Published: Sep, 2016
Owing to the presence of a large pool of participants, the global market for medical robotic systems market 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.
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.
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:
- 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
- Assistive And Rehabilitation Systems
- Non-Medical Robotics In Hospitals
- User Interface
- Software Platforms
- Visualization Systems
- Power Sources
- Locomotion Systems
- Safety Systems
- North America
- Asia Pacific
- Rest of World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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