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A comprehensive overview of the AI-Based Surgical Robots market is recently added by UnivDatos Market Insights to its humongous database. The AI-Based Surgical Robots report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the AI-Based Surgical Robots market. The AI-Based Surgical Robots Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the AI-Based Surgical Robots at the global and regional levels.
Market Overview
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 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.
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COVID-19 Impact
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. An article published in Becker’s Hospital Review in 2021 stated that around 106 hospitals in the U.S. suspended or postponed elective procedures amid COVID-19 cases. These are the primary factors accountable for a decline in segment revenues of the major companies in 2020 compared to 2019. For instance, there was a reduction of around 2.7% in the net sales of Intuitive Surgical in 2020 compared to 2019. In March 2019, Titan Medical collaborated with Teleflex Incorporated . The collaboration aimed to develop a robotic ligation technology. Under this partnership, Teleflex’s market-leading polymer ligation technology will be integrated into Titan’s development-stage, single-port robotic surgery system.
Global AI-Based Surgical Robots Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
The Service segment dominated the type segment and gathered XX% of the AI-Based Surgical Robots Market in 2020. Moreover, the market is expected to grow at XX% CAGR to reach US$ XX million by the year 2027.
By Application, the market is primarily segmented into
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.
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By End User, the market is primarily segmented into
Based on the End User, The Hospital segment would display a significant growth rate during the forecast period with a CAGR of XX%. 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.
AI-Based Surgical Robots Geographical Segmentation Includes:
Based on the estimation, United States dominated the North America AI-Based Surgical Robots market and is expected to grow at a CAGR of XX% during the forecast period to reach the market value of US$ XX Bn by 2027. The regional growth can be accredited to supportive demographic trends like the increasing geriatric population. A major segment of the geriatric population suffers from one or other types of chronic diseases that would act as a driver for the growth of the market. Moreover, the growth of the regional market would be propelled by favourable government regulations regarding AI-Based Surgical Robots.The United States AI-Based Surgical Robots Market is projected to grow with a significant CAGR in the forecast period.
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The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the AI-Based Surgical Robots Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
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