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AI-Based Surgical Robots Market: Current Analysis and Forecast (2021-2027)

Region:Global

Author(s):

Product Code:UMHE21315

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Published on

July 2021

Total pages

108

Table of Content

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About the Report

About the Report

The global AI-based surgical robots market size was valued at USD XX million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of XX % from 2021 to 2028. Robotic surgeries are gaining traction due to the increased efficiency and success rate provided by these surgeries, along with the minimally invasive nature of the surgeries. It has increased the penetration of advanced technologies such as artificial intelligence in the field of robotic surgeries, thereby boosting the market growth. A shift in trend from traditional practices of surgical procedures to AI-based approaches by healthcare professionals is also driving the market for AI-based surgical robots. There is an upsurge in the adoption of technologically advanced robots for various applications by surgeons.

For instance, a technologically advanced Da Vinci surgical robot is used for different types of surgeries. In addition, as of 2018, MAKO was used for more than 76,000 knee and hip replacements. The rising adoption of the product for various applications is expected to propel the growth of the market for AI-based surgical robots over the forecast period.

Based on Product, the services segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of XX% in 2020. This high share is attributable to the higher cost of maintenance associated with the algorithms of robot-assisted surgery systems. Furthermore, routine technological upgrades and comprehensive service contracts provided to customers by many companies further increases the revenue share.

Based on application, the others segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of XX% in 2020. Other applications mainly include general surgeries, laparoscopy, and ophthalmology, and oncology surgeries. The factors contributing to the high revenue share of the segment include increasing abdominal and oncology-based surgical procedures, coupled with the rising prevalence of breast cancer. In addition, the growing adoption of robots for minimally invasive laparoscopic procedures by surgeons further signifies a higher share.

Based on End User, the AI-Based Surgical Robots market is segmented into Hospitals and Ambulatory Surgical Centers. The Hospital testing segment accounted for the largest share in 2020. The large share of this application segment can primarily be attributed to the rising incidence of lifestyle diseases across the globe. In 2020, many hospitals are turning toward robot-assisted surgeries (RAS) for clearing the backlog of elective surgeries caused due to COVID-19. As per a Robotic Surgery and Urology consultant in India, there is an increase in the number of patients opting for robotic surgeries since the first wave of the pandemic. For instance:

For a better understanding of the market penetration of the AI-Based Surgical Robots market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America constitutes a major market for AI-Based Surgical Robots and generated revenue of USD XX million in 2020 owing to the presence of well-established players in the region, emerging investment in healthcare R&D by players etc., However, the Asia Pacific region would grow at the highest CAGR during the forecast period.

Some of the major players operating in the AI-Based Surgical Robots market are Accuray Incorporated, Intuitive Surgical, Inc., Medtronic, plc, Medrobotics Corporation, Zimmer Biomet, Stereotaxis, Inc., TransEnterix, Inc. (Asensus Inc., Stryker Corporation, Activ Surgical, Inc., Titan Medical, Inc., CMR Surgical, Inc., Smith and Nephew.

The AI- Based surgical robot's market is projected to reach USD XX million by 2027 from an estimated USD XX million in 2019, at a CAGR of XX%.Growth in this market is primarily driven by the advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and increased funding for medical robot research. The rising geriatric population on a worldwide level as well as different care standards between developed and developing economies, are posing a challenge to reconcile these issues. The minimally invasive surgery within the healthcare sector holds gigantic potential as it is considered as the best treatment alternative for open surgery.

Products


Companies

Accuray Incorporated, Intuitive Surgical, Inc., Medtronic, plc, Medrobotics Corporation, Zimmer Biomet, Stereotaxis, Inc., TransEnterix, Inc. (Asensus Inc., Stryker Corporation, Activ Surgical, Inc., Titan Medical, Inc., CMR Surgical, Inc., Smith and Nephew

Table of Contents

Table of Contents

1 MARKET INTRODUCTION

1.1 Market Definitions

1.2 Objective of the Study

1.3 Limitation

1.4 Stake Holders

1.5 Currency Used in Report

1.6 Scope of the Global AI-Based Surgical Robots Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION

2.1 Research Methodology for the Global AI-Based Surgical Robots Market

2.1.1 Main Objective of the Global AI-Based Surgical Robots Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 COVID-19 IMPACT

6 GLOBAL AI-BASED SURGICAL ROBOTS MARKET REVENUE

7 MARKET INSIGHTS BY PRODUCT TYPE

7.1 Services

7.2 Instruments

7.3 Accessories

8 MARKET INSIGHTS BY APPLICATION

8.1 Orthopedics

8.2 Neurology

8.3 Urology

8.4 Gynecology

8.5 Others

9 MARKET INSIGHTS BY END USER

9.1 Hospitals

9.2 Ambulatory Surgery Center

10 MARKET INSIGHTS BY REGION

10.1 North America AI-Based Surgical Robots Market

10.1.1 United States

10.1.2 Canada

10.1.3 Rest of North America

10.2 Europe AI-Based Surgical Robots Market

10.2.1 Germany

10.2.2 France

10.2.3 United Kingdom

10.2.4 Spain

10.2.5 Italy

10.2.6 Rest of Europe

10.3 Asia Pacific AI-Based Surgical Robots Market

10.3.1 China

10.3.2 Japan

10.3.3 India

10.3.4 Australia

10.3.5 Rest of Asia Pacific

10.4 Rest of the World AI-Based Surgical Robots Market

11 AI-BASED SURGICAL ROBOTS MARKET DYNAMICS

11.1 Market Drivers

11.2 Market Challenges

11.3 Impact Analysis

12 LEGAL & REGULATORY FRAMEWORK

13 DEMAND AND SUPPLY SIDE ANALYSIS

13.1 Demand Side Analysis

13.2 Supply Side Analysis

13.2.1 Top Product Launches

13.2.2 Top Business Partnerships

13.2.3 Top Merger & Acquisitions

14 VALUE CHAIN ANALYSIS

15 AI-BASED SURGICAL ROBOTS MARKET OPPORTUNITIES

16 AI-BASED SURGICAL ROBOTS MARKET TRENDS & INSIGHTS

17 COMPETITIVE SCENARIO

17.1 Porter's Five forces analysis

17.1.1 Bargaining power of Supplier

17.1.2 Bargaining power of Buyer

17.1.3 Industry Rivalry

17.1.4 Availability of Substitute

17.1.5 Threat of new Entrants

18 COMPANY PROFILED

18.1 Medtronic, plc.

18.2 Accuray Incorporated

18.3 Intuitive Surgical, Inc.

18.4 Medrobotics Corporation

18.5 Zimmer Biomet

18.6 Stereotaxis, Inc.

18.7 TransEnterix, Inc.

18.8 Stryker Corporation

18.9 Activ Surgical, Inc.

18.10 Titan Medical, Inc.

18.11 CMR Surgical, Inc.

18.12 Smith and Nephew

19 DISCLAIMER

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