Robotic surgery is no longer the single company market it once was. With increased competition and rising adoption of robotic devices, the global market is expected to experience a dramatic boom over the next decade, according to market research published by IDTechEx.
Seven observations for spine and orthopedics:
1. The robotic surgery market is projected to exceed $12 billion by 2030, with the spinal robotic market expected to hit $320 million by 2026.
2. Intuitive Surgical, developer of the da Vinci surgical system, has a 77 percent share of the robotic surgery market. More than 39,000 surgeons are trained to use the da Vinci system, which is installed in 5,582 facilities worldwide. But competition is growing, with heavy-hitters such as Medtronic, Smith+Nephew, Stryker and Globus Medical bolstering their investment in robotic technology.
3. Investments in robotic surgical companies have soared 300 percent since 2016, with total investment to date hitting $1.4 billion, according to the report.
4. By December 2019, total funding raised by robotic surgery companies surpassed $3.1 billion, with more than half of this raised in the last five years. Several of these companies have yet to launch a product and are in a pre-revenue stage.
4. Auris Health, a Johnson & Johnson company, leads the investment charge in robotic surgical companies, raising more than $700 million over the past decade. Orthopedic device companies Globus Medical, Think Surgical, Mako Surgical and Mazor Robotics are also featured in the report's top 12 companies that have invested in robotic technology.
5. Robotic surgery is advancing rapidly, but the cost of the technology must be reduced to make it more accessible. Globus Medical's ExcelsiusGPS robotic navigation system for spine surgery is priced at about $1.5 million, while Medtronic's Mazor X Stealth Edition costs about $850,000.
6. Robotic surgery has led to improved patient outcomes, with smaller incisions decreasing the risk of infection and accelerating recovery. For spine, recent studies have demonstrated that robotic surgery results in decreased hospital stays, a quicker return to work, decreased pain and improved function.
7. Surgeon shortages and injuries, physician burnout and the increased prevalence of chronic diseases are also expected to contribute to the rise in the robotic surgical market.