PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536705
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536705
AI-based Surgical Robots Market size was valued at USD 6,809.32 million in 2023, expanding at a CAGR of 18.90% from 2024 to 2032.
The AI-based Surgical Robots Market refers to the sector encompassing advanced robotic systems integrated with artificial intelligence to assist surgeons in performing complex medical procedures with precision and minimal invasiveness. Increasing adoption of minimally invasive surgeries, advancements in AI technology, and a growing senior population are enhancing the demand for AI-based surgical robots. However, high costs and a shortage of skilled professionals pose significant challenges. Opportunities lie in expanding robotic-assisted surgery applications, developing cost-effective solutions, and increasing healthcare investments in emerging markets.
AI-based Surgical Robots Market- Market Dynamics
Surging Adoption of Minimally Invasive Procedures Boosts AI-based Surgical Robots Market
The surging adoption of minimally invasive procedures is significantly propelling the AI-based Surgical Robots Market. For instance, the U.S. Food and Drug Administration (FDA) reported an increase in approvals for robotic-assisted surgeries due to their benefits in reducing recovery times and surgical risks. Major medical centers, such as the Cleveland Clinic, have noted that robotic systems enhance precision in complex surgeries, leading to improved patient outcomes. Additionally, research from organizations like the National Institute for Health and Care Excellence (NICE) highlights that robotic-assisted minimally invasive surgeries can reduce hospital stays by 30% and lower post-operative complications. This trend underscores the growing integration of AI-based surgical robots in healthcare systems worldwide.
AI-based Surgical Robots Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.90% over the forecast period (2024-2032)
Based on product type segmentation, Instruments & Accessories was predicted to show maximum market share in the year 2023
Based on Component segmentation, Hardware was the leading type in 2023
Based on Surgery Type segmentation, Orthopedic Surgery was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global AI-based Surgical Robots Market is segmented on the basis of Product Type, Component, Surgery Type, End-User, and Region.
The market is divided into two categories based on product type: Services and Instruments & Accessories. Instruments & Accessories hold the largest share due to their essential role in robotic surgeries, providing precision and functionality. Services, including maintenance and training, are also crucial but represent a smaller segment compared to instruments.
The market is divided into two categories based on Components: Hardware and Software. Hardware leads as the dominant segment due to its critical role in robotic systems' physical operations and performance. Software, while essential for AI functionality and control, represents a smaller but growing component of the market.
AI-based Surgical Robots Market- Geographical Insights
North America leads with a significant market share, driven by advanced healthcare systems, high investment in medical technology, and a high prevalence of minimally invasive surgeries. Europe follows closely, with countries like Germany and the UK embracing robotic-assisted surgeries to enhance patient outcomes. The Asia-Pacific region is witnessing rapid growth due to increasing healthcare investments, a growing elderly population, and rising healthcare standards in countries like Japan, China, and India. Meanwhile, Latin America and the Middle East & Africa are emerging markets with expanding healthcare facilities and a rising demand for advanced surgical technologies, although adoption rates are relatively slower compared to developed regions.
Leading companies like Intuitive Surgical, Medtronic, and Stryker dominate the market with advanced robotic systems that integrate sophisticated AI algorithms for precision and efficiency in surgeries. Intuitive Surgical's da Vinci System remains a benchmark in the industry, while Medtronic's Hugo(TM) robotic-assisted surgery system offers notable advancements in connectivity and data analytics. Stryker's Mako(TM) system has made significant strides in orthopedic surgeries, showcasing the versatility of AI in various medical applications. Emerging players such as CMR Surgical and Verb Surgical are also contributing to market competition with innovative solutions and strategic partnerships. The competitive landscape is further shaped by continuous R&D efforts, strategic collaborations, and acquisitions aimed at enhancing robotic technology and expanding market reach.
In October 2023, Reckitt and Mondi announced the launch of a new packaging made of paper which is made of 75% less plastic and will be used for packaging Finish dishwater tablets. The move is expected to eliminate the use of almost 2,000 tonnes of plastic annually once it is completely in action
In July 2024, Medtronic launched its AI-powered Touch Surgery Live Stream platform, featuring 14 new algorithms to enhance surgical insights for laparoscopic and robotic-assisted surgeries. This technology aims to improve post-operative analysis and facilitate virtual learning in operating rooms globally.
In September 2023, Intuitive Surgical launched its AI-driven Case Insights tool, enabling surgeons to analyze procedure data for improved outcomes. The technology correlates surgical techniques with patient results, aiming to enhance training, efficiency, and cost-effectiveness in robotic surgeries.
GLOBAL AI-BASED SURGICAL ROBOTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Asensus Surgical, Inc.
Auris Health, Inc.
Corindus Vascular Robotics, Inc.
Intuitive Surgical, Inc.
Johnson & Johnson (Ethicon)
Mazor Robotics Ltd.
Medtronic plc
Renishaw plc
Smith & Nephew plc
Stryker Corporation
Think Surgical, Inc.
Titan Medical Inc.
TransEnterix, Inc.
Verb Surgical Inc.
Virtual Incision Corporation
Zimmer Biomet Holdings, Inc.
Others