The worldwide medical robotics market is expected to expand to $17.85 billion by 2022, according to a report by Grand View Research, Inc, corroborating earlier numbers that show medical robotics on the rise in the U.S.
This expected surge is predicated on increased demand for robotic surgeries, improving reimbursement and increased awareness of health care policies, as well as health care improvement in growing economies such as Asia.
The Asian market, with its high patient numbers and improving health care infrastructure, is expected to be the primary area of growth over the projected period, but North America remains the largest consumer of robotic medical devices, driving more than 40 percent of the revenue in 2014.
According to the FDA, the use of robotics in the U.S. has increased from 25,000 per year in 2005 to 450,000 in 2012, the most recent year for which data is available. Much of that increase can be attributed to the rise in robot-aided prostatectomies. An estimated 80 percent of all 2014 prostatectomies were performed using robotics, compared to only 1 percent in 2001.
The non-medical hospital segment is the fastest growing product sector with an expected growth rate of 16 percent over the forecast period. Yet, surgical robots accounted for the largest share of medical robotics at more than 60 percent. This is largely due to the increasing demand for minimally invasive surgeries. One such procedure, laparoscopy, remains the most popular application, as it was responsible for 88.5 percent of all robotics medical uses in 2014. This is expected to remain consistent due to a rising geriatric population and lifestyle changes that have necessitated more diagnostic testing among younger people.
Additional areas of predicted growth over the forecast period are 3D-imaging and robotic-controlled catheters. For more information about this report, please see the news release or report study.
[ image courtesy of Intuitive Surgical ]