LONDON, May 30, 2023 /PRNewswire/ — The healthcare sector has been undergoing a drastic technological transformation. With prime focus on enhancing the quality of life of the citizens, government and health organizations have joined forces to enhance their healthcare infrastructure. The integration of robotic technologies has indeed revolutionized the medical sector. It predominantly involves the use of robotic machines, devices, and computer assistance systems. These entities are equipped with the ability to perform or provide assistance in various medical activities with accuracy, precision, and efficiency. In addition to performing or assisting in surgeries, they also provide real-time imaging, feedback, and guidance, allowing surgeons to make informed decisions during procedures. The complete potential of medical robots is yet to be unleashed. When used with efficiency and security, health robots can redefine the dynamics of the healthcare sector.
The business intelligence report on Medical Robotics Market by Brandessence Market Research presents a detailed overall of the crucial aspects of this industry. It includes a thorough assessment of the growth drivers, opportunities, restraints, and challenges with an aim to provide an understanding on the profit trajectory of this business sphere. The key segments and geographies of this market are analysis with prime focus on their market performance. It also highlights the key players operating in this industry. The report aims to assist stakeholders, including industry players, investors, researchers, and policymakers, in making informed decisions and formulating effective business centric strategies.
Key Takeaways
- High prevalence of chronic ailments and increasing number of surgeries are aiding market expansion.
- By product type, the surgical assistants segment is likely to amass notable gains due to the elevating demand for minimally invasive surgeries.
- MEA is projected to capture a significant revenue share due to the growing cases of chronic diseases and high number of laparoscopic surgeries.
The Medical Robotics Market is anticipated to grow substantially over the forecast duration of 2022-2029.
Get Sample of [email protected] https://brandessenceresearch.com/downloadSample/PostId/283
Elaborating the Key Trends and Dynamics of Medical Robotics Market
Growing prevalence of chronic and lifestyle-based disorders, increase in the number of surgeries, and rapid rise in the healthcare expenditure of various nations are the primary growth drivers of this business vertical. Alongside, widespread technological advancements in the field and the presence of favourable medical reimbursement schemes in many regions are creating profitable prospects for this marketplace to prosper. Moreover, growing government investments in the same, rising efforts to reduce work burden on healthcare professionals, and increased adoption of remote healthcare systems are adding momentum to the progression of this industry sphere.
Major Growth Drivers
Growing prevalence of chronic ailments- There has been a rising frequency in the occurrence of chronic and lifestyle-based diseases across the globe. Changing lifestyle trends, rapidly aging population, sedentary lifestyle, adulterated and fast-food consumption, along with genetic issues are some of the factors leading to the onset of these ailments. Severe diseases like cancer require surgical intervention that needs to be accurate and precise. These surgeries can be effectively assisted by medical robots and ensure surgical outcomes and enhancing their quality of life.
Rise in the elderly populace- The aging populace is highly susceptible to chronic and lifestyle diseases. Many a times they require to undergo surgeries to get rid of these diseases. With age, the immune system weakens which in turn increases the risk of fatalities and severe post operative repercussions. Elderly individuals require medical interventions that are more precise, less invasive, and have shorter recovery times. Medical robotics enable healthcare professionals to address the specific needs of these patients and reduce surgical risks. This in turn is stimulating the overall dynamics of this market space.
Challenges
High cost- Robotic equipment and services are highly expensive due to their high-end nature. Advanced technologies and raw materials are required to develop them. Apart from that hospitals and other medical organizations are requirement to make heavy infrastructural investments to accommodate these entities. This in turn is hindering the remuneration scope of this business vertical.
Competitive Landscape of Medical Robotics Market
The prominent players defining the competitive terrain of this business vertical are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics, Titan Medical Inc., Renishaw Plc, Smith & Nephew plc, Hansen Medical Inc., MedRobotics, TransEnterix Inc., Verb Surgicals, Microbot Medicals, MedTech, Aethon, Aesynt, Ekso Bionics, Barrett Medicals, Cyberdyne, Xenex Technologies, Accuray Inc., Carefusion Inc., ReWalk Robotics, Synaptive Medical, Honda Robotics, McKesson Corporation, Hansen Medical, iRobot Corporation, OR Productivity plc, and Others.
Segmental Assessment
By product type, the surgical assistants segment is likely to amass notable gains over 2022-2029. This is due to the elevating demand for minimally invasive surgeries across the globe.
Based on application type, the laparoscopy segment is anticipated to garner significant returns over the stipulated timeline. This is because medical robots have high efficiency in assisting medical professionals during laparoscopic surgeries.
Get Methodology @ https://brandessenceresearch.com/requestMethodology/PostId/283
Geographical Analysis and Landscape
Middle East & Africa Medical Robotics Market
The industry in MEA is projected to capture a significant revenue share. This is ascribed to the growing cases of chronic diseases, increasing number of laparoscopic surgeries, and rising healthcare expenditure. Besides, surging awareness about the benefits offered by medical robots and growing focus of the government to provide citizens with advanced healthcare services are adding traction to the development of this regional market.
Europe
Europe is poised to showcase an upward trend in this market vertical. This is credited to the surging elderly populace, rapidly evolving healthcare infrastructure, and escalating demand for minimally invasive surgeries. Also, technological advances, presence of prominent players, and accelerating research activities in the field are aiding the expansion of the industry in Europe.
Opportunities in this Industry
Rising popularity of remote healthcare- Remote healthcare and telemedicine systems are gaining immense popularity worldwide. Remote consultations, health monitoring, and diagnostics can be efficiently supported by medical robotic systems. Robotic telepresence systems and surgical robots with remote operation capabilities allow doctors to provide healthcare services to patients located in distant or underserved areas. This is positively swaying the dynamics of this business vertical.
Major developments in Medical Robotics Market
Acquisitions
In 2020, Intuitive Surgical, a leading developer robotic-assisted surgery systems announced the acquisition of healthcare video management and analytics solutions provider Orpheus Medical.
In 2020, Stryker Corporation announced the acquisition of Cardan Robotics, a company known for developing robotic systems for image-guided navigation in spine surgery.
Porter’s Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the medical robotics market is relatively moderate. While the industry requires significant investments in research and development, manufacturing capabilities, and regulatory compliance, there is still room for innovative startups to enter the market. However, established players benefit from strong brand recognition, extensive distribution networks, and patents or intellectual property rights, creating barriers to entry. Moreover, the complex nature of medical robotics and the need for compliance with stringent regulatory standards act as further deterrents for new entrants.
Bargaining Power of Suppliers: Suppliers in the medical robotics market, including component manufacturers, technology providers, and software developers, typically have moderate to low bargaining power. While certain suppliers may possess unique and critical technologies or components, the market usually offers a range of options, allowing manufacturers to switch suppliers if needed. Additionally, the increasing competition and advancements in technology provide manufacturers with more leverage in negotiating favourable terms and pricing.
Bargaining Power of Buyers: Buyers in the medical robotics market, such as hospitals, clinics, and healthcare providers, generally have moderate bargaining power. While the market offers a variety of medical robotic systems, buyers often prioritize factors such as system performance, reliability, training, and service support. However, the high switching costs associated with medical robotics, including training, integration, and maintenance expenses, limit the bargaining power of buyers. Additionally, the critical nature of medical robotics in providing advanced healthcare solutions gives manufacturers some leverage in negotiations.
Threat of Substitutes: The threat of substitutes in the medical robotics market is relatively low. Medical robotics plays a unique and pivotal role in enhancing surgical procedures, improving patient outcomes, and enabling less invasive interventions. While traditional surgical methods and non-robotic technologies exist, they often lack the precision, stability, and advanced capabilities provided by medical robotics. Moreover, the continuous advancements in robotic technology and the integration of artificial intelligence and machine learning further solidify the position of medical robotics as a preferred option.
Competitive Rivalry: The medical robotics market is characterized by intense competition among key players. Market leaders invest significantly in research and development to advance their robotic systems, enhance capabilities, and expand their product portfolios. This intense rivalry is driven by the desire to capture market share, gain a competitive edge through technological innovations, and establish strong brand recognition.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Purchase Copy of Report @ https://brandessenceresearch.com/Checkout?report_id=283
Related Reports:
- Global Ulcerative Colitis Treatment Market to enjoy ‘explosive growth’ to 2029: Pfizer, Eli Lilly and Company, GSK, MSD
- Solid Tumor Market is Growing & will Touch the CAGR of 19.4% by the Year 2029 -Read Full Report | Brandessence Market Research
- Size of Artificial Intelligence in Breast Imaging Market to Grow at +28.4% CAGR and Reach 2007.3 million by 2029: Brandessence Market Research
- Global Plasma Protein Therapeutics Market to Amplify Significantly by 2029 – Brandessence Market Research
- Global Cystic Fibrosis Therapeutics Market to Garner High Returns by 2029 – Brandessence Market Research
- Home Diagnostics Market size, share, trend | Complete Analysis | Top companies: Abbott Laboratories, BTNX, Inc., Becton Dickinson & Company, ACON Laboratories, Inc.
- Global Orthokeratology Lens Market Rising Trends & Impressive Growth over Forecast period 2029 : Bausch & Lomb Inc., Euclid Systems Corp., Johnson & Johnson Vision Care, Inc.
- Global Joint Reconstruction Market: Industry Trends & Outlook 2023 says Brandessence Market Research
- Global Acute Repetitive Seizures Market to Showcase Promising Growth says Brandessence Market Research
- Global Home Health Hub Market to Garner High Returns by 2029 – Brandessence Market Research
- Sports Medicine Market to Grow Exponentially by 2029- Brandessence Market Research
- Rehabilitation Equipment Market to Grow Significantly by 2029- Brandessence Market Research
- Arthroscopy Market to Showcase Remarkable Growth by 2029- Brandessence Market Research
- Lung Cancer Therapies Market to Amplify Significantly over 2022-2029 – Brandessence Market Research
- Coronary Stents Market to Witness Phenomenal Gains by 2029- Brandessence Market Research
- Hemostasis Diagnostics Market to Grow Significantly by 2029- Brandessence Market Research
- Apheresis Market to Grow Remarkably by 2029- Brandessence Market Research
- Disposable Gloves Market to Grow Exponentially by 2029- Brandessence Market Research
- At a CAGR of 6.19%, Global Joint Reconstruction Market to Grow Exponentially by 2029- Brandessence Market Research
- Ulcerative Colitis Treatment Market to Grow Exponentially by 2029- Brandessence Market Research
- Cystic Fibrosis Therapeutics Market to Grow Substantially by 2029 – Brandessence Market Research
- Platelet Rich Plasma Market to Showcase Excellent Growth- Brandessence Market Research
- With a CAGR of 28.4%, Artificial Intelligence in Breast Imaging Market to Grow Exponentially by 2029 – Brandessence Market Research
- Global Mobile Video Surveillance Market to Amplify Significantly by 2029 – Brandessence Market Research
- Intraocular Lens (IOL) Market to Grow Phenomenally by 2029- Brandessence Market Research
- Global Payment Security Software Market to Register Phenomenal Gains says BrandEssence Market Research
- Size of Microalgae Market to Grow at 4.5% CAGR and Reach $4996.8 Million by 2027: Brandessence Market Research
- Digital Lending Market: How Digital Platforms are Democratizing Access to Finance | Brandessence Market Research
- Report Forecasts Promising Future for Alzheimer’s Disease Market with New Therapeutic Approaches | Brandessence Market Research
- Hip Replacement Implant Market Witness Excellent Long-Term Growth Outlook & Forecast 2029 | Brandessence Market Research
- Subscriptions and Recurring Payment Market is Foreseen to Grow at CAGR of +10% by 2029, Says Brandessence Market Research
- At CAGR of 14.9%, Game engine market is expected to reach ~$5.5 billion by 2025: Brandessence Market Research
- Pain Relief Therapeutics Market to Grow Significantly by 2029- Brandessence Market Research
Brandessence Market Research & Consulting Pvt ltd.
Brandessence Market Research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London.
Follow Us: LinkedIn
M & A Advisory: Merger & Acquisition, and Capabilities
Blog:
What Are MQLs? Understanding Marketing Qualified Lead
B2B Lead Generation with PPC: A Complete Guide
Why Work with BrandEssence Market Research: B2B Lead Generation Services Provider
Should You Work with a B2B Lead Generation Agency?
Importance of B2B Lead Generation
Transforming Cancer Diagnosis: The Top 7 on Liquid Biopsy Companies the Cutting Edge
Transforming Healthcare: Meet the 8 Most Promising Wearable Medical Device Companies in 2023
Market Extension Merger: What It Is and How It Works
Innovation at Its Finest: Meet the Top 12 Automotive Engineering Services Companies
Due Diligence in M&A: Definition, Types, Process, Importance
Contact:
Mr. Vishal Sawant
Email: [email protected]
Email: [email protected]
Corporate Sales: +44-2038074155
Asia Office: +917447409162
Logo: https://mma.prnewswire.com/media/1392316/BEMR_Logo.jpg
SOURCE Brandessence Market Research and Consulting Private Limited
