The Medical Robots Market size in North America is expected to reach USD 8.12 billion by 2027 from USD 3.27 billion in 2020, growing at a CAGR of 19.91%. The North American medical robot market is expected to account for the largest market share in the global market during the forecast period. This region is estimated to dominate the global market due to advancements in technology, growing acquisition of surgical robots by hospitals, and easy accessibility of upgraded medical robots in the market.
Medical Robots are the robots that are used in pharmaceutical sciences. These robots are of various types, including surgical robots and others. Medical robots assist in carrying out tasks with more precision than any unaided human surgeon or even provide the option of remote surgery in cases of unavailability of human surgeons.
Medical robots are the professional robots used in the hospital to improve the healthcare-related infrastructure & patient care. The North American medical robots market is forecasted to show evident potential in the mentioned period. The market continues to build momentum with the increase in technological advancements in pharma and healthcare. As a result, doctors can treat patients with ailments that a human surgeon can’t cure as effectively. Therefore, more and more companies have shown interest in this market recently.
The medical robot market of the North American region is majorly driven by technological advancements among medical robots and increasing the elderly population. Raising funds for research in robotic for medical by healthcare companies and growing patient importance for minimally invasive surgeries propel the growth in the medical robot market. Favorable government policies, high per capita income spent on healthcare, which the government makes, early diagnosis, and surgery for the diseases accelerating the medical field's robot market. The requirement of technical professionals during robotic surgery bolsters market growth.
The time required for regular approvals, an increase in the amount spent on research and development, the price associated with the robotics treatment, and the high cost of the devices is restraining the market demand. However, lack of awareness among the expert professionals, surgeons, and patients hampers this region's medical robot market growth.
This research report on the North American medical robot market has been segmented & sub-segmented into the following categories:
In North America, the U.S. medical robots market is holding the most significant shares of the market. Da Vinci Surgical Systems received approval from USFDA for adult & pediatric robotic surgery. In 2018, the United States reported the 86% of the operations are performed with the help of robots. Due to the booming economy and the rise of several patients with neurological and cardiac diseases propelling the market's demand in the United States.
The U.S. is accounted to hold the largest share of the market in this region. The growing economy and increased number of patient populations diagnosed with neurological and cardiovascular diseases propel the U.S.'s market. According to the Association of American Medical College, the U.S. is likely to have a scarcity of approximately 90,000 doctors by the end of 2020 as the rehearsing doctors. They gain retirement by creating space for medical robots in hospitals and clinics. Moreover, 80% of radical prostatectomies are being performed using robotics in the U.S.
North America has the vast majority of the medical robot system in manufacturing & developing intelligent robots; some companies such as Medtronics, Stryker, and Mazor robotics companies are adding fuel to the North American medical robot market. In addition, U.S. & Canadian governments have increased funding to research projects for the hospital servicing robots. According to the American Cancer Society research in 2019, 42 % of the people are diagnosed with cancer, and they are treated with the non-invasive robotic radiosurgery procedure. Therefore, it can surge the U.S. market for medical robots.
Recently, U.S.-based company Titan Medical signed an agreement with Medtronic. This new agreement developed single port robotics, said Titan Medical CEO, David McNally.
The Canadian medical robots market is holding the second position in ruling the dominant shares of the market. Canada is known for being the world’s innovation hub in the medical robotics market for its facilities in the healthcare industry. The Canadian company, Kinova, collaborated with over 500 research firms to innovate medical robots for further growth in the market.
KEY MARKET PLAYERS:
Some of the major companies operating in the North American 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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Surgical Robots
22.214.171.124 Laparoscopy Robotic Systems
126.96.36.199 Orthopaedic Robotic Systems
188.8.131.52 Neurosurgical Robotic Systems
184.108.40.206 Steerable Robotic Systems
5.1.3 Rehabilitation Robotic Systems
220.127.116.11 Therapeutic Robotic Systems
18.104.22.168 Assisstive Robotic Systems
22.214.171.124 Prosthetic Robotic Systems
126.96.36.199 Orthotic Robotic Systems
188.8.131.52 Exoskeleton Robotic Systems
5.1.4 Non-Invasive Radiosurgery Robotic Sytems
5.1.5 Hospital & Pharmacy Robotic Systems
184.108.40.206 Pharmacy Robotic Systems
220.127.116.11 IV Robotic Systems
18.104.22.168 Tekemedicine Robots
5.1.6 other Robotic Systems
5.1.7 Y-o-Y Growth Analysis, By Product
5.1.8 Market Attractiveness Analysis, By Product
5.1.9 Market Share Analysis, By Product
5.2.5 Special Education
5.2.6 Other Applications
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Application
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Application
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Application
6.2 United States
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Intuitive Surgical Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Stryker Corporation
8.3 Hocoma AG
8.4 Mazor Robotics Ltd.
8.5 Hansen Medical Inc.
8.6 Accuray Incorporated
8.7 Omnicell Inc.
8.9 EKSO Bionics Holdings Inc.
8.10 Kirby Lester LLC
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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