A recent study from Global Industry Analysts, Inc. forecasts the global market for medical robotics to reach US$1.53 billion by the year 2018. The research report titled ?Medical Robotics: A Global Strategic Business Report? states that it is a comprehensive market overview of trends and issues, recent product innovations/introductions, recent industry activity and profiles of leading market players.
Major factors driving growth in the market include increasing acceptance of medical robotics technologies, increasing drive towards surgical room automation, rising aging population, increasing adoption of minimally invasive surgeries, and continuing technological innovations. Over the recent years, robotics technology has evolved from providing limited medical care to offering a broad range of functions including patient rehabilitation and surgical procedures with more efficacy and competence. The services offered by medical robots range from training future medical professionals to providing care and comfort to elderly patients diagnosed. The introduction of robotics in medical arena facilitated smaller incisions, reduced hospital stay, and high precision. Moreover academic institutions are involving robots to mimic patient’s feelings, giving future-doctors a real-life experience. While robotics holds promise in the field of medical science, the prohibitive cost of setting up systems turns out to be a dampener for many small sized medical organizations. Moreover regulatory approvals take up more time and cost, before a technology is certified for commercial use thereby increasing product cost and launch periods. Despite all the hurdles, the medical benefits related to robotic assisted surgery is fuelling the use of robotic technology and robots in medical field.
Though the emergence of robotics in the medical sector is a relatively more recent event when compared to other industries, they form an integral component of modern medicine. Robotic technology plays a vital role in delivering neuro-rehabilitation therapy to patients suffering from stroke, performing health related tasks, assisting people with disabilities and even carrying out delicate surgical procedures. In the recent years robots were used purely to assist surgeons during surgeries, but the increasing desire of surgeons as well as patients to maximize effectiveness and efficacy led to the debut of additional telemedicine and assistive technologies based automation tools. The industry is characterized by ongoing technological advancements and varied adoption levels across different nations. National differences exist with respect to adoption of robotic technologies although the robotics has been widely accepted in principle. With rising level of acceptance for medical robotics technologies, developers are further integrating devices with artificial intelligence to improve the quality of healthcare provided. Currently, aging population in the US and other international markets is emerging as one of the most important factors driving the demand for medical robots. Demographic trends indicate that the demand for medical services and medical products is rising throughout the Western World and in the Far East. Rising demand, mainly coming from aging baby boomers and tremendous technological advancement in robotics are set to propel the medical robotics markets in the coming years. Robotic technology is witnessing tremendous development, thus ensuring high precision, better efficacy and improved healthcare. Nursing care is expected to emerge as potential market for robotics.
Though the medical robotics market is poised to grow over the coming years, high costs prevailing in the market are expected to hinder market growth. In addition to the cost factor, stringent regulations deter medical robotics system trials, and subsequently prolong the approval process for marketing. While the global economic downturn took its toll on the overall robotics market, medical robotics sector almost remained undeterred during the period. The growth in the sector is attributed to the increase in technology advancements, and growing elderly population needing healthcare. The use of robotics not only minimized incisions and enhanced precision of surgical procedures, but also resulted in reduced hospital stays which further led to cost savings. However, bottlenecks such as high installation and development costs plagued the arena during the period, having a ruinous effect on companies engaged in the development of robotics. The fading impact of recession is, however, promoting larger manufacturers to make higher investments in developing products that ensure high precession and safety. Growing popularity and widespread use of endoscopic surgical techniques in almost all surgical procedures is further paving an easy road to recovery. Assistive robotics in medical field entails collaborative working of machines and humans. However, in the current scenario the human-robot interaction process involves different communications techniques leading to disruption of interaction between the two entities. Nevertheless, academic institutions are focusing on developing assistive robots that can communicate effectively and are in line with the patient requirements. Moreover governmental regulations, and consistency and safety concerns, are also restricting the growth of assistive robotics market. Despite the hurdles prevailing in the market, the assistive robotics segment is expected to surge ahead in the wake of increasing aging population. The US represents the largest regional market worldwide, as stated by the new market research report on medical robotics. The growth in the market is driven by the growing demand for minimally invasive surgery. Besides, product innovation is expected to drive growth in the years ahead. However, Asia-Pacific represents the fastest growing regional market for medical robotics worldwide, representing a CAGR of close to 12% during the analysis period. Major players profiled in the report include Accuray, Inc., Epson Robots, Hansen Medical, Inc., Health Robotics ., Intuitive Surgical, Inc., MAKO Surgical Corp., Mazor Surgical Robotics Ltd., Robosoft, Robotic Systems and Technologies, Inc., Titan Medical, Inc., Tmsuk, Inc., among others.Read More