Kenneth Research has recently added a report titled Asia-Pacific Medical Robot Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2030.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asia-Pacific Medical Robot Market Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Asia-Pacific medical robot market
The value of the global medical robot market is expected to reach a value of USD 11.36 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 12.58% during 2018-2023.
Robots that are used for medical purposes are broadly known as medical robots. Medical robotics can be considered as the application of robotics technology to healthcare to diagnose and treat diseases, or to correct, restore or modify a body function or a body part. The market definition for the medical robot market would be the one which take into consideration products for assisting medical practitioners during surgery, for monitoring status of patients, and for increasing accuracy and precision. It also considers products useful for patients with disabilities The products from this market are used extensively across all age groups. These products are generally mechanical/electronic equipment used by doctors and patients.
The medical robot market can be classified into three primary segments based on product (surgical robot, rehabilitation robot, non-invasive radiosurgery robot and others), application (neurology, orthopedic, cardiology, laparoscopy and others) and geography (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa).
Furthermore, surgical robots consist of neurological surgery robotic systems, cardiology surgery robotic systems, laparoscopic surgical robotic systems, orthopedic surgical robotic systems and steerable robotics. Rehabilitation robots comprise therapeutic robots, prosthetic robots, assistive robots and exoskeleton robots. Hospital and pharmacy automation robots includes pharmacy automation robots, IV robots.
The Asia-Pacific medical robot market is expected to grow to a value of USD 3.47Bn by 2023 at a CAGR of 18.74%.
Key growth factors
The major factor influencing the growth of the market in the region is the population. This is because the healthcare technological development in the region is quite low compared to other parts of the world. In addition to that, the development of new technology and awareness about its benefits and usage is not distributed uniformly, i.e., it is mostly present in the urban areas. This categorizes the market in the region to an untapped potential type, which holds many opportunities for the investors. The governments are trying to make inroads in this aspect by introducing various plans and schemes.
Threats and key players
The introduction of goods and services tax (GST) in India has put the healthcare industry in a tough situation as costs of basic healthcare facilities, like hospital room rent, have increased. Also, the price of various treatment types has increased significantly. This will discourage people from engaging in robotic surgeries, which are generally costlier than conventional surgeries. The sparse distribution of healthcare facilities in small pockets is also a threat to the market because the lack of transportation and logistics facilities will significantly increase costs of treatment in weakly connected areas.
The key competitors in the Asia-Pacific medical robot market are Omnicell, Intuitive Surgical, Ossur, Accuray, Mazor Robotics, Rewalk Robotics, Ekso Bionics, Elekta, Varian, Cyberdyne, etc.
What is covered in the report?
1. Overview of the Asia-Pacific medical robot learning market.
2. Market drivers and challenges of the Asia-Pacific medical robot market.
3. Market trends in the Asia-Pacific medical robot market.
4. Historical, current and forecasted market size data for the segment based on vehicles.
5. Historical, current and forecasted market size data for the segment based on sensors.
6. Historical, current and forecasted market size data for the segment based on components.
7. Historical, current and forecasted market size data for country-wise segments.
8. Analysis of company profiles of major competitors operating in the market.
o Understand the demand for medical robot to determine the viability of the market.
o Identify the challenge areas and address them.
o Develop strategies based on the drivers, trends and highlights.
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
o Recognize the key competitors of this market and respond accordingly.
o Knowledge of the initiatives and growth strategies taken by the major companies and decide the direction of further growth.
o Define the competitive positioning by comparing the products and services compared with the key players in the market.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Asia-Pacific Medical Robot Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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