GVR Report cover AI-based Surgical Robots Market Size, Share & Trends Report

AI-based Surgical Robots Market Size, Share & Trends Analysis Report By Product (Services, Instruments And Accessories), By Application (Orthopedics, Neurology, Urology, Gynecology), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jun, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-457-3
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 118

Report Overview

The global AI-based surgical robots market size was valued at USD 5.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2021 to 2028. Robotic surgeries are gaining traction due to the increased efficiency and success rate provided by these surgeries, along with the “minimally invasive” nature of the surgeries. It has increased the penetration of advanced technologies such as artificial intelligence in the field of robotic surgeries, thereby boosting the market growth.

U.S. AI-based surgical robots market size, by product, 2016 - 2028 (USD Billion)

Expanding usage of AI technologies in surgical systems is owing to its advantages that range from the consolidation of databases to intraoperative video analysis this, in turn, is supporting the adoption of AI-based surgical robots. An article published in Annals of Surgery in 2018 stated that AI has proved to be beneficial in assisting radiologists and surgeons in reducing the lumpectomy rate by around 30% among patients having breast needle biopsies. These biopsies considered being high-risk lesions, but after the surgical excision, it has found to be benign. Hence, such instances signify the advantageous nature of artificial intelligence and allied technologies in surgical procedures.

A shift in trend from traditional practices of surgical procedures to AI-based approaches by healthcare professionals is also driving the market for AI-based surgical robots. There is an upsurge in the adoption of technologically advanced robots for various applications by surgeons. For instance, a technologically advanced Da Vinci surgical robot is used for different types of surgeries. In addition, as of 2018, MAKO was used for more than 76,000 knee and hip replacements. The rising adoption of the product for various applications is expected to propel the growth of the market for AI-based surgical robots over the forecast period.

Strategic initiatives, such as M&A, product launches, technology upgrades, and partnerships, implemented by the key participants indicate positive movement in the market for AI-based surgical robots. In 2019, Medtronic launched the technologically advanced Mazor X Stealth robot-assisted spinal surgical platform. In the same year, Stryker Corporation announced the acquisition of Mobius Imaging and its subsidiary Cardan Robotics. In 2020, Accuray Incorporated launched its technologically advanced CyberKnife S7 system, the next-generation CyberKnife platform. These strategic initiatives by key participants are anticipated to drive the market for AI-based surgical robots in the coming years.

In addition, the pandemic of COVID-19 has also drastically impacted growth opportunities in the market for AI-based surgical robots. To curtail the spread of the virus and prioritize the treatment of COVID-19 patients, healthcare institutions across the world reduced elective surgeries that have led to a decline in any new product acquisition by any healthcare facilities. An article published in Becker’s Hospital Review in 2021 stated that around 106 hospitals in the U.S. suspended or postponed elective procedures amid COVID-19 cases. These are the primary factors accountable for a decline in segment revenues of the major companies in 2020 compared to 2019. For instance, there was a reduction of around 2.7% in the net sales of Intuitive Surgical in 2020 compared to 2019.

However, the trend is likely to get shifted toward robotic surgery procedures post-pandemic. After a decline in the magnitude of the pandemic, technologically advanced robotic surgeries are expected to gain traction, owing to the benefits of the product, such as reduced duration of surgeries and lesser number of interactions between the patient and medical staff. According to an article published in Mint in 2020, many hospitals are turning toward robot-assisted surgeries (RAS) for clearing the backlog of elective surgeries caused due to COVID-19. As per a Robotic Surgery and Urology consultant in India, there is an increase in the number of patients opting for robotic surgeries since the first wave of the pandemic. It has demonstrated post-pandemic growth potential in the market for AI-based surgical robots.

COVID-19 AI-based surgical robots market impact: 3.2% decrease in revenue growth from 2019 to 2020

COVID-19 Impact

Beyond COVID-19

 The AI-based surgical robots market decreased by 3.2% from 2019 to 2020, as compared to 20.4% growth from 2018 to 2019.

The market is estimated to witness a y-o-y growth of approximately 15% to 20% in the next 5 years

The major factors that can be attributed to a reduction in revenue are suspension or postponement of elective surgeries and a decline in capital investments by healthcare institutions.

The entry of new players in the market with technologically advanced surgical robots is likely to boost market growth, post-pandemic. In addition, this will also lead to intensification of competition between new players and established players for maintaining market share.

Many players have recorded a reduction in revenues in 2020 as compared to 2019. For instance, Accuray Incorporated observed a decline in net revenue of around 8% in 2020 as compared to 2019

Robotic-Assisted Surgeries (RAS) will gain traction, mainly owing to the shifting trend toward minimally invasive surgeries. In addition, surgeons, as well as healthcare institutions, will opt for robotic surgeries for clearing the backlog of elective procedures caused due to COVID-19.

 

Product Insights

Based on Product, the services segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of 52.0% 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.

The instruments and accessories segment is anticipated to grow at the fastest rate during the forecast period. The growth is attributed to the factors such as the rising number of surgeries, increasing preference for the product among surgeons, and the surging popularity of robot-assisted surgeries over traditional surgeries. In addition, the ongoing development of new technologies and upgrades in the existing instruments and accessories are among few factors attributed to the surging adoption of AI-based surgical robots. These factors, in turn, are expected to boost the market for AI-based surgical robots over the forecasted period.

Application Insights

Based on application, the others segment dominated the market for AI-based surgical robots and accounted for the largest revenue share of 36.9% 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.

Global AI-based surgical robots market share, by application, 2020 (%)

However, the neurology segment is anticipated to witness the highest CAGR over the forecast period. The highest success rate and efficiencies of the products in various neurological procedures compared to traditional methods are some of the vital factors responsible for the segment growth. Furthermore, the growing usage and adoption of technologically advanced robots for surgeries in health care institutions is boosting the growth of the market for AI-based surgical robots. According to an article published in 2020, the University  Hospitals (UH) Cleveland was selected by Medtronic for its cranial robotic neurosurgery platform- Stealth Autoguide. Such initiatives and the rising adoption of robots for various neurological surgeries are expected to propel market growth over the forecast period.

Regional Insights

In 2020, North America dominated the AI-based surgical robots market and accounted for the largest revenue share of 46.9%. 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.

However, in Asia Pacific, the market for AI-based surgical robots is expected to exhibit significant growth potential over the forecast period. The introduction of technologically advanced equipment in surgical procedures and interventional procedures in the regional segment coupled with the increasing number of patients opting for robotic surgery is expected to propel the market growth during the forecast period. In addition, increasing investments by major players in the Asia Pacific region is further anticipated to boost the growth.

Key Companies & Market Share Insights

Competition is gaining traction in recent years owing to the rising demand for the product and technological advancements. In addition, due to the increasing demand for technologically advanced surgical robots in the market, the entry of new companies has been witnessed in recent years. The rising number of new players entering the market for AI-based surgical robots is likely to shift the market from a consolidated to oligopolistic nature.

For instance, emerging players such as CMR Surgical, Inc. and Activ Surgical, Inc. are anticipated to gain higher market share in the coming years owing to the technologically advanced products provided by these companies. Some of the prominent players in the AI-based surgical robots market include:

  • 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

AI-based Surgical Robots Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 5.6 billion

Revenue forecast in 2028

USD 17.2 billion

Growth Rate

CAGR of 17.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; Spain; France; Italy; Russia; China; Japan; India; South Korea; Australia; Mexico; Brazil; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global AI-based surgical robots market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Services

    • Instruments and Accessories

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Orthopedics

    • Neurology

    • Urology

    • Gynecology

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Italy

      • France

      • Spain

      • Russia

    • Asia Pacific

      • Australia

      • China

      • Japan

      • South Korea

      • India

    • Latin America

      • Mexico

      • Brazil

      • Argentina

    • Middle East Africa

      • South Africa

      • Saudi Arabia

      • UAE

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