacturers of medical robotic systems. Together, they accounted for a share of 43.5% in the overall market in 2014. As existing robotic devices have their own niche markets, each manufacturer competes within specific sets of specialized equipment. With limited offerings in each sub-segment of this market, the rivalry between players functioning in individual segments is expected to rise significantly in the near future.

Apart from this, the increase in consolidation activities, such as strategic alliances, in order to gain prominent market share may also intensify the competition within the market over the next few years. As per TMR’s estimations, the worldwide market for medical robotic systems, which stood at US$5.4 bn in 2011, is likely to reach an opportunity worth US$13.6 bn by 2018, increasing at a CAGR of 12.60% between 2012 and 2018. Surgical robots have been gaining significant impetus over the last few years, thanks to the enhanced precision they offer in surgeries. The trend is likely to continue in the coming years and the demand for surgical robots is estimated to rise at a CAGR of 11.5% during the forecast period.

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North America to Contribute US$6.5 bn by 2018 in Terms of Revenue

The report also presents an assessment of the global medical robotic systems market on the basis of its geographical spread. According to the study, North America has been leading the demand for medical robotic systems across the world. The presence of a favorable reimbursement scenario and an advanced healthcare infrastructure have been driving the demand for medical robotic systems in North America. Apart from this, the high level of awareness among patients about healthcare robots and their efficacy in surgical procedures is also fueling their demand significantly in North America.

In addition, the growing preference for technologically advanced medical devices among medical practitioners in order to improve results and reduce redundant labor is likely to escalate the demand for medical robotic systems in the years to come. The regional market is expected to retain its dominance over the forecast period and contribute US$6.5 bn in revenues by the end of 2018, states the report.

Inclusion of Advanced Mechanisms to Enhance Popularity of Medical Robotic Systems

“Advancements in robotic technology have the most prominent impact on the demand for medical robotic systems,” says the author of this study. Currently, manufacturers are deploying powerful motors, compact materials, power backup, and advanced controls and safety mechanisms in medical robotic systems, in order to improve their overall usability. As a result, the popularity of these systems has increased by leaps and bounds, which is likely to reflect positively on their demand in the coming years. Besides, the increased capacity of customers to afford expensive medical care, thanks to the considerable rise in the per capita income, is also anticipated to boost the demand for medical robotic systems, globally, in the near future.

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High Costs Associated with Medical Robots and Robotic Surgeries May Limit Usage of Medical Robotic Systems

While the market is expected to rise steadily, the apprehensions by patients to undergo robotic surgeries due to the massive sum incurred may hamper the market’s growth to some extent. The sky-high prices of medical robots are also projected to limit their usage in hospitals and end-use sectors in the coming years. However, the growing trend of automation is expected to provide significant growth opportunities to players in this market over the next few years, states the research report.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Medical Robotic Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018.”

The global market for medical robotic systems is segmented into:

By Product

Surgical Robots
Orthopedic Robotic Systems
Neurosurgery Robotic Systems
General Laparoscopy Robotic Systems
Noncatheter Percutaneous Robotic Systems
Steerable Robotic Catheters
Non-Invasive Radiosurgery Robotic Systems
Emergency Response Robotic Systems
Prosthetics/Exoskeletons
Assistive And Rehabilitation Systems
Non-Medical Robotics In Hospitals
By Component

User Interface
Software Platforms
Visualization Systems
Power Sources
Locomotion Systems
Safety Systems
By Geography

North America
Europe
Asia Pacific
Rest of World

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.