The global AI-based Surgical Robots market size is expected to be worth around US$ 20.2 billion by 2030, according to a new report by Vision Research Reports.
The global AI-based Surgical Robots market size was valued at US$ 15.01 billion in 2020 and is anticipated to grow at a CAGR of 20.2% during forecast period 2021 to 2030.
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Growth Factors
Increased efficiency and success rate provided by robotic surgeries are boosting the growth of the market. In addition, the shift in preference for minimally invasive surgeries by patients over traditional methods is further bolstering the growth.
In 2020, services dominated the market with a share of 62.0%. It is attributed to the comprehensive contracts of services provided by key players to the customers and higher maintenance and routine servicing costs associated with the . In addition, the technologically advanced algorithms provided by the companies in these products and their upgrades further add to the services segment, thereby increasing its revenue share.
In 2020, based on application, the other segment accounted for the highest revenue share in the market. The others segment comprises applications such as general surgeries, laparoscopies, and oncological interventions or procedures. The growing number of robotic interventional and assisted surgical procedures and the increasing prevalence of conditions such as breast cancer are some of the major factors responsible for higher revenue share.
Report Highlights
Based on Product, the services segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of 62.0% 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 46.9% 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 signifies a higher share.
In 2020, North America dominated the AI-based surgical robots market and accounted for the largest revenue share of 56.9%. 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 artificial intelligence and robotics for healthcare. In addition, increasing demand for minimally invasive procedures and robot-assisted surgeries is fueling the market growth.
| Report Coverage | Details |
| Market Size | US$ 20.2 billion by 2030 |
| Growth Rate | CAGR of 20.2% From 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | 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 |
Key Players
Market Segmentation
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