ReportsnReports suggests that 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% while rehabilitation robot systems segment likely to grow at the highest CAGR during the forecast period driven by increasing funding & technological advancements.
Advantages offered by robot-assisted training in rehabilitation therapy, technological advancements, increase in funding for medical robots research, issuance of IPOs by medical robots companies, and growing hospital investments are the key factors driving the growth of the market. However, safety concerns over robotic surgery devices and the high cost of robotic systems & unjustified cost benefits of robotic surgeries are restraining the growth of the market to a certain extent. Furthermore, rapid growth in the aging population, development of nano robots for cancer treatment, and rising patient preference for minimally invasive surgeries is likely to offer significant growth opportunities for players operating in the market.
In 2016, North America is expected to account for the largest share of the global medical robots market, followed by Europe, Asia-Pacific, and RoW. Asia-Pacific is projected to have the highest growth rate in the forecast period. The high growth rate of this segment can be attributed to factors growth in the number of approvals of robots for medical use in Japan, rising prevalence of cancers in China, growing robotic procedures backed by rising number of hospital beds in India, rising adoption of medical robots in Asia, funding collaborations across the Asian region, and training programs in Australia.
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