SAN FRANCISCO, July 7, 2021 /PRNewswire/ -- The globalAI-based surgical robots marketsize is expected to reach USD 17.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.2% from 2021 to 2028. 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.
Key Insights & Findings:
The market is anticipated to witness significant growth by 2028, owing to the increased efficiency and success rate provided by robotic surgical interventions
The services segment dominated the market in 2020 due to comprehensive contracts of services provided by the key players to the customers and higher maintenance and routine servicing costs associated with the surgical robots.
The others segment dominated the market in 2020, owing to the growing number of robot-assisted general surgeries and laparoscopies, along with the increasing prevalence of conditions such as breast cancer
North America dominated the market with a revenue share of 46.9% in 2020, owing to various factors covering ongoing developments in the robotics sector and artificial intelligence, the presence of key players, and a rising number of technological advancements concerning surgical robots in the region
In 2020, services dominated the market with a share of 52.0%. 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 surgical robots. 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.
Moreover, the COVID-19 pandemic has significantly impacted the market owing to the postponement of elective surgical procedures by various healthcare institutions across the globe. It can be witnessed by the decline in revenue generated by key players in 2020 compared to 2019 further signifies the de-growth of the market due to the pandemic. The presence of benefits of Robot-assisted Surgeries (RAS), such as a reduction in the interaction time between the medical staff and patients for these procedures, is likely to boost market growth post-pandemic.
Grand View Research has segmented the global AI-based surgical robots market based on product, application, and region:
List of Key Players of AI-based Surgical Robots Market
Intuitive Surgical, Inc.
TransEnterix, Inc. (Asensus Inc.)
Activ Surgical, Inc.
Titan Medical, Inc.
CMR Surgical, Inc.
Smith and Nephew
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.