If the impact of glucagon-like peptide-1 receptor agonists (GLP-1RA) on the pharma landscape weren’t enough, then its changes in the medical device sector are also being felt downstream.
Intuitive Surgical, maker of the famous Da Vinci surgical robots, has previously highlighted the hit in demand for robot-assisted bariatric surgery systems. Speaking at the JP Morgan 2025 Healthcare conference in San Francisco, Intuitive CEO Gary Guthart again alluded to the rise in popularity of weight loss drugs during last year.
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“GLP-1s’ impact on total bariatric surgery [volume] was a headwind in the year. We made gains relative to other forms of surgery, but [weight loss] surgery as a whole has been de-prioritised,” Guthart said.
The number of bariatric procedures, which includes gastric bypasses and balloons, has been declining in recent years. Multiple studies of privately insured patients have found a significant increase in patients being prescribed GLP-1RAs while those undergoing bariatric surgery have decreased. However, the medtech sector is optimistic about synergising with the pharmaceutical sector via partnerships to maintain a presence in the weight loss space.
As part of its preliminary Q4 and full-year 2024 results, Intuitive issued a worldwide procedure growth guidance of 13% to 16%.
The US company’s chief financial officer Jamie Samath explained 13% is “assuming bariatrics in the US continues to decline at about the same rate that we saw in 2024”. Other considerations such as the weak economic environment in China and capital budget challenges in Europe would also place growth at the lower end of the range. Conversely, 16% is assuming a plateau in bariatric decline and an upturn in fortunes in China and Europe.
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By GlobalDataDespite the challenges posed by GLP1RA uptake, Intuitive’s 2024 Q4 revenue rose 25% compared to the same period in 2023, racking up $2.41bn. The company reported a preliminary total 2024 revenue of $8.35bn, up 17% from 2023.
Shares in Intuitive surged following the announcement, opening 2.9% higher at market open on 15 January. The boost meant the company reached its highest all-time share price since it went public in the US in 2000, and now boasts a market cap of $206.6bn. The robot maker’s results surpassed estimates from analysts at investment bank Oppenheimer, who reaffirmed a performance rating on the robotic company’s shares.
Intuitive said the growth in overall procedure volume in 2024 was largely attributable to the 19% growth seen in general surgery procedures in the US, as well as 23% growth in total procedures outside the US, primarily driven by cancer procedures.
In March 2024, Intuitive received clearance from the US Food and Drug Administration (FDA) for its da Vinci 5 robotic system, the latest iteration in the da Vinci line. Despite a staggered rollout due to supply chain issues, Intuitive came through to reach 362 system placements in a limited launch period last year.
“We want to get to the full launch of Da Vinci 5 in the US and global regions,” Guthart said. “We will take them step by step. We’re already out in Korea, but we’re working on Europe and others.”
Intuitive has a 60% share of the global robotic surgery market, according to analysis by GlobalData. The market was estimated to be worth $2.9bn in 2024 and is forecast to reach $9.2bn by 2034.
Medtronic is an emerging competitor in the space as it looks to scale its Hugo surgical robot. Currently approved in Europe since 2021, Medtronic expects to seek FDA approval for Hugo’s use in urology this year. The company is also eyeing hernia and gynaecology indications via two new US studies.
A recent FDA de novo clearance in the sector came through for UK-based CMR Surgical for its Versius robot, adding to the device’s European CE mark. A big entry into the surgical robotics market could come in the future from Johnson & Johnson, who won an investigational device exemption (IDE) from the FDA to start clinical trials with its Ottava system in November 2024.
