PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1442600
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1442600
Global AI in operating room market is projected to witness a CAGR of 30.44% during the forecast period 2024-2031, growing from USD 405.7 million in 2023 to USD 3400.1 million in 2031. The global AI in operating room market is shaped by a combination of key factors, including advancements in technology, increasing product adoption in hospitals, rising need for improving patient outcomes and surgical capabilities, growing demand for surgical support software, and enhancing requirements to optimize operating room scheduling. Technological advancements have improved AI platform's capability, enabling them to offer more accurate support for complex surgical procedures. As a result, hospitals are incorporating AI even more to improve surgical efficiency, thereby boosting the growth of global AI in operating room market.
The goal of improving patient outcomes is at the core of integrating AI into surgical contexts. Artificial intelligence (AI) systems provide real-time guidance to surgeons through the analysis of large data sets. This can reduce surgical errors and shorten recovery time, thereby contributing significantly to improving the standard and security of patient care during operations.
Furthermore, there is a greater need for surgical aid software in operating rooms, which is the primary cause for the increase in the use of AI in operating rooms. This software improves the surgical process by assisting surgeons during all stages of the procedure, from preoperative planning to intraoperative decision-making.
The need for efficiently scheduling operating rooms is another crucial component. AI reduces waiting times and maximizes operating room usage by accurately and effectively estimating surgery durations. Medical facilities become cost-efficient because of this optimization, which also enhances patient care, ultimately driving the global AI in operating room market.
For instance, in September 2023, Baptist Health South Florida and Fujitsu announced the introduction of the Surgical Capacity Optimization tool, which will revolutionize operating room scheduling and improve utilization rates as well as the financial stability of the surgical specialty. Over the course of three months, recent experiments using this approach increased the number of prime-time minutes available by 37%.
Technological Advancements Fueling the Market
The global AI in operating room market is expanding at a rapid pace, mostly due to advancements in technology. AI is developing at a rapid pace, providing better data processing, real-time decision support, and surgical accuracy. These improvements enable surgeons to perform complex procedures more precisely and safely, further enhancing patient outcomes. AI technologies also facilitate better scheduling and resource allocation in operating rooms, which results in more productive workflows and reduced surgical wait times. Surgical environments are seeing a significant increase in patient care and operational efficiency because of cutting-edge AI, which, in turn, is driving the growth of the global AI in operating room market.
The medical device company Invenio Imaging, for instance, revealed in September 2023 that it is creating a technology that will allow surgeons to assess tissue biopsies in the operating room as soon as samples are taken. This technology will provide AI-accelerated insights in just three minutes, whereas traditionally they would take weeks to obtain from a pathology lab.
Increased Adoption by Hospitals
The expanding use of AI-based gadgets in numerous hospitals is primarily responsible for the notable growth of the global AI in operating room market. This broad acceptance is a symptom of the healthcare industry's growing recognition of the benefits offered by AI technology, including increased surgical accuracy, enhanced patient safety, and better operation outcomes. The benefits of real-time data analysis, automated surveillance, and forward-looking analytics, which all promote better strategic decision-making and expedite surgical procedures, are enjoyed by hospitals that integrate AI equipment. This growing dependence on AI not only emphasizes its vital role in improving surgical care but also propels the expansion of the global AI in operating room market by demonstrating the tangible advantages AI brings to the operating room.
For instance, the United States Brigham & Women's Faulkner Hospital in Massachusetts revealed in January 2024 that it has installed new AI technology in its operating room, which will record every step taken during surgery. Despite opposition from certain medical professionals, the purpose of this so-called OR Black Box is to discover how surgical teams may increase their efficiency and safety protocols.
Growing Demand for Surgical Support Software
The growing demand for surgical support software is a major factor driving the growth of the global AI in operating room market. The software's capability to greatly increase surgical treatments' accuracy, effectiveness, and safety is the reason for their rising demand. AI-equipped software like this offers vital help by analyzing data in real-time, aiding in decision-making and continuously monitoring patients-all crucial components for managing intricate surgical procedures. These AI-powered instruments provide a wide range of assistance to surgeons and healthcare teams, aiding in preoperative planning, guiding during surgery, and postoperative care. The global AI in operating room market is growing significantly because of the increasing usage of AI-enabled technologies as a means of improving patient care and streamlining surgical operations.
For instance, ORtelligence, a healthcare technology business that develops and releases software to guarantee that surgical teams have the necessary knowledge, tools, and assistance for the best possible patient outcomes, released its newest innovation, Rep+TM, in October 2023. Rep+ is a Software-as-a-Service (SaaS), AI powered surgical assistance software tool that aims to improve patient care and revolutionize the surgical process by supporting a medical professional's efforts to provide training, support, and efficiency for surgical teams.
AI Tools Highly Efficient in Cancer Surgery
AI driven technologies are revolutionizing the field of cancer surgery and are a major factor in the growth of the global AI in operating room market. These instruments provide unmatched medical picture analysis with sophisticated algorithms, making it possible to identify malignant areas and margins with greater accuracy. They provide surgeons with data-driven, actionable insights that are essential for performing surgeries with the utmost precision. In oncology, where the objective is to eradicate cancerous cells without endangering the surrounding healthy tissues, precision is particularly important. AI is becoming widely used in cancer treatment facilities around the world due to its ability to increase surgical precision, expedite operations, and reduce the risk of problems after surgery.
For instance, in September 2023, the UNC Department of Surgery, the Joint UNC-NCSU Department of Biomedical Engineering, and the UNC Lineberger Comprehensive Cancer Centre established a new clinical and research partnership. Through this partnership, an AI model was developed that can determine whether cancerous tissue has been completely removed from the body during breast cancer surgery. The Annals of Surgical Oncology reported their findings.
North America Dominates the Market
Due to several important criteria, North America now dominates the global AI in operating room market. The area is distinguished by its cutting-edge healthcare system and the presence of top IT and healthcare firms at the forefront of artificial intelligence innovation. The quick adoption of cutting-edge technologies by North American healthcare professionals has made it easier to quickly integrate AI into surgical settings. Significant expenditures in healthcare technology and regulations that support the creation of digital health solutions also benefit the area. These elements foster the perfect environment for the development and spread of AI technologies, making North America a major player in this area.
For instance, in November 2023, McLaren Greater Lansing, a division of McLaren Health Care, made history by being the first hospital in the Midwest of the United States to use cutting-edge AI technology in vascular surgery for the repair of aneurysms. For planning an operation and navigating the complexity of a patient's vascular system, surgeons and clinicians can construct a detailed 3D map tailored to each patient's unique anatomy using the AI-equipped Cydar Maps surgical platform.
Future Market Scenario (2024 - 2031F)
As AI technologies are being integrated into various surgical processes and operating room equipment, the global AI in operating room market is anticipated to experience significant growth. A wide range of surgeries, including minimally invasive procedures, intricate surgical interventions, and customised surgery planning, will be covered by the diversification of AI applications.
The ability of AI to improve surgical outcomes, shorten operating times, and eliminate human error is being recognised by healthcare institutions across the globe. The use of AI technologies in operating rooms will increase because of this acknowledgment.
To guarantee patient safety and data security, regulatory organisations will improve and update policies and standards as AI technology proliferate in operating rooms.
To construct increasingly complex AI solutions suited to surgical demands, biomedical engineers, healthcare specialists, and AI developers will collaborate more in the future resulting in the growth of global AI in operating room market.
Key Players Landscape and Outlook
Important players in the global AI in operating room market are proactively pursuing mergers and acquisitions (M&A) to strengthen their market positions. Their goal is to strengthen their product line, reach new markets and demographics, and increase their technological reach. These market-leading companies may combine their unique strengths and knowledge of AI and healthcare and promote quick innovation through M&A activity. By making such moves, they not only outperform their rivals, but also better position themselves to respond to the evolving requirements of patients and healthcare providers.
For instance, in March 2023, Medtronic and NVIDIA declared their collaboration to hasten the advancement of AI in the healthcare sector and provide novel AI-driven solutions into patient care. The partnership intends to combine the GI Genius cognitive endoscopy module from Medtronic with Nvidia's Holoscan.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.