Industry Outlook
The AI-based surgical robots market is set to reach US$ 33,244.4 Mn by 2027 from US$ 6,237.3 Mn in 2018 projecting rampant growth at a compounded annual growth rate (CAGR) of 20.7% during the forecast period from 2019 to 2027. As per the statistics provided by World Health Organization 70% of the global deaths are associated with non communicable disease. Technological advancement in the surgical robots equipment enhanced with artificial intelligence is being currently utilized by surgeons worldwide to curb the mortality rate associated with chronic disease. Rising public health awareness and enhanced patient safety and compliance bolster the market growth for AI-based surgical robots market.
Market Synopsis
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"High maintenance cost associated with algorithms of robotic surgery system and routing technology upgradation increases the demand for service products"
Services are holding the largest share in the product segment for AI-based surgical robots market. High maintenance cost associated with the algorithms of robotic surgery system and routine technology upgradation increases the demand for service products. Instrument and accessories are going to register rampant growth in the near future owing to significant rise in the number of surgeries performed worldwide and huge popularity and acceptance of AI-based surgical robots system by surgeons worldwide.
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"Significant rise in abdominal surgeries and rising prevalence of breast cancer together increases the demand for general surgery"
General surgery is reigning the application segment for AI-based surgical robots market. The major factors driving its market growth are significant rise in abdominal surgical procedures performed worldwide and rising prevalence of breast cancer. Surgeons are currently utilizing robotic assisted surgery to perform minimally invasive laparoscopic surgeries wherein few incision cuts are made using robotic arms simulated with surgeons hand movement to insert surgical equipment and a magnified camera for viewing. Breast cancer patients are also opting for robot assisted surgery to precisely remove the cancerous cells causing minimal damage to other soft tissues. Gynecology surgical procedures using AI- based technology has garnered tremendous attention since its approval by USFDA in 2005. It is widely used to perform hysterectomy, myomectomy, sacrocolpopexy etc., ensuring optimal patient compliance and safety.
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"Effective collaboration between healthcare & robotics designing software companies and rising public health awareness pertaining to benefits of AI-based surgical procedures"
North America is the dominating regional segment for AI-based surgical robots market representing a share of 45%. The chief contributing factors responsible for its global dominance are effective collaboration between healthcare & robotics designing software companies and rising public health awareness pertaining to benefits associated with AI-based surgical procedures. Europe is in the second place holding a market share of 30% on account of strategic collaboration between academic research institutes & hospitals pursuing diligently in developing machine learning algorithms pertaining to multidisciplinary surgical procedures. Asia Pacific is accountable for 15% market share owing to proactive government initiatives to provide funds in developing robotics technology pertaining to healthcare.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The market segmentation for the scope of report is done as by product, by application and geography.
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
By Product (2017–2027; US$ Mn)
• Services
• Instrument & Accessories
|
|
By Application (2017–2027; US$ Mn)
• General Surgery
• Urology
• Orthopedic
• Gynecology
• Others
|
|
Geography Segment (2017–2027; US$ Mn)
• North America (U.S., Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (China, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East and Africa (GCC, Rest of MEA)
|
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 questions answered in this report
- Which companies are providing AI-based surgical robots to perform surgical procedures in patients suffering with chronic disease?
- What are the important merger and acquisitions taking place and how is ti affecting the overall market growth for AI-based surgical robots?
- Brief explanation related to the DRO’s associated with AI-based surgical robots market?
- What is the market size and CAGR of services segment?
- What are the different minimally invasive surgical procedures performed under general surgery category?
- Why is North America the dominating player in AI-based surgical robots regional market?
