(IT-NEWSWIRE.COM, December 06, 2018 ) 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 takes into consideration products for assisting medical practitioners during surgery, for monitoring status of patients, and for increased 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.
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The medical robot market can be classified into three primary segments based on the 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 include pharmacy automation robots, IV robots.
The Middle East and Africa medical robot market are expected to grow to a value of USD 1.48 Bn by 2023 at a CAGR of 22.18%.
Key growth factors
In the Middle East, governments across the region have highlighted healthcare as a key focus area for the coming years, in the light of economic and demographic transitions in these countries. Investments to upgrade hospitals and clinics, build new facilities, and enforce mandatory health insurance schemes have all been made recently. The Dubai Health Authority (DHA) was set up to ensure access to health services, maintain and improve the quality of those services, improve the health status of nationals, residents and visitors and oversee a dynamic, efficient and innovative health sector. To further that aim, in 2013, Dubaiís issued health insurance law was set up. The law stipulates that it is mandatory for every person on a Dubai residence visa to be provided with a basic health insurance policy, which is compliant with the DHA rules, regulations and guidelines.
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Threats and key players
The lack of talented personnel required to operate and maintain the medical robots is a major concern. The internal political tension and also political relation of this region is a major factor which makes the market unstable. The major challenge is the lack of infrastructure investment in the region. The sub-Saharan Africa is starved of electricity. Many households produce electricity themselves, which costs 50 cents for one kilowatt. Investors face a challenge in identifying and structuring bankable projects. The second challenge relates to government aptitude. They own the jurisdiction and the asset, so, they need to guide the regulations and concessions as well as kick-start the agreement. All too often, political agendas create hurdles for transactions. The third challenge is the lack of technical expertise.
The key competitors in the Middle East and Africa medical robot market are Omnicell, Ossur, Ekso Bionics, etc.
What is covered in the report?
1. Overview of the the Middle East and Africa medical robot learning market.
2. Market drivers and challenges of the the Middle East and Africa medical robot market.
3. Market trends in the the Middle East and Africa 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.
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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.
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