Incidences of adverse effects of medical treatment are on the rise globally. In 2017, around 121.5 deaths were registered as a result of adverse medical effect. Also, based on a study conducted by the U.S-based John Hopkins University in 2016, medical errors are the third leading cause of deaths in the U.S. Other severe effects of medical treatment that have been recorded are significant permanent injury, brain damage, and lifelong care. Further, based on the data collated by the Institute of Health Metrics and Evaluation in the U.S., China recorded the maximum number of deaths due to adverse effects of medical treatment in 2016 and 2017.
To significantly reduce the cases of adverse effects of medical treatment, medical industry required technological advancements which could assist physicians in diagnostics, monitoring and conducting surgeries to reduce errors, thus, resulting in the advent of robotics systems in healthcare. In 2000, one such robotics-assisted surgery system received approval. This robotics-assisted surgery (RAS) system can enable doctors to perform surgeries with more precision and speed. Also, the healthcare robotics systems market is gaining a lot of traction due to the benefits offered in rehabilitation therapy.
According to a recent market intelligence report, titled ‘Global Healthcare Robotics Market – Analysis and Forecast (2018 – 2023)’, in 2017 the market was estimated at $5.40 billion, which is projected to reach $11.44 billion by 2023. The growth of the market is driven by factors such as increasing demand for minimally invasive surgery, rising technological advancement in healthcare robotics, rising cases of stroke and injuries, increasing investment by the government, and the successful incorporation of miniature robots, among others.
On the other hand, few factors that are restraining the growth of the market including lack of skilled workforce, a high cost of robotics platform, and uncertain reimbursement and regulatory policies. In the last four years from 2014 to 2017, the market has grown at a steady rate of 12.08%. Moreover, to sustain in the market, the strategies implemented by various key players include new product launches & enhancements, mergers & acquisitions, product approvals, and collaborations & joint ventures.
Also, there are a number of opportunities present in the market which players can take benefit from, such as integration of artificial intelligence in healthcare robotics, increasing adoption of robotics technology for treating cancer and benign brain tumors, development of low-cost healthcare robotics systems, increasing use of robotics systems for diagnostics, development of micro and nano robots for surgeries, and stimulators for training healthcare professionals.
Further, the report published by BIS Research details the industry insights specifically related to regulations in the U.S., Europe, and other countries across the globe. The report also highlights the segmentation of the market based on product, application, and region. Based on the product, the market is segmented into robotics systems, instruments & accessories, and services wherein the instruments and accessories are leading the healthcare robotics market by product segment.
The segmentation of the healthcare robotics market by application is surgical robotics, radiotherapy robotics, diagnostic robotics, and rehabilitation robotics. Classification of surgical robotics is further done into robotics applications for gynecological urological, orthopedic, neurological, transoral, and general surgery, and others, respectively. As for rehabilitation robotics, they are further categorized by therapeutic, assistive and exoskeleton and bionics. In 2017, the rehabilitation robots dominated the market by application. Lastly, based on the segmentation of the market by region, North America was leading the market in 2017, and during the forecast period from 2018 to 2023 the market for Asia-Pacific, and Europe showcase great potential in terms of growth.