The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Medical Robotics Market is projected to grow from USD 6.5 billion in 2020 to USD 17.8 billion by 2026 at a CAGR of over 18.3% during the forecast period.
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Based on application, the global medical robotics market has been segmented into laparoscopy, neurosurgery, cardiology, orthopedic surgery, and pharmacy applications.
- Among these, the laparoscopy segment dominated the medical robotics market in 2020 and is likely to register a steady CAGR during the review period.
- This is mainly ascribed to growing surgical laparoscopic procedures conducted worldwide and rising adoption of surgical robots.
By region, the Asia Pacific market witnessed a substantial market share in 2020 and is projected to grow at the highest CAGR during the review period.
This can be attributed to the presence of key healthcare companies, changing lifestyles, increasing standard of living, and rising cases of acute and chronic diseases in the region. Moreover, rising consumer awareness and favorable government initiatives further boost regional growth.
COVID-19 Impact on Global Medical Robotics Market
The COVID-19 pandemic has negatively affected the medical robotics industry due to a temporary ban on elective surgeries around the world that led to cancellations of elective surgeries globally. As per CovidSurg Collaborative report, almost 28 million surgeries were canceled around the world during the initial 12 weeks of peak disruption during the COVID-19 pandemic. The fall in surgical procedures has resulted in fewer revenues for the medical robots market.
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