Surgical Robotics Market: Competition Heats Up - ReAnIn Analysis

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HYDERABAD, India, March 31, 2022 /PRNewswire/ -- According to ReAnIn, the global surgical robotics market was valued at USD 7,826.4 million in the year 2021 and is projected to reach USD 18,325.7 million by the year 2028, registering a CAGR of 12.7% during the forecast period. The rising need for automation in healthcare, higher efficacy and precision, flexibility, and better control with surgical robots are leading drivers of this market. However, the high cost of robotic systems may limit their adoption, particularly in developing countries. North America accounted for the highest share (63.4%) in the global surgical robotics market, followed by Europe (19.8%) in 2021.

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Intuitive Surgical: An undisputed market leader is expected to face tough competition from medical giants including Medtronic and J&J

Currently, Intuitive surgical holds the majority of the market share at ~71% whereas Stryker is the second-leading player with ~15% market share. This dominance of Intuitive surgical is expected to be challenged by leading medical giants such as Johnson & Johnson (J&J) and Medtronic. In 2021, Medtronic obtained a CE mark for its Hugo robotic-assisted surgery (RAS) system for use in urological and gynecological procedures. In 2020, gynecological procedures accounted for about 33% of all procedures performed by Intuitive's da Vinci Surgical Systems in the US, and urological surgery was the leading procedure in ex-US geographies. Furthermore, J&J was expected to initiate a first-in-human trial for its Ottava RAS system in the second half of 2022, which has now been pushed back to the second half of 2024. This may provide some extra time for Intuitive and Medtronic to strengthen their position and prepare themselves for the tough road ahead.

J&J entered the orthopedic surgical robots market to further intensify the competition

Similarly, competition is expected to get intensified in the orthopedic space where Stryker is the frontrunner. In 2017, Stryker corporation entered the RAS market with the launch of the Mako system for total knee replacements in the US and more than 1,000 systems have been installed till now globally. In 2019, Zimmer Biomet entered the orthopedic robotic surgery market with the launch of its Rosa platform and has gained some traction in this market. The latest entrant is J&J with the approval of its robotic-assisted orthopedic surgical platform for total knee replacements in 2021. The availability of multiple devices will enhance the penetration of bots and hence, is expected to lead to growth in the surgical robots market.

The cost-effective and procedure-specific compact robotic system is the need of the hour

The high cost of robotic systems and lack of reimbursement are leading factors limiting the adoption of RAS in smaller facilities including ambulatory settings. Therefore, companies are now working to develop procedure-specific small robots. For instance, Wyss Institute and Sony Corporation are working in collaboration to develop small-size surgical robots.

Key Highlights of the Report:

• Among components, Instruments and accessories accounted for the highest share, 56.3% in 2021, and is expected to remain the dominant segment throughout the forecast period while growing at a CAGR of 13.8%
• Currently, general surgery accounts for about one-third of the market, orthopedic and urological surgery accounts for about 20% each.
• The market is dominated by Intuitive Surgical which represents about 70% of the market share, however, competition is expected to get intensified with the entry of leading medical device companies such as Stryker, Medtronic, and Zimmer Biomet.

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Market Segmentation:

ReAnIn has segmented the global surgical robotics market by:

• Component
• Robotic Surgical Systems
• Instruments & Accessories
• Services
• Application
• General Surgery
• Gynecological Surgery
• Cardiovascular Surgery
• Orthopedic Surgery
• Urological Surgery
• Others
• End-User
• Hospitals
• Ambulatory Surgery Centers
• Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Competitive Landscape

The global surgical robotics market is led by companies like Intuitive Surgical, Inc., Stryker Corporation, Asensus Surgical, Titan Medical, Medtronic Plc, CMR Surgical, Avatera Medical, Stereotaxis, Inc. and Zimmer Biomet. Moreover, various players including Johnson & Johnson, NuVasive, Vicarious Surgical have products in development and may enter the market in the next few years.

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SOURCE Reanin Research & Consulting Private Limited