Market Brief: Robotic Surgery Systems Market Will Reach $9.7Bn By 2023; Driven By Innovation, Procedure Volume Growth And Access To Emerging Markets
The global market for robotic surgery systems is expected to grow at a CAGR of 16%, reaching $9.7bn by 2023, driven by continued innovation, access to emerging markets and rising demand.
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At the LSX World Congress in London, leaders from Medtronic, Johnson & Johnson and Olympus discussed the evolving medtech mergers and acquisitions landscape, the big opportunity in robotic surgery and the impacts on innovation of the forthcoming EU Medical Device Regulation.
Stryker’s revenues grew 8.1% in 2019, its seventh consecutive year of accelerating organic growth and 40th year of sales growth. All three of the company’s major divisions grew in the high single-digits, led by sales of neurotechnology and spine products.
The company’s leadership discussed its recent investments in robotic surgery technology during Johnson & Johnson’s 2019 fourth-quarter earnings call on 22 January. The company will provide more information on its robotic surgery platforms at its investors meeting in May in New York.