Global AI-Based Surgical Robots Market to Reach USD 17.2 Billion by 2028
By HospiMedica International staff writers
08 Jul 2021
The global AI-based surgical robots market size is expected to expand at a CAGR of 17.2% from 2021 to 2028 to reach USD 17.2 billion by 2028, driven by increased efficiency and success rate offered by robotic surgeries, along with a shift in the preference for minimally invasive surgeries by patients over traditional methods.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
Based on product, the services segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of 52.0% in 2020. The 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. However, the instruments and accessories segment is anticipated to grow at the fastest rate during the forecast period. The growth can be attributed to the rising number of surgeries, increasing preference for the product among surgeons, and surging popularity of robot-assisted surgeries over traditional surgeries. In addition, the ongoing development of new technologies and upgrades in existing instruments and accessories are contributing to the surging adoption of AI-based surgical robots. These factors, in turn, are expected to boost the market for AI-based surgical robots over the forecasted period.
Based on application, the others segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of 36.9% 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 contributes to the segment’s higher share. However, the neurology segment is anticipated to witness the highest CAGR over the forecast period. The highest success rate and efficiencies of the products in various neurological procedures compared to traditional methods are mainly responsible for the segment’s growth. Furthermore, the growing usage and adoption of technologically advanced robots for surgeries in health care institutions is boosting the growth of the market for AI-based surgical robots.
In addition, the pandemic of COVID-19 has also drastically impacted growth opportunities in the market for AI-based surgical robots. To curtail the spread of the virus and prioritize the treatment of COVID-19 patients, healthcare institutions across the world reduced elective surgeries that have led to a decline in any new product acquisition by any healthcare facilities. However, the trend is likely to shift towards robotic surgery procedures post-pandemic. After a decline in the magnitude of the pandemic, technologically-advanced robotic surgeries are expected to gain traction, owing to the benefits of the product, such as reduced duration of surgeries and lesser number of interactions between the patient and medical staff.
The increased penetration of advanced technologies such as AI in the field of robotic surgeries is also boosting the market growth. The growing use of AI technologies in surgical systems is owing to its advantages that range from the consolidation of databases to intra-operative video analysis which, in turn, is supporting the adoption of AI-based surgical robots. 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. The rising adoption of such products for various applications is expected to propel the growth of the market for AI-based surgical robots over the forecast period.
In 2020, North America dominated the global AI-based surgical robots market and accounted for the largest revenue share of 46.9%. The region held the largest revenue share owing to the presence of major players, increasing opportunities for start-ups to enter the market and ongoing developments in the field of AI and robotics for healthcare. In addition, the increasing demand for minimally invasive procedures and robot-assisted surgeries is fueling the market growth. However, in Asia Pacific, the market for AI-based surgical robots is expected to exhibit significant growth potential over the forecast period. The introduction of technologically advanced equipment in surgical procedures and interventional procedures in the regional segment, coupled with the increasing number of patients opting for robotic surgery, is expected to propel the market growth during the forecast period. In addition, increasing investments by major players in the Asia Pacific region is further anticipated to boost the market growth.
Grand View Research, Inc.