The global medical robots market is expected to reach USD 12.80 billion by 2021 from USD 4.90 billion in 2016, growing at a CAGR of 21.1 percent, predicts MarketsandMarkets. In 2016, the instruments and accessories segment accounted for the largest share and is likely to grow at the higher CAGR during 2016–2021. The medical robot systems segment is further divided into surgical robot systems, rehabilitation robots, noninvasive radiosurgery, hospital and pharmacy robots, and other medical robotic systems. The surgical robot systems segment accounted for the largest share of the medical robot systems market in 2016. This large share can be attributed to rising preference for minimally invasive surgeries, growing number of robotic laparoscopy procedures, and increasing neurological conditions requiring robotic procedures. However, the rehabilitation robot systems segment is expected to grow at the highest CAGR. Factors attributing to the high growth of this segment include increasing adoption of exoskeletons for rehabilitation therapy, rising prevalence of stroke, increasing use of assistive robots by geriatric population, and growing use of therapeutic robots for autism.
On the basis of application, the medical robots market is segmented into laparoscopy, orthopedics, neurology, special education, and other applications (gynecology, urology, cardiology, and nanomedicine). In 2016, the laparoscopy segment accounted for the largest share of the market. Rising number of robotic laparoscopy procedures, regular congresses and meetings, and increasing number of FDA approvals for laparoscopy procedures are the key factors contributing to the largest share of medical robots for laparoscopy. However, the neurology segment is likely to grow at the highest CAGR during the forecast period. Factors attributing to the highest growth of this segment include rising prevalence of neurological disorders, coupled with the increasing interest in the use of robots in neurological surgeries and rehabilitation.
Currently, North America has majority shares of the market mainly owing to technology advancements. Europe is spending heavily in the manufacturing of innovative solutions for medical robots. Furthermore, Asia-Pacific is expected to improve its market share over the next six years owing to the regional government initiatives for developing smart city projects and the increasing FDI for the development of digital healthcare infrastructure in the region.
Key players in the global medical robots market include Medtronic, Stryker, Intuitive Surgical, Boston Scientific, Mazor Robotics, BALT Extrusion, Cyberonics, and Ekso Bionics.