The global medical robotics market is estimated to garner noteworthy revenue by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031.
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The growth of the market can be attributed to factors, such as, the higher prevalence of chronic diseases, spinal cord, and sports injuries. Based on the data provided by the National Library of Medicine in 2020, it was stated that about 250,000 to 500,000 people of the global population suffer from spinal cord injuries worldwide. The frequent occurrence of spinal cord injuries can be attributed to road accidents. Furthermore, sports injuries are also accounted to hike the growth of the market over the forecast period. According to the report published by National Safety Council (NSC), it was stated that about 1.6 to 3.8 million athletes get some sort of physical injury annually. Additionally, the growing geriatric population can also be the major growth factor for the market over the forecast period. As of 2019, as per a report published by the United Nations, 703 million people were stated to be aged 65 or above across the globe. All these factors are estimated to propel the growth of the market over the forecast period.
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The market is segmented by end-user into nursing homes, hospitals, orphanages, and others, out of which, the hospital segment is anticipated to hold the notable share in the global medical robotics market during the forecast period, on account of the 24-hours availability of healthcare services and higher patients pool. The hospital segment is also anticipated to grow on the back of the availability of skilled medical professionals and the attached advanced laboratories to conduct the requisite tests and operations.