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

The global AI-based surgical robots market size was valued at USD XX billion 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.
Expanding usage of AI technologies in surgical systems is owing to its advantages that range from the consolidation of databases to intraoperative video analysis this, in turn, is supporting the adoption of AI-based surgical robots. An article published in Annals of Surgery in 2018 stated that AI has proved to be beneficial in assisting radiologists and surgeons in reducing the lumpectomy rate by around 30% among patients having breast needle biopsies. These biopsies considered being high-risk lesions, but after the surgical excision, it has found to be benign. Hence, such instances signify the advantageous nature of artificial intelligence and allied technologies in surgical procedures.

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. Strategic initiatives, such as M&A, product launches, technology upgrades, and partnerships, implemented by the key participants indicate positive movement in the market for AI-based surgical robots.
In 2019, Medtronic launched the technologically advanced Mazor X Stealth robot-assisted spinal surgical platform. In the same year, Stryker Corporation announced the acquisition of Mobius Imaging and its subsidiary Cardan Robotics. In 2020, Accuray Incorporated launched its technologically advanced CyberKnife S7 system, the next-generation CyberKnife platform. These strategic initiatives by key participants are anticipated to drive the market for AI-based surgical robots in the coming years.
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, etc., are some of the prominent players operating in the global AI-Based Surgical Robots market.
Insights Presented in the Report
“Amongst Product Type, Service segment holds the major share”
Based on Product Type, 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.
“Amongst Application, Other’s segment dominated the market during the forecast period”
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.
“Amongst End User, Hospital’s segment dominated the market during the forecast period.”
Based on End User, the AI-Based Surgical Robots market is segmented into Hospitals, and Ambulatory Surgical Centres. The Hospital 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. 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.
“North America represents one of the largest markets of AI-Based Surgical Robots market.”
For a better understanding of the market dynamics of the AI-Based Surgical Robots market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the rising per capita income.
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