Medical Robots Market Future Trends and Scope Analysis By 2025
Medical robots comprise the use of robotics in various disciplines of medical science to execute a variety of functions performed by clinicians and healthcare workers. Requiring limited human oversights, they can be configured to support, extend, and automate various healthcare services, especially those involving monotonous tasks. The rising application of robotic and autonomous systems in the healthcare industry has transformed the quality of medical treatment making their use increasingly popular worldwide.
The spiraling demand for medical robots in areas of disease diagnosis, treatment, and prevention is propelled by the marked dexterity with which they perform various tasks. The successful use of robotic technology for a range of complex tasks such as targeted drug deliveries, precision surgeries, decontamination of healthcare spaces, and detection of biological targets has paved the way for commercial applications of medical robots.
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Global Medical Robots Market: Trends
The enormous benefits of robot-assisted training in rehabilitation therapy, soaring governmental funding for robotics in developed regions, and constant technological advances in the medical industry are the factors propelling the growth of the medical robots market. The rising application of robots in hospitals worldwide to carry out various tasks that call for extreme precision and unmatched promptness has spurred the demand for medical robots.
Over the past few decades, medical robots have gained traction among surgeons for performing complex and non-invasive surgeries in different medical specialties, particularly urology and neurosurgery. However, a host of emerging legal and ethical concerns related to robotic surgeries, coupled with the high cost of robotic systems, is likely to restrain the market. Nevertheless, concerned stakeholders, including leading regulatory agencies, are actively taking initiatives to address various patient safety concerns. The substantial benefits of boosting surgical outcomes have kept a large number of surgeons ebullient of the promising avenues emanating in the market.
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Global Medical Robots Market: Market Potential
Curexo Inc., a Korea-based manufacturer of medical devices and an importer of surgical robots, has recently acquired medical robots division of Hyundai Heavy Industries for a sum of 11.1 billion won (approximately $9.9 million). With this, Curexo intends to lead the regional medical robots market by expanding its product portfolio by including robots for the purpose of rehabilitation, patient care, and other healthcare operations. The leading shipbuilding company will become the second largest shareholder of Curexo with a significant stake of 6.7%. Previously, the shipbuilder has developed medical robots for a variety of tasks such as patient-handling, endovascular therapies robots, and orthopedic surgeries.
In an another encouraging market development that will spur the investment to the development of medical robots, Myomo Inc., a orthotics and prosthetics service company based in Massachusetts, has recently announced a crowdfunding campaign through an online brokerage which will enable it to sell shares in an initial public offering (IPO). The start-up, founded in 2004, actively markets braces and other similar medical devices for people suffering from neurological disorders and upper-limb paralysis. The issuance of IPO will allow a large number of individual investors—ordinary and institutional investors—participate in IPOs. As a result, the medical device manufacturer hopes to raise a whopping sum of $15 million before it begins trading on NYSE by the end of April, 2017.
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Medical Robots Market: Regional Outlook
North America is a prominent market for medical robots. Europe and Asia Pacific markets contribute significant shares in the global medical robots market. Asia Pacific is anticipated to register an impressive CAGR along the forecast period. The spiraling demand for medical robots is driven by staggering rise in the number of regulatory approvals of robots to be used in various medical areas in Japan. In addition, the increasing prevalence of various cancer types in China, and growing popularity of robotic-assisted procedures in hospitals in India are expected to fuel the market. Furthermore, the increasing collaborations between various stakeholders in emerging nations of Asia has propelled the regional market.
Medical Robots Market: Competitive Analysis
The global medical robots market is highly competitive and fragmented with the presence of several small and medium- scale companies competing against each other and with a handful of large players. Among the intense rivalry, major players eyeing a significant share in this market include Intuitive Surgical, Inc., Mazor Robotics Ltd., Stryker Corporation, Hocoma AG, Hansen Medical Inc., Omnicell, Inc., Accuray Incorporated, Ekso Bionics Holdings, Inc., and Kirby Lester LLC.
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