Theme innovation landscape
Leading medical companies in the robotics theme
Credit: Bert van Dijk/Getty images.
The future of the medical industry will be shaped by a range of disruptive themes, with robotics being one of the themes that will have a significant impact on medical companies. A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report, Robotics in Medical Devices, 2021 Update – Thematic Research.
Medical robotics is a fast-growing field in the medical device industry with the surgical robotics segment leading the market. According to GlobalData forecasts, the total surgical robotics market will have grown at a strong compound annual growth rate (CAGR) of 8.5% during 2020-2030, bolstered by the coming marriage of artificial intelligence (AI) and robotics within medical devices.
The surgical robotics market can be segmented into capital equipment and consumable accessories. The robotic surgical system accessories occupy the majority of the market, driven by the demands of high-volume procedures. Based on procedure types, the surgical robotics market can be broadly divided into three primary sub-segments: general surgery robotics, orthopaedic robotics, and neurosurgery robotics.
The number of surgeries performed using surgical robotics is expected to grow at a CAGR of 10.5% in the US from 2020 to 2030. Covid-19 has had a negative impact on the number of robotic surgical procedures due to the cancellation of elective surgeries in Q2 2020 through 2022, however, the negative impact of Covid-19 on robotic surgery was offset by organic growth.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
According to GlobalData’s thematic research report, Robotics in Medical Devices, leading adopters include: Intuitive Surgical, Medtronic, Cyberdyne, Globus, HollySys, iRobot, Johnson & Johnson, Omron, ReWalk Robotics, and Stryker.
Insights from several of the top ranked companies
Johnson & Johnson
Johnson & Johnson announced details for its new robotic surgical system, Ottava, in 2020 after acquiring Auris Health and its Monarch system for bronchoscopic procedures in 2019. Throughout 2021, Johnson & Johnson worked on validating the Ottava system, and planned to begin clinical trials in 2022.
The company has indicated that Ottava will be able to perform a variety of procedures that overlap with the da Vinci system. The company unit DePuy Synthes announced that it received FDA 510(k) clearance for the VELYS system in 2021. The system is expected to integrate into both large and compact operating rooms, adapting to a surgeon’s workflow and helping execute accurate bony cuts for total knee replacement procedures.
Stryker is a leader in implants and implant procedures for hip and knee replacements. The number of people requiring knee and hip replacements is rising rapidly and will not slow in the foreseeable future, especially with rapid urbanisation in China, India, and Africa.
In 2018, Stryker acquired K2M, a leader in complex spine and minimally invasive solutions, for $1.4bn. According to Stryker, this deal complemented its leadership in the spine and neurotechnology markets. Stryker developed Mako, a robotic arm that provides surgeons with assistance during procedures.
Covid-19 impacted the company’s business as elective procedures were postponed so that healthcare systems worldwide could focus on treating patients infected by the virus. However, Stryker is rebounding as elective procedures return in countries that have managed to control the pandemic with vaccines.
Omron makes broad-based electronic components and systems for factory automation and healthcare. Like Keyence and Nabtesco, Omron is a key supplier to the robotics industry. It is expected to benefit from China’s drive to automate its manufacturing base as this has been a major initiative for the country over the past several years.
The company has branched out with an autonomous intelligent vehicle (AIV) for moving cargo and materials around factories and warehouses. Its main 2021 launch was in the healthcare field. Omron developed its first single-lead electrocardiogram and blood pressure monitor for home use.
To further understand the key themes and technologies disrupting the medical industry, access GlobalData’s latest thematic research report on Robotics in Medical Devices. Companies mentioned in the report include:
- Quest Diagnostics
- Agilent Tech
- Nihon Kohden
- Becton Dickinson
- Smith & Nephew
- Thermo Fisher Scientific
- Edwards Lifesciences
GlobalData’s Thematic Intelligence uses proprietary data, research, and analysis to provide a forward-looking perspective on the key themes that will shape the future of the world’s largest industries and the organisations within them.
The Thematic Scorecard uses authoritative data and expert analyst judgement to rank companies based on their overall leadership in specific themes, generating a leading indicator of their future earnings and relative strategic position.