Medical robots help physicians perform surgeries with greater precision. Medical robotics is an emerging field of medical science that involves widespread use of telepresence and involves numerous operations. Robots are used in this discipline to execute operations normally executed manually by human beings. Robotics in health care is playing a critical role in revolutionizing the entire system and deliver better and improved services to patients. Use of these systems in the medical field has minimized individual oversight and utilization of telepresence in medical operations has eliminated the distance barrier and aided in taking specialized care to inaccessible areas without the need for physical travel.
A key factor contributing to the growth of the medical robotics market is the rising application of robotics systems in the medical field. Besides their use in surgery, these systems are increasingly being employed in pharmacy, clinical management, and elderly care. In pharmacy, robotics helps in relieving the supporting staff of monotonous duties, such as medication and workflow management. Globally, there has always been a shortage of medical staff, such as doctors and surgeons. According to the World Health Organization (WHO), there is a scarcity of around 4.3 million physicians in health care facilities. Based on a new study published by the Association of American Medical Colleges (AAMC), there is likely to be a shortage of 34,600 to 88,000 doctors in the U.S by 2025, which is expected to rise to 40,800 to 104,900 doctors by 2030. Telepresence robots can help in providing people accessibility to medical care in remote locations in the absence of physicians. In case of elderly people, robots can act as companions and make their life enjoyable and easier.
Rise in investments in medical robotics is another factor propelling the growth of the global medical robotics market. In December 2015, the National Institutes of Health of the U.S. Department of Health and Human Services announced its decision to invest in the development of three innovative co-robots - robots that cooperatively work with people, out of which two robots are to be developed for improving health and quality of life of individuals with disabilities and the third one is to serve as social companion to individuals. The project as a part of National Robotics Initiative (NRI) will entail investments to the tune of US$ 2.2 million, spread over the next five years. Additionally, rise in investments in medical robots by health care providers, coupled with growing expenditure on health care globally, is projected to boost the growth of the global medical robotics market from 2018 to 2026. However, prohibitive prices of robotic systems and safety concerns raised over robotic surgery devices are likely to impede the growth of the market during the forecast period.
The global medical robotics market can be segmented based on product type, application, and geography. In terms of product type, the medical robotics market can be divided into surgical robots, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, pharmacy robotic systems and others. Based on application, the medical robotics market can be classified into laparoscopy, orthopedics, neurology, and others.
Geographically, the global medical robotics market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global medical robotics market due to rise in funding for research & development of new medical robotic systems, coupled with high adoption rate for these systems in the region’s health care system. North America is followed by Europe and Asia Pacific. Grant of approvals for medical robots in countries such as Japan is propelling the growth of the medical robotics market in Asia Pacific. In January 2018, Intuitive Surgical announced that it had received approval for 12 additional procedures in Japan for its da Vinci robot-assisted surgery devices. The procedures involved are additional colorectal, thoracic and gynecological surgeries, bladder cystectomies, plus gastrectomies, esophagectomies, and mitral valvuloplasty, which are in addition to prostatectomy and nephrectomy, already approved for robot-assisted surgeries in the country.
Prominent players operating in the global medical robotics market are Ekso Bionics Holdings, Inc., Intuitive Surgical, Inc., Stryker Corporation, Mazor Robotics Ltd., Accuray Incorporated, etc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.