The worldwide surgical robotics market is projected to reach $18.3 billion by 2028, up from $7.8 billion in 2021, and competition among medtech companies is gathering momentum, according to market research and consulting firm ReAnIn.
1. Over the next six years, the market is expected to increase at a compound annual growth rate of 12.7 percent.
2. Competition is anticipated to intensify in the orthopedic industry, where Stryker is leading the pack, according to a March 31 news release. More than 1,000 of Stryker's Mako systems for total knee replacements have been installed worldwide. Zimmer Biomet's Rosa robot is gaining traction, and Johnson & Johnson's Velys system became the latest entrant in 2021.
3. Drivers of market growth include the increasing need for automation in healthcare, improved efficiency and precision, flexibility and more control with surgical robots, according to the report.
4. The high cost of surgical robots could limit their adoption, particularly in developing countries. For example, leading spine surgical robots on the market cost about $1 million. However, device companies are developing more cost-efficient robots, and the cost of these technologies is likely to come down as competition increases.
5. In the U.S., the high cost and lack of reimbursement are factors limiting the adoption of surgical robots, especially in ASCs. Procedure-specific robots that take up less space in the operating room are being developed for the outpatient setting.
6. General surgery accounts for about one-third of the market; orthopedic and urological surgery account for about 20 percent each, according to the report.
7. North America had the highest share (63.4) in the surgical robotics market in 2021, followed by Europe (19.8 percent).