Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical Robotic System Market– Insights
Medical robotic systems are used in various medical application such as surgery and differ depending on its usage. These include surgical robotic systems, spine robotic systems, laparoscopic robotic systems, and rehabilitation robotic system. Advancements in technology coupled with increasing surgeon or patient acceptance for laparoscopic procedures, robotic assistance, and advanced medical imaging are the factors that are expected to drive growth of the market for medical robotic systems.
Utilization of medical robotic systems improve outcome of surgery, reduces hospital stay, and causes less trauma to the patient. Increasing demand for minimal invasive therapy and surgery is also expected to favor growth of the medical robotic systems market. Furthermore, in neurology the targeted cells are surrounded by delicate tissue, wherein a surgeon is unable to control the precision of the surgery, which may cause damage to healthy tissues. Thus, robotic systems are utilized to make precise and accurate motions based on the medical images obtained. These robotic systems are also employed in radiosurgery, where the focused beams of ionizing radiation are directed at the patient, primarily to treat tumors.
Rehabilitation robotic systems are designed in a way that allows the autonomy for people with disabilities. Thus, demand for such systems is expected to increase, which is further expected to augment growth of the medical robotic systems market. Several other robotic systems are under research and development, when approved by the FDA are expected to boost growth of the market for medical robotic systems in the near future.
Few growth restraining factors of the market include high cost associated with such systems and stringent regulations for identified medical robotic systems. Moreover, any harm caused to patients during robotic surgeries, further results in product recall or termination. For instance, Hansen Medical Magellan Robotic System was terminated in September 2015, based on two incidents, when an unexpected event occurred during a retraction operation of catheter.
The global medical robotic system market size was estimated to be valued at US$ 9,099.84 million in 2019, and is expected to exhibit a CAGR of 14.3% over the forecast period (2019-2027).
Global Medical Robotic System Market Share (%) Analysis, By Region, 2019
Source: Coherent Market Insights Analysis (2020)
Increasing Product Launches and Approvals from Regulatory Agency for Medical Robot System is expected to Drive Growth of the Global Medical Robotic System Market
Major players are focused on product development, product launches, approvals from regulatory bodies, and commercialization of innovative techniques for medical robotic system. Thus, increasing products approvals from regulatory bodies is expected to drive growth of the medical robotic system market over the forecast period. For instance, in 2017, Mazor Robotics Ltd., a leader in the field of surgical robotic systems received CE Mark approval for its Mazor X Surgical Assurance Platform. The CE Mark allows Mazor and its commercial partner Medtronic to market Mazor X in European Union.
Furthermore, in 2018, Hocoma, launched ArmeoSenso, a sensor-based solution for patients with mild to moderate impairments of the upper extremity.
Global Medical Robotic System Market- Regional Insights
On the basis of region, the global medical robotic system market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the medical robotic system market over the forecast period, owing to increasing acquisitions by key players for development of products. For instance, in 2017, Omnicell Inc., acquired InPharmics, a provider of advanced pharmacy informatics solutions to hospital pharmacies. The acquisition expanded the capabilities of Omnicell’s product offerings.
Asia Pacific is expected to witness rapid growth in the medical robotic system market, owing to increasing prevalence of neurological disorder. For instance, according to Neurology India, the prevalence of neurological disorder disorders from different regions of the India ranged from 967-4,070 with a mean of 2,394 per 100,000 population in 2014.
Global Medical Robotic System Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2020)
Global Medical Robotic System Market- Competitive Landscape
Key players operating in the global medical robotic system market include Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt