Robotic surgical systems market value is projected to reach $3.3bn in 2023 and up to $7.2bn in 2033, with a compound annual growth rate (CAGR) of 15.7%, according to GlobalData, a leading data and analytics company. Intuitive Surgical is the largest player in the robotic surgical systems market with an estimated global market share of 57%. After announcing its Q3 earnings, Intuitive Surgical’s share price dropped by 8% during pre-market trading.
Intuitive’s $1.74bn revenue fell just short of analysts’ predictions of $1.77bn; however, the values were still promising with a 12% increase from Q3 2022, which was led by Intuitive’s flagship product Davinci and showed a 19% increase in procedures. Another factor that may be contributing to the share drop is increased competition, for example from companies such as CMR Surgical, which just received $165m in funding for its product Versius. Additionally, the Australia-based company Interventional Systems just received FDA approval for the use of the Micromate in the US.
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When a company that dominates the market it operates in, such as Intuitive Surgical, shows signs of decline, this can sometimes be an indication that impacts the entire market. However, in this case, based on the current revenue growth and causes for Intuitive’s share decline, an upward trajectory for robotic surgery is still expected.
The increasing demand for robotic surgery is brought on by the growing elderly population, as well as a drive towards value-based healthcare, which focuses on improving surgical outcomes for patients. This is providing a push for less-invasive procedure development and for improving the overall technology for robotic surgical systems. Some barriers to the progress of the market are the high cost of the systems and their maintenance, as well as the limited surgeon training with this technology, particularly in developing markets.
While Intuitive Surgical’s recent decline appears negative, robotic surgery continues to be an increasingly popular alternative to traditional surgery, not only to patients but to companies that are preparing to develop new products. With the major growth and innovation occurring in this market, robotic surgery is sure to have a larger impact on the healthcare sector.
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By GlobalData
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