Analysts predict the global medical robotic system market will reach $17.9. billion by 2020.
Here are eight facts:
1. The compound annual growth rate is anticipated to be 12.7 percent from 2014 to 2020.
2. The market is expected to grow due to technological innovations such as the capsule robot system, software/applications and imaging system, increasing geriatric population base and increasing per capita healthcare expenditures.
3. The higher susceptibility for orthopedic and neurological disorders in the geriatric population is predicted to increase the demand for minimally invasive robotic procedures.
4. Growing markets in emerging countries including India, Brazil and China are also expected to grow the robotic systems market.
5. Hospital and pharmacy robots are anticipated to have a CAGR of 16 percent from 2014 to 2020, making this market the fastest-growing market segment.
6. Asia Pacific is expected to be the fastest-growing market with an estimated CAGR of 15 percent from 2014 to 2020.
7. Laparoscopy had more than 35 percent market share in 2013, making it the largest application segment in the robotic systems market.
8. iRobot, Medrobotics, Titan Medical, Hansen Medical, MAKO Surgical are some of the key players among many other companies in the market.
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