Medical robots market to grow 21 percent

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 percent, projects MarketsandMarkets. Growth in this market can primarily be attributed to the advantages offered by robot-assisted training in rehabilitation therapy, increase in funding for medical robot research, technological advancements in medical robots, and the issuance of IPOs by medical robot companies. The therapeutic robotic systems segment is projected to grow at the highest CAGR. Growth in this segment is largely due to technological innovations such as voice recognition, adaptive programming, improved sensors, and cloud technology that are being integrated into these robotic systems to increase their efficiency and utility.

On the basis of application, the neurosurgery application segment is expected to register the highest CAGR. The high growth of this segment can be attributed to the increasing precision and improved quality of medical robots which have encouraged the use of robots in neurosurgery. North America is expected to account for the largest share of the medical robots market in 2018, followed by Europe. The large share of this region can be attributed to the increasing adoption of surgical robots by hospitals in the region, favorable funding scenario for research on medical robots, and the availability of technologically advanced medical robots.