Medical robotics and computer assisted surgery is a form of highly advanced surgical, rehabilitation, and assistive solution mainly intended for complex forms of hospital automation and surgical procedures. The use of 3D imaging, real-time sensing, smart instruments, intuitive software, and infrared cameras is essential to achieve the precise navigation required for such surgeries. Medical robotics and computer assisted surgery are mainly useful in ENT, urological, cardiac, spinal and other orthopedic surgeries.
High cost big downer in medical robotics and computer assisted surgery market
The high cost of surgical systems, rehabilitation exoskeletons, the procedure itself, and the lack of adequate personnel able to effectively operate such machinery are the primary restraints in the Medical Robotics and Computer Assisted Surgery Market. There have also been government initiatives, particularly in developed markets in North America and Europe, that strive to reduce medical costs, aiding the medical robotics and computer assisted surgery market.
It’s my choice – patients saying no to invasive procedures
Conversely, the large number of benefits offered largely outweigh the drawbacks in the Medical Robotics and Computer Assisted Surgery Market. Foremost is the growing preference among patients for minimally invasive procedures, a greater demand for state-of-the-art medical treatment options, and the desire to minimize hospital recovery as much as possible. Medical robotics and computer assisted surgery allows the advance planning of surgery through 3D generated models of individual patients’ anatomies, enabling real-time communication and feedback. Furthermore, patients are benefited as these surgeries are the least invasive, reduce blood loss, and lessen exposure to harmful X-rays.
Geopolitical concerns could stifle global cooperation in market
Rapid technological innovations are anticipated to make the medical robotics and computer assisted surgery market large enough for all players – large or small. The companies profiled in this report include Ekso Bionics, Hocoma, Stryker Corporation, Blue Belt Technology, ReWalk Robotics, AlterG, Smith & Nephew, and Mako Surgical Corp. In May 2020, Ekso Bionics, announced that the company and its local partners in China received a notice from the Committee on Foreign Investment in the United States (CIFUS) with respect to their joint investment in Exoskeleton Intelligent Robotics. The notice declared that the Committee’s prior concerns could not be sufficiently addressed, and CIFUS presented the JV partners with an NSA agreement that necessitates the termination of Ekso’s role in the venture. The JV was established in 2019 to serve China and other Asian markets by establishing a manufacturing plant in the Chinese province of Zhejiang. With trade and geopolitical tensions spiking between the world’s two largest economies, it was only a matter of time before ventures between corporations on both sides of the Pacific were caught in the crosshairs.
Next Gold Rush almost certainly to be in APAC region
North America holds a commanding position in the worldwide medical robotics and computer assisted surgery market due to its geriatric population, resilient economy, and the presence of large-scale American healthcare companies. However, the future is projected to lie in the APAC region as the billion plus giants China and India play a larger role in the global order. India has already emerged as a preferred destination for medical tourism for patients from APAC and MEA countries and the government has taken further steps to bolster its position in this lucrative sector.
Keep an eye on the rehabilitation segment of the medical robotics and computer assisted surgery market
In terms of product type, the medical robotics and computer assisted surgery market is classified into rehabilitation robotics, surgical robotics, hospital & pharmacy robotics, and non-invasive radiosurgery robotics. The surgical robotics segment is ahead of its peers and accounts for approximately 2/5th market share in 2020, as a result of its adoption across Tier-1 hospitals, the demand for efficient and replaceable components, and system accessory sales. Hospitals and pharmacies are poised to be the leading segment during the decade from 2016 to 2026. On the other hand, the rehabilitation segment is expected to demonstrate the fastest growth as it will likely be in double digits throughout the assessment period.
COVID-19 has pushed hospitals to breaking point – how will it impact medical robotics?
While COVID-19 has strained healthcare systems worldwide to their very limit, there could very well be a silver lining on the horizon for the medical robotics and computer assisted surgery market. Although elective procedures are being cancelled, there are still patients who need immediate care. Surveys already suggest that there will be a massive backlog of cases when the global medical community has been able to halt the spread of COVID-19. That being said, the virulent disease can easily ravage society once again, meaning that medical robotics and computer assisted surgery might become the norm and not the exception in the next decade of the 21st century.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?