The medical robots market is projected to reach USD 16.74 billion by 2023 from an estimated USD 6.46 billion in 2018, at a CAGR of 21.0%. Advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, and the issuance of IPOs by medical robot companies are the major factors driving the growth of the market. Technological advancements in medical robots are also supporting the growth of the medical robots market.
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On the basis of product, the market is bifurcated into instruments & accessories and robotic systems. In 2017, the instruments & accessories segment commanded the largest share of the global medical robots market. This segment is also expected to register the highest CAGR from 2018 to 2023. The large market share and high growth rate of this segment can be attributed to the recurrent purchase of these products, as opposed to robotic systems which are a one-time investment.
The robotic systems segment has been further segmented into surgical robotic systems, rehabilitation robotic systems, noninvasive radiosurgery robotic systems, and hospital and pharmacy robotic systems. The rehabilitation robotic systems segment is projected to register the highest growth rate in the forecast period. The demand for rehabilitation robotic systems is expected to witness significant growth due to factors such as the rise in patient pool suffering from paralysis caused due to stroke. The demand for these systems is expected to increase across rehabilitation treatment centers and sports facilities as they provide rehabilitation to patients with injuries or physical dysfunctions. The rehabilitation robotic systems are further segmented into therapeutic robotic systems, assistive robotic systems, exoskeleton robotic systems, and other rehabilitation robotic systems (orthotic robotic systems and prosthetic robotic systems).
On the basis of application, the medical robots market has been segmented into laparoscopy, neurosurgery, orthopedic surgery, pharmacy applications, and other applications (medical robotic applications in gynecology, urology, cardiology, nanomedicine, and rehabilitation). The neurosurgery segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the rising prevalence of neurological disorders, coupled with the increasing interest in the use of robots in neurological surgeries and rehabilitation.
On the basis of region, the medical robots market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, owing to factors such as the growing geriatric population, increasing adoption of medical robots, and robot-assisted training initiatives for surgeons.
