From driverless cars being rolled out recently to robots performing surgeries, technology has surely made a stellar progress. One such example is medical robots. Medical robots are set to revolutionize the healthcare sector, especially surgeries, since they are becoming more and more acceptable, globally. They not only help in reducing the time of surgery but also ensure the accuracy of the whole process coupled with better quality of patient care, thereby increasing the demand for surgical robots across the globe.
Market Drivers:
The growth of the global medical robots market can be majorly attributed to the following factors:
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Market Scenario
The medical robots market is projected to reach USD 12.80 Billion by 2021 from USD 4.90 Billion in 2016, growing at a CAGR of 21.1% during the forecast period. In 2016, the North American market for medical robots held the largest market share among regions, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to be the key revenue pocket for this market, thus slated to grow at the highest CAGR. Rising aging population, increasing adoption rate of medical robots, increased cases of cancer, government initiatives and funding, and growing number of training programs in order to train surgeons for performing robot-assisted surgeries are the major factors responsible for the high growth in this region.
Based on product, the instruments & accessories segment accounted for the highest share of the market in 2015, and is also projected to grow at the highest rate over the forecast period. On the other hand, based on application, the laparoscopy segment held the largest market share in 2015, whereas the neurology segment is expected to witness the fastest growth.