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    Medical Robotics Market Report

    Medical Robotics Market Report
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    Global Medical Robotics Market, Dynamics, and Market Analysis
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    Market Insights

    The Global Medical Robotics Market is projected to grow from USD 6.5 billion in 2020 to USD 17.8 billion by 2026 at a CAGR of over 18.3% during the forecast period.

    Figure: Global Medical Robotics Market Size, 2020-2026 (USD Billion)

    Medical Robotics Market

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    What is Medical Robotics?

    A medical robot can be defined as a robot used in the medical sector. Robots used in the healthcare industry find applications in surgical interventions to rehabilitations. These mainly include surgical robots. They are used in most tele-manipulators, which use the surgeon’s activators on one side to control the ‘effector’ on the other side.

    Key Players

    Key players operating in the global medical robotics market are

    • Smith & Nephew (UK),
    • Stryker Corporation (The U.S),
    • Aethon (The U.S),
    • Intuitive Surgical (The U.S),
    • Mazor Robotics (Israel),
    • InTouch Technologies, Inc. (The U.S),
    • Renishaw Plc (UK),
    • Medtech SA (France),
    • Ekso Bionics (The U.S), and
    • ReWalk Robotics (Israel).

    Market Dynamics

    The rising geriatric population, increasing adoption of advanced medical robots and medical technologies, growing preference for minimally invasive surgeries (MISs), mounting technological developments in medical robotics, and growing funding in medical robot research, are some of the factors augmenting the market growth.

    Also, the rise in surgeon/patient acceptance of both robotic assistance and laparoscopic procedures further bolsters the product demand. However, the lack of trained medical professionals and safety concerns over robotic surgery devices are expected to hinder the industry's expansion.

    Segment Analysis

    Application Trends

    Based on application, the global medical robotics market has been segmented into laparoscopy, neurosurgery, cardiology, orthopedic surgery, and pharmacy applications.

    • Among these, the laparoscopy segment dominated the medical robotics market in 2020 and is likely to register a steady CAGR during the review period.
    • This is mainly ascribed to growing surgical laparoscopic procedures conducted worldwide and rising adoption of surgical robots.

    Regional Trends

    By region, the Asia Pacific market witnessed a substantial market share in 2020 and is projected to grow at the highest CAGR during the review period.

    This can be attributed to the presence of key healthcare companies, changing lifestyles, increasing standard of living, and rising cases of acute and chronic diseases in the region. Moreover, rising consumer awareness and favorable government initiatives further boost regional growth.

    COVID-19 Impact on Global Medical Robotics Market

    The COVID-19 pandemic has negatively affected the medical robotics industry due to a temporary ban on elective surgeries around the world that led to cancellations of elective surgeries globally. As per CovidSurg Collaborative report, almost 28 million surgeries were canceled around the world during the initial 12 weeks of peak disruption during the COVID-19 pandemic. The fall in surgical procedures has resulted in fewer revenues for the medical robots market.

    Critical Questions Answered in the Report

    • What are the key trends in the global medical robotics market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global medical robotics market?
    • What are the key strategies adopted by the major vendors to lead in the global medical robotics market?
    • What is the market share of the top vendors?

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    Target Audience

    The following is a list of the customers that the Medical Robotics market aims to convert the most:

    • Medical robotics companies
    • Hospitals
    • Diagnostic Centers And Laboratories
    • Academic Institutions
    • Research Centers & Organizations

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The medical robotics market size is expected to reach USD 17.8 billion in the foreseeable future.

    The medical robotics market is expected to witness an impressive growth of 18.3% CAGR in the coming years.

    Smith & Nephew (UK), Stryker Corporation (The U.S), Aethon (The U.S), Intuitive Surgical (The U.S), Mazor Robotics (Israel), InTouch Technologies, Inc. (The U.S), Renishaw Plc (UK), Medtech SA (France), Ekso Bionics (The U.S) and ReWalk Robotics (Israel) are among the key players in the medical robotics market.

    Asia-pacific is expected to grow at the highest CAGR in the medical robotics market in the coming years.

    The laparoscopy segment dominated the medical robotics market in 2020.

    Rising geriatric population, increasing adoption of advanced medical robots and medical technologies, growing preference for minimally invasive surgeries are the factors driving the growth of medical robotics market.

    Medical robotics companies, Hospitals, Diagnostic Centers and Laboratories, Academic Institutions, Research Centers & Organizations are the target audience in the medical robotics market.

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