A steadily aging population and increasing demand for minimally invasive surgical (MIS) procedures are spurring significant opportunities in the medical robotics market worldwide. These are the latest findings of BCC Research (Wellesley, MA, USA), a leading market research company covering changes driven by science and technology.
BCC found that the global market for medical robotics and computer-assisted surgical (MRCAS) devices is dominated by surgical robots, which act as extensions of the surgeon’s eyes and hands, accounting for about three-quarters of the global market. While endoscopic surgery is the most important MRCAS application, technological advances, including remote imaging, data processing, feedback, and robotics, have expanded the range, resulting in other types of MRCAS applications gaining in importance, notably orthopedic surgery, which is expected to more than triple market share between 2013 and 2019.
Since medical malpractice suits continue to be common in sophisticated markets, technologies that increase the precision and accuracy of surgery, such as MRCAS technologies, hold obvious appeal, especially in the United States, which is expected to account for nearly 75% of the MRCAS market by 2019. The Asia-Pacific region, however, is the fastest-growing market, surging at a considerable 13.4% compound annual growth rate (CAGR) as the result of a steadily growing population with increasing access to health care.
“The structure of the hospital industry, the main user of MRCAS, is changing as hospitals consolidate and other health care options such as walk-in surgical clinics become available to consumers,” said BCC Research health care analyst Andrew McWilliams. “Private and government health insurers around the world are becoming more cost-conscious, forcing hospitals to reevaluate their capital spending plans, but strengthening the case for technologies that can reduce the cost of surgical procedures.”
BCC Research finds that the global market for MRCAS equipment was worth nearly USD 2.7 billion in 2013. The market is projected to approach USD 3.3 billion in 2014, and is expected to grow to USD 4.6 billion by 2019, representing a five-year compound annual growth rate (CAGR) of 7%.