The healthcare industry is characterized by several challenges such as high costs’ care delivery failures and overtreatment that escalates healthcare costs and negatively impacts patient outcomes. This has led to an increased adoption of robots in the healthcare sector. Medical robots help surgeons to perform critical operations with precision thereby improving patients’ health. The use of robots in surgeries is also helpful in reducing human errors. The increase in funding for R&D of medical robots’ technology advancements’ increasing hospital investments on medical robots and issuance of IPOs by medical robots’ companies are the major driving factors for the market growth.
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The growing ageing and chronically ill population are the prime factors creating opportunities for the makers of medical robots. The medical robot organizations are heading towards enhancing their offerings and are entering into partnerships with technology providers to cater to the increasing needs of the end-users. The high initial costs is a major concern in the market. The market is segmented by products’ applications in surgical areas’ and regions including North America’ Europe’ Asia Pacific’ and RoW. Major companies’ such as Medtronic’ Stryker’ Intuitive Surgical’ Boston’ and Mazor Robotics’ are investing in integration of robotics technology into their products.
Market Analysis
According to Report Ocean Research’ the Medical Robots Market is expected to reach $17.58 billion by 2023′ growing at a CAGR of 22.0% during the forecast period 2017-2023. The increased adoption of medical robots in hospitals and pharmaceuticals’ the growing ageing population’ and the increasing patients’ preference for minimally invasive surgeries are forcing organizations to focus on developing innovative solutions. The increasing demand for managed care and shortage of professionals in the healthcare domain are some of the additional factors contributing to the market growth.
Product Analysis
The products segment holds a prominent market share and is expected to reach $17.58 billion by 2023. A number of start-ups are entering the market to offer attractive designs and innovative features in medical robots to the customers. IoT innovations and the increasing R&D investments from big organizations for enhancement of their product portfolio are also contributing to the market growth.
Regional Analysis
Currently’ North America has a majority share of the Medical Robots Market mainly due to technology advancements. The Medical Robots Market is witnessing a strong growth in countries such as the US and Canada. Europe is spending heavily in the manufacturing of innovative solutions for medical robots. The developing regions’ such as Asia Pacific’ is expected to improve its market share during the forecast period. The regional government initiatives for developing smart city projects and the increasing FDI for the development of digital healthcare infrastructure in the regions are the main factors contributing to the market growth. MEA is expected to experience a strong market as the regional governments are spending generously on infrastructural developments which will create huge opportunities for the key players to provide innovative solutions in the region.
Key Players
The key players covered in the report are Medtronic’ Stryker’ Intuitive Surgical’ Boston Scientific’ Mazor Robotics’ BALT Extrusion’ Cyberonics’ and Ekso Bionics.
Competitive Analysis
The study covers and analyzes the Medical Robots market. Bringing out the complete key insights of the industry’ the report aims to provide an opportunity for players to understand the latest trends’ current market scenario’ government initiatives’ and technologies related to the market. In addition’ it helps the venture capitalists in understanding the companies better and take informed decisions.
Benefits
The report provides an in-depth analysis of the Medical Robots market aiming to offer end-users with innovative medical robots’ which enable surgeons in performing critical surgeries with greater precision.
The report discusses about products’ applications in surgical areas’ and regions. With the information offered’ key stakeholders can know about the major trends’ drivers’ investments’ vertical player’s initiatives’ and public private partnerships (PPPs) interest toward the adoption of medical robots in the healthcare industry. Further’ the report provides details about the major challenges impacting the market growth. The report also covers the profiles of major companies.
Key Stakeholders
Device manufacturers’ suppliers’ distributors’ hospitals and diagnostic centers’ policy makers’ standard development organizations’ investor community’ university researchers’ blog writers’ and ambulatory surgery centers.
Region/Country Cover in the Report
Regions – NA’ Europe’ APAC’ MEA
Key Players Covered in the Report
Medtronic’ Stryker’ Intuitive Surgical’ Boston Scientific’ Mazor Robotics’ BALT Extrusion’ Cyberonics’ and Ekso Bionics.
Some of the metrics this research service discusses are:
Market Size:
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Market Growth Rate:
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- It helps assess the market’s attractiveness and potential for investment.
Market Share:
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- It provides insights into the competitive position of market players.
Customer Satisfaction:
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- It helps gauge customer loyalty and identify areas for improvement.
Pricing Analysis:
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- This includes metrics such as average prices, price differentials between products or competitors, and price elasticity.
Market Segmentation:
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- This helps understand the varying needs and preferences of different customer groups.
Customer Acquisition Cost (CAC):
- CAC is a metric that calculates the cost of acquiring a new customer. It helps evaluate the efficiency of marketing and sales efforts.
Customer Lifetime Value (CLV):
- CLV measures the total value a customer generates over their entire relationship with a company. It helps assess the long-term profitability of customer relationships.
Return on Investment (ROI):
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Competitive Analysis:
- Competitive analysis metrics assess the performance and strategies of competitors in the market.
- This includes metrics such as market share, revenue growth, product portfolio, and customer satisfaction.
Key Performance Indicators (KPIs):
- KPIs are specific metrics that measure the performance of a business or organization.
- They can include metrics such as sales growth, market penetration, customer retention rate, and profitability.
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