AI-based Surgical Robots Market Outlook and Industry Forecast to 2028

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.

The global AI-Based Surgical Robots Market size 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.

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.

Related Press Release@ AI-based Surgical Robots Market Report

AI-based Surgical Robots Market Report Highlights

• 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