The latest market report published by Acute Market Reports, Inc. “Global AI-based Surgical Robots Market By Product (Services, Instrument & Accessories), By Application (General Surgery, Urology, Orthopedic, Gynecology, Others) – Growth, Future Prospects & Competitive Analysis, 2019 – 2027,” the global AI-based surgical robots market was valued at US$ 6,237.3 Mn in 2018, and is expected to reach US$ 33,244.4 Mn by 2027, expanding at a CAGR of 20.7% from 2019 to 2027.
Browse the full report at “AI-based Surgical Robots Market”
Market Insights
Over a span of last 30 years artificial intelligence is being harnessed to develop surgical robots to conduct critical surgical procedures with utmost precision, dexterity, and enhanced visualization. It generally provides a three dimensional highly magnifies view of the surgical procedure, dexterously translating the surgeons, finger, hands and wrist movements into highly automated and precise engineered movements of miniature surgical devices in the patient’s body.
Services are dominating the product segment for AI-based surgical robots market. Inherent features such as high maintenance cost associated with algorithms of surgical robots system and routine upgradation increases the demand for services segment. Instrument & accessories are gaining momentum and will grow at a rapid pace in the near future owing to increasing demand for robot assisted minimal invasive surgical procedures among patients worldwide and wide utilization by surgeons to perform surgery across various disciplines.
General surgery is spearheading the application segment for AI-based surgical robots market. Significant rise in abdominal surgeries especially minimally invasive laparoscopic surgical procedures increases the demand for general surgeons worldwide. Rising prevalence of breast cancer further bolster the demand for robot assisted surgery to remove malignant tumor precisely with minimal damage to other soft tissues. Gynecology surgical procedures have gained tremendous attention after its approval by USFDA in 2005 to perform critical surgery related to hysterectomy, myomectomy, sacrocolpopexy etc., with maximum patient safety and compliance.
North America represents 45% market share and is the leading regional segment in AI-based surgical robots market. Chief contributing factors related to its market dominance are effective collaboration between healthcare agencies and robotic designing software companies. As per the research citing of Intuitive Surgical, Inc., approximately 1.75 million robotic surgical procedures have been performed in the United States in the last 14 years. Rising public health awareness pertaining to the benefits associated with robot assisted surgery will further bolster the market growth in the region. Europe is the second largest regional market holding a share of 30% owing to the strategic collaboration among academic research institute and government funded hospitals to develop machine learning programs related to AI-based surgical robots. Asia Pacific holds 15% market share on account of huge patient base suffering with critical illness requiring surgical intervention and proactive government policies to develop healthcare institutes well equipped with surgical robots.
Companies developing AI-based surgical robots are Accuray Incorporated, Hansen Medical, Intuitive Surgical, Inc., MAKO, Mazor Robotics, Medrobotics Corporation, Medtech Surgical, Stereotaxis, Inc., TransEnterix and Titan Medical, Inc.
Key Market Movements:
By Product (2017–2027; US$ Mn)
By Application (2017–2027; US$ Mn)
By Geography Segment (2017-2027; US$ Bn)
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