DUBLIN, October 29, 2021– (BUSINESS WIRE) – The report “Medical Robots Market – Forecasts 2021 to 2026” has been added to ResearchAndMarkets.com offer.
The medical robot market is expected to grow at a CAGR of 12.21% to reach US $ 4,984.210 million by 2026, from US $ 2,225.233 million in 2019.
Medical robots make all medical operations simpler, safer and more efficient. These robots are used to perform surgical procedures with high precision because the error rate is negligible. Hospitals use medical robots around the world for tasks that require precision and speed. The success rate of surgeries performed by robots is much higher than that of humans, which is the main reason for the increase in demand for medical robots across the world. In addition, increased investment in the health sector by the governing bodies of various countries will fuel the growth of the market during the forecast period.
According to CMS, 2020, in the United States, healthcare spending increased 4.6% in 2019, reaching $ 3.8 trillion or $ 11.582 per person. As a proportion of the country’s gross domestic product, health expenditure accounted for 17.7%. Additionally, in countries like the United States and Europe, robots are used to mix and measure drugs, especially those used in chemotherapy. These are very useful in avoiding the risks of human error which otherwise could have deleterious effects. The use of robots for mixing and measuring drugs in chemotherapy will propel the growth of the market as the number of cancer patients nationwide is increasing, which will increase the demand for robots in the coming years. According to the National Cancer Institute, 2020 there will be approximately 1,806,590 new cases of cancer diagnosed in the United States.
Additionally, increasing funding for medical robots, advancements in technology, and the issuance of IPOs by medical robot companies are some of the driving factors for the growth of the global medical robot market over the past year. forecast period. The major market players have launched new products, acquired and merged with competitors, to remain competitive in the market, which will further enhance the growth of the market. For example, in October 2019, Stryker Corporation acquired Wright Medical Group NV, a global medical device company focused on extremities and biologics to complement their product portfolio. Moreover, with the adoption of minimally invasive surgeries, the number of invasive surgeries performed has increased, which in turn will strengthen the demand for surgical robots from the growing market in the coming years. According to the NCBI, 2019, at least 230 million invasive procedures were performed each year worldwide. In addition, medical robots can be used in several applications such as telepresence, surgical assistants, rehabilitation robots, medical transport robots, sanitation and disinfection robots, and many more, which will help further to the growth of their market over the forecast period. For example, in May 2019, Bionik, a robotics company, completed the training for the Upper Limb Post-Stroke Robot Assisted Training Trial (RATULS) trial by applying for moving robotic therapy systems companies.
Impact of COVID-19 on the medical robot market
The Covid-19 pandemic has negatively impacted the medical robot market as due to nationwide lockdown restrictions, many patients have postponed their ongoing treatments to avoid public places that have hampered the growth of the disease. Marlet. The pandemic has led to a temporary ban on elective surgeries across the world, resulting in the cancellation of elective surgeries around the world, further reducing the demand for medical robots in 2020. However, with the ease of restrictions, the ban on surgeries has been lifted due to which the market is expected to rebound during the forecast period.
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.4. Industry value chain analysis
5. Analysis of Medical Robots Market, by Product
6. Medical Robots Market Analysis, By Application
7. Medical Robots Market Analysis, By Geography
8. Competitive intelligence
8.1. Benchmarking and competitive analysis
8.2. Recent investment and transactions
8.3. Strategies of key players
9. Company profiles
For more information on this report, visit https://www.researchandmarkets.com/r/9msc5c
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211029005253/en/
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