Medical Robots Market is anticipated to grow at a 20.6% CAGR from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Medical Robots Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global medical robots market is estimated to be over US$ 6.0 Bn in 2018. It is anticipated to grow at a 20.6% CAGR from 2019 to 2030.

The continual growth of the medical robots market can be attributed to several factors which have led to wide-scale adoption of these products. The introduction of number of medical robots has enhanced medical practice due to the advanced technologies. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on innovation and advancements in technologies. To keep up the substantial growth of the global medical robotics market, companies are raising their funds for medical robots research. For instance, Auris Health, Inc. has raised $220 Mn to support its next generation monarch robotic interventional platform. However, safety concerns over robotic surgery devices can restrain the growth of overall market.

Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Medical Robots Market by Product (Surgical Robotic Systems, Rehabilitation Robotic System, Hospital & Pharmacy Robotic System, Noninvasive Radiosurgery Robotic System), by Application (Laparoscopy, Orthopedic Surgery, Pharmacy Applications, Neurosurgery) - Global Analysis and Forecast 2019-2030 in detail along with the table of contents:

Technological Advancements

Over the period, the evolution in innovation and technology has played a significant role in contributing to the growth of the global medical robots industry. The innovation of robotic partial nephrectomy techniques has led to increase the technical advances in the performance of partial nephrectomy surgery and improved the outcomes of nephron sparing surgery. Moreover, due to the advancements in robotic surgical methodology, patients are getting benefits such as shortened hospital stay and reduced pain after surgery. Additionally, advances in robotic colonoscopy helps to remove risks of cross infection of the colonoscope to the patient. These factors are anticipated to present a lucrative growth opportunity for the global medical robots market in the coming years.

Raise in Fund for Medical Robot Research

Fundraising plays a vital role in strengthening the medical robot industry for long run survival. For instance, The University of South Alabama got approval of $1.7 Mn from the USA foundation board to purchase two new medical robots. Furthermore, CMR surgical Ltd. has raised $ 46 Mn in total from existing investors. Moreover, Japanese company called Meltin MMI has raised $18 Mn for developing new avatar robots and medical robots. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global medical robots market.

Safety Concerns over Robotic-Assisted Surgery

According to recent studies, the procedures that are used in robotic systems have experienced a number of risks and obstacles. Robotic-assisted surgery holds the same risks of laparoscopic surgeries that include bleeding, cross-infection and some risks of anesthesia. Failure of the components such as camera, binocular lens, robotic tower, robotic arms and instruments can be an additional risk of mechanical failure. Patients can be affected by nerve palsy disorder which is caused due to direct nerve compression from the robotic arms. Therefore, safety worries over robotic surgical methodology and devices can restrict the growth of medical robots markets.

Rapid Growth of the Asia Pacific Market

Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy and increasing awareness is expected to aid the growth of the medical robots market in this region. Additionally, this region is expected to show the fastest growth due to increasing demand for medical robotic systems. One of the most important growth driver for this market is increasing awareness about minimally invasive surgeries. Surgical robots and non-invasive radiosurgery systems are the products that majorly contribute to the growth of Asia Pacific. Emerging economies such as China, India and Saudi Arabia are establishing new refined healthcare facilities.  Thus, this is an opportunity for market leaders to release their robots in this region.

Major Players in the Medical Robots Market

The prominent players in the medical robots market are Intuitive Surgical, Inc. iRobot Corporation, Mazor Robotics, Auris Health, Inc., Accuray, Ekso Bionics Holdings Inc., Arxium, Kirby Lester, Stereotaxis, Inc., Titan Medical among others.

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