As per the report, the size of the Medical Robots Market in the Middle East & Africa is estimated to reach USD 1.88 billion by 2027 from a market value of USD 0.70 billion in 2022, at a CAGR of 21.957%.
The Medical Robots market is predicted to show significant potential in the given forecast period. The market has gained momentum recently with the increasing advancements in technology in pharma and healthcare, which has assisted doctors in treating patients with ailments that can’t be cured as effectively by a human surgeon. As a result, more and more companies have been taking an interest in this market lately.
Medical Robots are robots generally used in the field of medical sciences. There are different types of medical robots which include surgical robots and others. These robots help perform the task with greater precision than an unaided human surgeon and provide remote surgery in case of the unavailability of human surgeons.
The increasing technological advancements in healthcare have been one of the most important factors driving the market for Medical Robots. Apart from it, other key factors contributing to the market's growth include the Issuance of Ipos by Medical Robots companies, growing hospital investments in Medical Robots, an increase in funding for Medical Robots research, and the advantages offered by Robot-Assisted Training in Rehabilitation Therapy.
Besides these, there are a few restraints and challenges faced by the market as well. However, the major factors are safety concerns related to Robotic Surgery Devices and the high cost of Robotic Systems without any justified cost benefits with Robotic Surgery.
This research report on the MEA medical robot market has been segmented & sub-segmented into the following categories:
Regionally, the Middle East and Africa medical robot market is estimated to hold a significant share in the market in the coming years. The market growth in the region is attributed to the rise in the geriatric population, which is increasing in the prevalence of cardiovascular diseases, orthopedic diseases, and the rise in the growth of diseases and disorders like cancer, diabetes, etc. In addition, an increase in the new advancement and development in technology and devices will help provide cost-effective treatments and medications by medical robots; these will help efficiently drive the market growth in the medical robot market.
Saudi Arabia is estimated to have a significant growth in the MEA medical robots market due to the increase in the elderly population in this region. According to the previous year's data of 2020, 71.81 percent of the population was between 15 and 64. About 3.5 percent of the population was between the ages of 65, giving rise to cardiovascular disease and other diseases and an increase in the number of surgeries with the help of these new technologies and can be treated with the help of robotic surgery.
Similarly, South Africa is also expected to show exponential market growth of medical robots, as robotic surgery is a minimally invasive surgery in which robots carry out surgical operations. Surgeons control these robotic systems, consisting of tiny surgical tools placed on robotic arms, allowing surgeons to conduct procedures accurately. Also, the growing need for automation in the healthcare industry and the shifting trend toward sophisticated robotic operations are driving the surgical and medical robot market.
On the other hand, the UAE is likely to witness considerable growth in the market due to an increase in the use of surgical robots for various procedures, such as bariatric surgery, gastrectomy, hernia repair, and pancreatectomy. Also, due to the increased procedural volume in the general surgery category around the world. Also, the businesses are relying on strategic collaboration activities to grow their market share and profit margins.
KEY MARKET PLAYERS:
Companies such as 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 are expected to play a significant role in the MEA medical robots market during the forecast period.
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