The global healthcare robotics market, valued at US$5.40 billion last year, is estimated to more than double in value to hit $11.44 billion by 2023, according to a new report.
The new market intelligence report by BIS Research, titled "Global Healthcare Robotics Market - Analysis and Forecast, 2018-2023", estimates an annual growth rate of 12.64% during the forecast period.
The growth is aided by the impressive increase of healthcare budgetary allocation by government and private institutions and technological advancements in the robotics industry.
Last year in the US, the total number of cases registered due to the adverse effects of medical treatment were around 34.9 million.
Diagnostic and surgical errors have witnessed higher incidence as compared to other types of malpractice. Medical errors by practitioners have been identified as the unintended act and to reduce these kinds of errors, the robotics application has been adopted.
Robot-assisted surgical procedures are performed to minimise the risk of errors and to improve the precision and accuracy of the surgical procedures. Other than surgical robotics, healthcare robotics comprises rehabilitation robotics, diagnostic robotics, and radiotherapy robotics.
Shortage of skilled professionals
Rehabilitation robots are expected to witness the highest CAGR in the forecast period.
The healthcare robotics market is growing exponentially due to support of the US government in increasing the funding for healthcare robotic research, growing investment from hospitals in healthcare robotics, and rising technological advancements in the healthcare robotics industry.
There are factors that are also hindering the growth of this market which includes, the shortage of skilled professionals and high cost associated with the robotic platform, among others.
"North America is currently the leading contributor to the global healthcare robotics market,” said Pushplata Patel, Lead Analyst at BIS Research.
“The North America healthcare robotics market was valued at $3.51 billion in 2017. Factors, such as increasing cases of chronic diseases, aging populations, and established healthcare infrastructure are driving the growth of the healthcare robotics market in North America.
“However, the Europe region is expected to grow at an impressive growth rate, during the forecast period from 2018 to 2023.
- Surgical robots increase the accuracy of surgeons while reducing the risk to the patients. Through non-invasive surgical robots, performing critical surgeries with minimal incision and high accuracy becomes easier.
- Based on product types, instruments and accessories contributed to the highest market share in the global healthcare robotics market in 2017. However, robotic systems are expected to witness the highest growth rate, during the forecast period.
- There are several healthcare robots currently in the developing stages that are expected to be launched in the upcoming years. Considerable investments from government and non-government organisations along with an increase in funding activities are expected to facilitate the growth of the global healthcare robotics market.
- Based on application, surgical robotics contributed to the highest market share of about 71% last year. Rehabilitation robots are expected to see a much higher growth rate compared to surgical robots.
Source: BIS Research Analysis