Intuitive Still Dominates, But New Robotic Surgery Players Could Speed Penetration
Intuitive Surgical's latest earnings and procedure numbers beat analysts' expectations and further solidified its leading position in surgical robotics. But potential robotic rivals are in the wings with alternative solutions that could make robotic surgery more affordable and accessible, including Cambridge Medical Robotics, Transenterix, Titan Medical, SOFAR and J&J/Google.
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Market Intel: Rivals Catching Up To Intuitive Surgical In Fast-Growing, Fast-Innovating Robotic-Assisted Devices Market
The global market for robotically assisted systems (RAS) is expected to reach $5.3bn by 2021, a CAGR of 11.7%. Meddevicetracker expects this hot market, long-dominated by Intuitive Surgical's da Vinci systems, to see rising competition from innovative companies developing robotic systems that are smaller, portable and less costly and offer surgeons innovative features that allow them to perform even more precise and user-friendly, complex surgeries. In this feature, we'll take a closer look at the overall market, highlighting the competitive landscape as well as limiters and growth opportunities. We'll also take a deep dive into RAS systems and their applications. Surgeons of various specialties provide key insights about the pros and cons of different systems.
Medrobotics Corp. recently received US FDA 510(k) clearance for its Flex Robotic System for transoral head and neck surgery, a market estimated at roughly $1 billion in the US alone. Although Medrobotics is only the second company to bring a robotic soft-tissue surgical system to market in the US, other novel systems are in development, including a unique robotic system for needlescopic procedures.
Robotic technology and navigation can elicit defensive views among orthopedic surgeons, but there is nothing to fear and all to gain. Modern implants and joint replacements perform so well that incremental product changes won't substantially improve outcomes; the only way to take them to the next level is through the use of robotics.