AI-Based Surgical Robots Market
Overview and Scope
AI-based surgical robots are surgical robots powered by artificial intelligence which are well-known in the medical field and are frequently used. They are computer-manipulated devices that allow surgeons to focus on the complex aspects of surgery.
Sizing and Forecast
The ai-based surgical robots market size has grown exponentially in recent years. It will grow from $5.73 billion in 2023 to $6.88 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to aging population, demand for minimally invasive surgery, rise in healthcare expenditure, need for patient safety, increased prevalence of chronic diseases.
The ai-based surgical robots market size is expected to see rapid growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to telemedicine and remote surgery, increasing investment, increasing number of robotic surgeries, shortage of medical professionals, . Major trends in the forecast period include ai and machine learning integration, robotics-as-a-service (raas), miniaturization and portability, surgical data analytics, patient-specific surgical planning, interdisciplinary collaboration.
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Segmentation & Regional Insights
The ai-based surgical robots market covered in this report is segmented –
1) By Product: Services, Instrument and Accessories
2) By Application: Orthopedics, Neurology, Urology, Gynecology, Other Applications
3) By End User: Hospitals, Ambulatory Surgical Centres
North America was the largest region in the AI-based surgical robots’ market in 2023. Asia-Pacific is expected to be the fastest-growing region in the AI-based surgical robots market share during the forecast period. The regions covered in the ai-based surgical robots market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in the adoption of technologically advanced robots by surgeons for various applications has contributed to the growth of the AI-based surgical robots’ market. Robots are automated machines that can perform pre-programmed tasks. With the advancement in technology AI technology is also being used to improve, the efficiency, accuracy, and performance of robots. AI-based surgical robots are used in various surgeries and specialties such as neurology, urology, ENT, thoracic surgery, colorectal surgery, and others. For instance, in 2023, according to Oliver Wyman, a US-based management consulting firm, robotic surgery is used in 2% of surgeries across Europe and about 15% in the US. Therefore, the increasing adoption of technologically advanced robots by surgeons for various applications is driving the growth of the AI-based surgical robot market.
Key Industry Players
Major companies operating in the ai-based surgical robots market include Accuray Incorporated, Intuitive Surgical Inc., Medtronic plc, Medrobotics Corporation, Zimmer Biomet Holdings Inc., Stereotaxis Inc., Transenterix Inc., Stryker Corporation, Activ Surgical Inc., Titan Medical Inc., CMR Surgical Inc., Smith and Nephew plc, Auris Health Inc., Corindus Vascular Robotics Inc., EndoMaster Pte Ltd., Freehand 2010 Ltd., Globus Medical Inc., Hansen Medical Inc., Johnson & Johnson, Memic Innovative Surgery Ltd., Microbot Medical Inc., Neural Analytics Inc., Renishaw plc, Restoration Robotics Inc., Synaptive Medical Inc., Think Surgical Inc., XACT Robotics Ltd., Zavation Medical Products LLC, Vicarious Surgical Inc., Asensus Surgical Inc., Brainlab AG, Corin Group plc, IMRIS Inc.
The ai-based surgical robots market report table of contents includes:
1. Executive Summary
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