As the shift in the healthcare industry continues to move toward minimally invasive surgeries through the use of robots, research group MarketsandMarkets is forecasting the global medical robot market will be worth $3.8 billion by 2018.
Currently the market is at $1.8 billion.
The market, which will grow 16.1% over the next 5 years, is comprised of five broad segments, namely, surgical robots, rehabilitation robots, non-invasive radiosurgery robots, hospital and pharmacy robots. Based on applications, the medical robotic systems market comprises neurology, orthopedics, laparoscopy, special education and other areas.
In addition to improving the accuracy of procedures and thus reducing the complication rates in surgeries, robotic procedures also offer significant cost savings in terms of pre- and post-operation care costs and length of stay at hospitals.
Furthermore, technological advancements and breakthroughs such as expanded applications of robotic systems, robotics combined with imaging platforms, and capsule robot systems are expected to drive the growth of the global medical systems market in the coming years, the research group says.
The other factors that are driving the growth of the global medical robotic systems market include growth in aging population, rise in the incidences of neurological and orthopedic disorders, and growth in the demand for telemedicine.
Moreover, owing to the increased demand and usage of robot assisted procedures, various government bodies are increasingly supporting the development of medical robots. In Asia, the market that is expected to see the highest rate globally, the government is already increasing spending in this sector.
The key players in the global medical robot market are Intuitive Surgical, Inc. (U.S.), Accuray, Inc. (U.S.), MAKO Surgical Corp. (U.S.), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (U.S.), Titan Medical, Inc. (Canada), and Health Robotics S.R.L. (Italy), among others.