As per our report, the size of the Medical Robots Market in Europe is expected to grow at a CAGR of 20.47% and reach USD 6.63 billion in 2028 from USD 2.61 billion in 2023.
The increasing aging of the population in developed and developing countries and the globalization of healthcare increase the demand for medical robots. Large nations populated by the elderly like the UK have already developed several medical robots that help with the initial onset of dementia and help the elderly. In addition, features such as greater precision, faster procedure, and safer surgical procedure provided by medical robots are gaining ground, possibly leading to the expansion of the medical robotics industry across the European region.
Moreover, the increasing number of knee and hip replacement surgeries performed due to the high prevalence of arthritis, degenerative bone disease, osteoporosis and related injuries is expected to drive the market growth. The International Federation of Robotics World Robotics 2019 Service Robots said medical robot sales increased 72% in 2018 from 2017, accounting for 3.7% of all professional service robot sales.
Medical robots for surgeries have observed a paradigm shift in the past few years owing to advancements in the field of 3D imaging technology, data analysis systems, HD microscopic cameras, remote control navigation technology, motion sensors, robotic catheters etc. used to perform surgeries. These advancements are useful for developing new applications for existing platforms and for creating disruptive technologies that would be beneficial in driving the European medical robots market.
However, the high costs of robotic surgical procedures, surgical systems and rehabilitation exoskeleton are holding back the growth of the Europe medical robots market. The lack of knowledge about advanced robotic solutions and the lack of technically qualified personnel are also hampering the growth of the market. In addition, regulatory concerns regarding the use of medical robots and increasingly stringent government policies and regulations regarding the use of products for applications are restraining the growth of the market.
This research report on the European medical robots market has been segmented & sub-segmented into the following categories:
Europe is the growing region for medical robotics in professional services. Germany had the largest market for medical robotics technology and ranked third in the market for advanced medical technology internationally in 2020. Germany is also a leading geography in the neurosurgery market in Europe, providing facilities for robotics and treatment of nervous system disorders in more than 1,300 hospitals in the region. However, the growing need for advanced technologies and better treatment options for serious diseases such as urological disorders, gynecological conditions, and heart disease is driving the medical robot market in the European region
The German medical robots market dominated the European market with a share of over 42% in 2020 and is estimated to maintain its leading position growing at a healthy CAGR during the forecast period. The presence of international players with the range of numerous products for FDA approval, the continuous developments in robotics and the demand for minimally invasive surgeries to reduce the post-surgical complications in recovery period are the main factors driving the market.
KEY MARKET PLAYERS:
Companies dominating the European medical robots market include Intuitive Surgical Inc., Hocoma AG, Hansen Medical Inc, Mazor Robotics Ltd, Accuray Incorporated, Arxium, Stryker Corporation, EKSO Bionics Holdings Inc., Omnicell Inc., and Kirby Lester LLC.
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