The AI-based surgical robots market is expected to reach US$ 33,244.4 million by 2027, up from US$ 6,237.3 million in 2018, with a compounded annual growth rate (CAGR) of 20.7% from 2019 to 2027. As per the statistics provided by the World Health Organization, 70% of global deaths are associated with noncommunicable diseases.
Technological advancement in surgical robot equipment enhanced with artificial intelligence is currently being utilized by surgeons worldwide to curb the mortality rate associated with chronic diseases. Rising public health awareness and enhanced patient safety and compliance bolster the market growth for AI-based surgical robots.
Market Synopsis
High maintenance costs associated with algorithms of robotic surgery systems and routing technology upgrades increase the demand for service products.
Services hold the largest share in the product segment of the market for AI-based surgical robots. High maintenance costs associated with the algorithms of robotic surgery systems and routine technology upgrades increase the demand for service products.
Instruments and accessories are going to register rampant growth in the near future owing to a significant rise in the number of surgeries performed worldwide and the huge popularity and acceptance of AI-based surgical robot systems by surgeons worldwide.
A significant rise in abdominal surgeries and the rising prevalence of breast cancer together increase the demand for general surgery.
General surgery is the market's dominant application segment for AI-based surgical robots. The major factors driving its market growth are a significant rise in abdominal surgical procedures performed worldwide and the rising prevalence of breast cancer. Surgeons are now using robotic-assisted surgery to perform minimally invasive laparoscopic surgeries, which involve making a few incision cuts and inserting surgical equipment and a magnified camera for viewing through robotic arms that simulate the surgeon's hand movements.
Breast cancer patients are also opting for robot-assisted surgery to precisely remove the cancerous cells while causing minimal damage to other soft tissues. Gynecology surgical procedures using AI-based technology have garnered tremendous attention since their approval by the USFDA in 2005. It is widely used to perform the hysterectomy, myomectomy, sacrocolpopexy, etc., ensuring optimal patient compliance and safety.
Effective collaboration between healthcare and robotics software companies and rising public health awareness pertaining to the benefits of AI-based surgical procedures
North America is the dominant regional segment of the market for AI-based surgical robots, representing a share of 45%. The chief contributing factors responsible for its global dominance are an effective collaboration between healthcare and robotics software companies and rising public health awareness pertaining to the benefits associated with AI-based surgical procedures.
Europe is in second place, holding a market share of 30% on account of strategic collaboration between academic research institutes and hospitals diligently pursuing the development of machine learning algorithms pertaining to multidisciplinary surgical procedures. Asia Pacific is accountable for 15% of the market share, owing to proactive government initiatives to provide funds for developing robotics technology pertaining to healthcare.
Periods of History and Forecast
This research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The market segmentation for the scope of the report is done by product, application, and by geography.
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 are answered in this report.
Which companies provide AI-powered surgical robots to patients suffering from chronic diseases?
What are the important mergers and acquisitions taking place, and how are they affecting the overall market growth for AI-based surgical robots?
A brief explanation related to the DROs associated with the AI-based surgical robot market
What is the market size and CAGR of the services segment?
What are the different minimally invasive surgical procedures performed under the "general surgery" category?
Why is North America the regional market leader for AI-based surgical robots?
Frequently Asked Question:
The market for AI-based Surgical Robots Market is expected to reach USD$ 33,244.4 Mn in 2027.
The AI-based Surgical Robots Market is expected to see significant CAGR growth over the coming years, at 20.7%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Hansen Medical, Intuitive Surgical, Inc., MAKO, Mazor Robotics, Medrobotics Corporation, Medtech Surgical, Stereotaxis, Inc. are some of the major players in the global market.
