Medical Robotic Systems Market growing due to Importance of Asset Management in Industry

The medical robotics industry has undergone striking development since its introduction in the mid-1980s. From the introduction of robots to perform basic activities such as assistance in surgical procedures and endoscopy, medical robots are now integrated in a wide range of applications such as neurosurgeries, microsurgeries, radiology, emergency response, and prosthetics and in non-medical applications in hospitals. Medical robots can be classified on the basis of various principles such as kinematics, targeted anatomy, level of automation and the intended operation environment.

Currently a wide range of medical robots are commercially available and large scale research is being conducted to introduce breakthrough technologies in them. In addition, many of the medical robots commercially available are mainly concentrated in the developed markets. Efforts are being taken by medical robot manufacturers to enter the emerging markets of Asia-Pacific, Middle-East and Africa.

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It is proven that through robotic assistance the outcomes of complex surgical procedures improve, the risk of patient trauma declines and the duration of hospital stay reduces. Though the concept of medical robots is old, it is still viewed to be at a nascent stage in the healthcare technology market. The market for medical robotic systems was worth USD 4,093.5 million in 2010 and it is expected to witness healthy growth in next five years.

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The growth of this market is primarily attributed to factors such as improvement in automation technologies, growth in the baby boomer population and an increase in disabilities that restrict an individual’s physical motions. In addition, growth in healthcare costs, lack of skilled medical personnel and continuous increase in cost of human labor has motivated hospitals worldwide to automate their operations and thus opt for lean hospital management methods. This has thus given scope for increase in adoption of medical robotic systems worldwide. However, the high cost of purchase and installation and high pay-back period for the investment in such devices may hold back the demand for medical robots in less developed economies .

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