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Global Medical Robotics market report by Goldstein Research

Medical and Health

The global medical robotics market size is projected to expand from USD 4.26 billion in 2016 to USD 22.61 billion 2024. The market is estimated to grow at a CAGR of 23.2% during the forecast period. North America holds the largest market share around 43% in 2015 and is anticipated to witness healthy growth over the forecast period.

Industry players are spending on R&D to develop robotic systems that can treat major injuries. The major focus of R&D is to provide reliable and safer robotic systems for patients.

For instance, Titan Medical has introduced SPORT, a surgical system to help surgeons in treating severe sport injuries. This device has 3-D high definition vision system and multi-articulating instruments for performing surgery as well as assisting on surgeon’s workstation.

Companies like Verb Surgical, joint venture of Johnson & Johnson and Google have invested around USD 250 million in developing faster and easy to use medical robots in the near future.

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According to Goldstein Research, medical robotics market is segmented on the basis of product type such as surgical robots, rehabilitation robots, non-invasive radio-surgical robots and hospital & pharmacy robots. Increasing adoption of surgical robotic systems in hospitals is raising the demand for surgical robots across the globe.

Surgical robotics segment accounted for 42% of market share in 2016. With the improving healthcare and infrastructure facilities, hospital & pharmacy robots are also likely to gain significant growth during the forecast period.

Increasing applications of medical robots mainly hospitals and pharmacy robots, surgical robots. in U.S. and Canada is likely to enhance the growth opportunities for medical robotics in the region.

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Medical Robots MarketOutlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in healthcare industry.

The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry medical device manufacturers, suppliers, and distributors, pharmaceutical & biotechnology companies, healthcare institutions, clinical centers, medical research laboratories and academic medical centers and universities to analyze the future prospects of the overall healthcare industry.

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Global Medical Robotics Market Segmentation can be classified on the basis of:

Based on Product Type

  • Surgical Robots
  • Rehabilitation Robots
  • Non-invasive radio-surgical Robots
  • Hospital & Pharmacy Robots

Based on Application

  • Neurology
  • Orthopedics
  • Cardiology
  • Laparoscopic
  • Other (Gynecology, Nanomedicine)

By End User

  • Hospitals
  • Clinics
  • Diagnostics Lab
  • Home Care Settings

By Geography

  • North America (US, Canada) Medical Robotics Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Medical Robotics Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) Medical Robotics Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Latin America (Brazil, Mexico and Rest of Latin America) Medical Robotics Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Medical Robotics Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

Virtual Reality In Medical Education Sector

According to Goldstein Research, With VR as a deeply immersive and visual medium, VR technology has created a significant space in medical education and healthcare sector. Researchers, doctors, and nurse educators are realizing innovative techniques to power immersive technologies and revolutionize both healthcare teaching and practices.

Moreover, growing investments in care delivery and technological advancement in IT healthcare is the major driver for the Virtual Reality In Medical Education Sector growth.

Cloud Computing in the Healthcare Sector

 The global cloud computing in healthcare sector is likely to thrive with the emergence of new technologies and surge in digitalization of medical procedures and demand for analytic solutions. Further, the cloud computing in healthcare industry is expected to expand at a CAGR of 20.4% over the forecast period and the major growth regions are likely to be the Europe and Asia Pacific.

Big Data Analytics in Healthcare Industry

Global Big Data Analytics in Healthcare Industry is likely to thrive with the emergence of new technologies and surge in digitalization of medical procedures and demand for analytic solutions. Further, the big data analytics in healthcare industry is expected to expand at a CAGR of 18.6% over the forecast period and the major growth regions are likely to be the North America and Europe.

Market Trends, Drivers & Challenges

Advent of the digital health industry that is calculated to be between 55 to 67 billion USD i.e. 1 to 1.5% of the total healthcare industry and is projected to grow at a rate of 20 to 25% annually.

Investors invested over USD 6.1 billion in over 875 digital health companies in 2015 and over USD 16 billion since 2010 in over 3,000 companies in order to seize the growth of healthcare industry. Features like better precision, faster procedure and safer surgical procedure provided by medical robots are gaining traction which is likely to encourage the expansion of medical robotics business globally.

Lack of awareness about advance robotic solutions and lack of technically skilled personnel are also hindering the market growth. Also existing market players are already investing to improve their medical robots so that it can be available at reasonable cost.

This can create challenges for startups in medical robotics market to establish brand image and to introduce cost-effective medical robots.

“Global Medical Robotics Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space.

The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global medical robotics market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

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