The demand for minimally invasive surgeries (MIS) is on the rise mainly due to the advantages associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, and considerable cost savings. Robotic minimally invasive surgery adds to these advantages by ensuring greater accuracy, repeatability, control, and efficiency.
The surgical success rate in the IRDG (integrated robotic distal gastrectomy) group was 98.0%; significantly higher as compared to the CLDG (conventional laparoscopic distal gastrectomy) group, which accounted for 89.5% success rate. Though the incidence of in-patient and outpatient complications was similar between the groups, the readmission rate in the IRDG group (98.0%) was significantly lower than in the CLDG group (84.3%).
Robotic surgery also offers highly advanced visualization capabilities that provide surgeons with a superior view of the operating area, using HD cameras to illustrate microscopic structures. These systems provide greater dexterity than the human hand; given their ability to rotate 360 degrees and superior maneuverability, robots can allow surgeons to reach hard-to-access areas. These advantages of surgical robots and the rising demand for better, quicker healthcare services are expected to drive the growth of the overall surgical robots market in the coming years.
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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. 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.
According to UnivDatos Market Insights (UMI)’ research report “Global AI-Based Surgical Robots Market Analysis, 2020”, the market is projected to grow at a CAGR of 17% during 2021-27F. Adoptipn of New Technologies and Development of Novel Devices is one of the prominent reason which is driving the market of the AI-Based Surgical Robots Market. For instance, In June 2019, CMR Surgical (UK) signed an agreement with LifeHealthcare [Australia and New Zealand (ANZ)] to introduce Versius across Australia and New Zealand, following the completion of regulatory processes.
Based on the Product Type, the Service segment acquired the major market share and grabbed US$ X Mn revenue from the AI-Based Surgical Robots market in 2020 and will experience substantial growth over the forthcoming years. Substantial segmental growth can be attributed to increasing cases of Chronic Diseases. Furthermore, routine technological upgrades and comprehensive service contracts provided to customers by many companies further increases the revenue share.
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General surgeries, Laparoscopy, and Ophthalmology, and Oncology surgeries AI-Based Surgical Robots to Witness Robust growth
Based on the Application, others which includes include general surgeries, laparoscopy, and ophthalmology, and oncology surgeries AI-Based Surgical Robots grabbed XX% revenue share in 2020. The market size of this segment touched US$ XX Million in 2020. The market share of the segment is expected to maintain its dominance in the forthcoming years. 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.
North America to Grab Lion’s Share, But Europe to witness Explicit Growth
Based on the Region, North America dominated the Global AI-Based Surgical Robots market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the rising in Chronic kidney disease(CKD). Asia-Pacific and North America are the most lucrative regions for market players, owing to increase in awareness about AI-Based Surgical Robots among healthcare professionals & patients, developments in healthcare infrastructure. However, Europe is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global AI-Based Surgical Robots Market Analysis, 2020”.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global AI-Based Surgical Robots market are 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, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:
- In January 2021, Stryker acquired OrthoSensor and its Verasense intraoperative sensor tech to enhance the ortho giant’s Mako robots.
- In January 2021, TransEnterix received CE Mark approval for its Intelligent Surgical Unit that adds AI-based capabilities and enables machine vision capabilities on the TransEnterix’s Senhance robotic surgery system.
- January 2020, Sytrker Corporation received regulatory approval for the Mako robotic surgery system in Japan for partial knee indication
- In March 2019, Titan Medical collaborated with Teleflex Incorporated . The collaboration aimed to develop a robotic ligation technology. Under this partnership, Teleflex’s market-leading polymer ligation technology will be integrated into Titan’s development-stage, single-port robotic surgery system.
“Global AI-Based Surgical Robots Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for AI-Based Surgical Robots providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Product Type (Services, Instruments, Accessories)
- By Application (Orthopedics, Neurology, Urology, Gynecology, Others)
- By End User (Hospitals, Ambulatory surgical center)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (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, etc.)
Key questions answered in the study:
- What are the current and future trends of the Global AI-Based Surgical Robots industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the AI-Based Surgical Robots industry?
- What are the customer orientation, purchase behavior, and expectations from the AI-Based Surgical Robots firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 LEGAL & REGULATORY FRAMEWORK
7 MARKET INSIGHTS BY PRODUCT TYPE
8 MARKET INSIGHTS BY APPLICATION
9 MARKET INSIGHTS BY END USER
10 MARKET INSIGHTS BY REGION
11 AI-BASED SURGICAL ROBOTS MARKET DYNAMICS
12 LEGAL & REGULATORY FRAMEWORK
13 DEMAND AND SUPPLY SIDE ANALYSIS
14 VALUE CHAIN ANALYSIS
15 AI-BASED SURGICAL ROBOTS MARKET OPPORTUNITIES
16 AI-BASED SURGICAL ROBOTS MARKET TRENDS & INSIGHTS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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