The Medical Robot Market in North America: Key Trends & Lucrative Opportunities (2018-2023) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 14, 2018--The “North America Medical Robot Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.
The value of the global medical robot market is expected to reach a value of USD 11.36 billion by 2023, expanding at a compound annual growth rate (CAGR) of 12.58% during 2018-2023.
The North American medical robot market is expected to grow to a value of USD 4.09 billion by 2023 at a CAGR of 10.12%.
America consists of over 40% of the market owing to increasing demand for the robot-assisted surgeries, developed healthcare infrastructure and high healthcare expenditure. Increasing need of automation and advanced devices have also contributed in the market growth.
The main factor contributing to the growth of the market in this region is the support of the government who pay a significant amount for public insurances through subsidies and various other policies. The government has also taken various steps towards making the reimbursement process hassle-free. Secondly, the average age of this region is considerably higher than other parts of the world.
This will contribute to the growth because the older population requires more medical attention and thus, their usage of medical equipment is much higher. Also, the rate of innovation and development of products in this region is very high which will help in the growth of the market.
The major drawback in this region is the high competitiveness amongst the rivals and tough competition from newcomers. Since the competition is high, companies have to invest more in research and development (R&D). In addition to that the buyers have a lot to choose from. As a result, prices of products have to be competitive. Hence, profit will be low. All these factors reduce the attractiveness of the market in this region.
Key Players ProfiledOmnicell Intuitive Surgical Ossur Mazor Robotics Ekso Bionics Accuray Rewalk Robotics Varian
For more information about this report visit https://www.researchandmarkets.com/research/z8f9kb/the_medical_robot?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005396/en/
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Related Topics:Medical Devices,Robotics,Surgical Devices
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: SURGERY TECHNOLOGY OTHER TECHNOLOGY HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/14/2018 06:00 AM/DISC: 11/14/2018 06:00 AM