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Surgical robots are competent to control the trajectory and speed of their movements with huge precision. They are perfect for procedures that need similar, recurring movements as they can work without tiredness, and artificial intelligence is applied to surgical robotics. The market growth is augmented by various aspects such as technological advancement in surgical robots and growing incidences of chronic diseases. For example, as per World Health Organization (WHO), chronic disease prevalence is anticipated to increase by 57% by 2020. Additionally, mounting minimally invasive surgeries and shifting from traditional surgical procedures to AI-based approaches increased market growth.
AI-based surgical robots market is anticipated to register strong growth in the projected timeframe owing to factors such as technological advancement in surgical robots as consolidating AI control algorithms with the built-in advantages of surgical robots benefit surgical practice by reducing technical errors and operative times, improving access to hard-to-reach body areas and improving outcomes by removing the potential for human error. For instance, according to Frontiers in Robotics and AI, the performance and precision of semi-autonomous surgical robots have been proved clinically. For example, in January 2021, Freehand, a UK-based MedTech company, announced a collaboration with Imperial Medical Solutions (IMS), a clinician-led healthcare consultancy, to promote the adoption of its surgical robots by hospitals in India Sri Lanka, Malaysia, and the Caribbean.
However, the higher cost associated with the surgical procedures is hampering the market growth. Additionally, COVID-19 has also significantly impacted the development of the market. To control the coverage of the virus, healthcare institutions worldwide diminished elective surgeries, which resulted in a decline in any new product acquisition. Becker’s Hospital Review in 2021 specified that about 106 hospitals in the U.S. postponed elective procedures amid pandemics, therefore, restraining the market growth.
Key Market Driver -
Technological advancement in surgical robots propel the AI-based surgical robots market growth.
Key Market Restraint -
High Cost of Surgical Procedures and Pandemic Impact
Globally, the AI-based surgical robots market can be segmented into product type, application, and geography. On a product type basis, the market has been divided into services, instruments, and accessories. The market can be categorized into orthopedics, neurology, urology, gynecology, and other applications based on application segmentation. The AI-based surgical robots market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
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, and other prominent players
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Based on the segmentation of the region, the global AI-based surgical robots market can be alienated in North America, Europe, Asia -Pacific, Latin America, and the Middle East & Africa. North America region is anticipated to hold its leading position over the forecast duration. Dynamics such as the presence of major companies and new products by them, increasing opportunities for start-ups to enter the market, and higher investments in research and development are attributed to the market's growth in North America. For instance, in January 2021, GBT Technologies Inc. announced the commencement of research in AI-based robotics technology for the medical field. The Asia Pacific region is proposed to grow at the highest CAGR primarily due to the climbing geriatric population, increasing government initiatives to promote AI-based surgery, the increasing unmet medical requirements, and technological advancement. According to Asian Robotics Review, the surgical robotics market might get doubled by 2025. The governments are undertaking more significant initiatives, and the presence of various large population bases is boosting Asia Pacific's growth. Latin America, Middle East, and Africa are anticipated to grow slower than other regions due to limited patient awareness.
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