Medical Robots Market Trends and Forecasts: 2017–2023

Bhaskar Nath
Aug 22, 2017 · 2 min read
Pic Source: Keck School of Medicine of USC

The healthcare industry has witnessed dramatic changes in the past decade and continues to undergo radical upgrades in the delivery of its products. In the imminent future hospitals and diagnostic centres will move towards streamlining their tasks by opting for medical robots.

Hospitals and pharmaceuticals are realizing that the adoption of medical robots in their business processes will help them to offer superior services to their patients, improve patients’ health, and reduce operational costs.

Advancements in technology and innovations are changing the market dynamics and creating the need for cost-effectiveness and superior customer services. There is an increased demand for technological innovations in dealing with clinical data to design better treatment plans and reduce mortality rates.

Medical Robots will be in demand for its upshots

Medical robots will play a key role in the healthcare sector as they will help doctors to perform major surgeries with high precision, thereby reducing chances of infection, blood loss, and post-operative pain. In addition, the increasing demand for managed care, occurrence of neurological, cancer, and cardiovascular disorders, technology advancements, and severe shortage of professionals in the healthcare domain drive the medical robots market.

Globally, there are multiple medical robot companies offering innovative services for the healthcare sector, especially for hospitals and personal care. The partnerships and collaborations between medical robot companies and technology providers are expected to increase manifold in the next five years. The robotic companies are hugely investing in R&D for devising innovative solutions. The increased adoption of medical robotic equipment by hospitals help robotic companies to enhance revenue by offering sophisticated services and products.

Segments in Medical Robots Market

The medical robots market has been analyzed by three segments — products, applications in surgical areas, and regions. The product segment includes various types of medical robots such as instruments and accessories, and medical robotic systems. The rising demand from patients for minimally invasive surgeries is expected to drive the medical robots market. The medical robots market revenue is projected to reach $17.58 billion by 2023.

Key Factors Boosting Adoption of Medical Robots in The Healthcare Sector

· Need to reduce the repetitive human errors to minimum

· Increasing aging population who need superior healthcare

· Technological innovations in the market

· New entrants in the market with innovative products in response to changing consumer demands

· Need for skilled medical staff and severe shortage of medical workers in the healthcare sector

· Rising need for better quality of life for the elderly and the disabled population

Download PDF: Market Forecast of Medical Robots that will worth $17.58 billion by 2023

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