The medical robots market is projected to reach USD 16.74 billion by 2023 from an estimated USD 6.46 billion in 2018, at a CAGR of 21.0%. The medical robots market is dominated by a few players globally. Players in this market compete with each other to deliver superior quality medical robots and the instruments & accessories that come with it. In 2017, the medical robots market was dominated by a few large players, namely, Intuitive Surgical (US), Stryker Corporation (US), and Mazor Robotics (Israel).
Product launches, approvals, and product enhancements; mergers and joint ventures; agreements and partnerships; acquisitions; and expansions were the key strategies adopted by players between 2015 and 2018.
Intuitive Surgical dominated the medical robots market in 2017. The company gained a major share in the medical robots market on account of its diversified product portfolio, widespread geographical presence, and focus on strategies such as innovation and expansions. The company strongly focuses on introducing new products and expansion into new product segments as well as geographies to gain a competitive edge in the market. Thus, to enter the high growth Indian market, Intuitive Surgical partnered with Vattikuti Technologies (India). Additionally, the company received FDA approval for seven products between 2015–2018. Intuitive Surgical also has a strong patent portfolio which helps the company maintain its leadering position in the market.
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Stryker Corporation is the second largest player in the global medical robots market. The company’s strong position in this market can be attributed to its acquisition of MAKO Surgical Corporation in 2013, a US-based established manufacturer and distributor of advanced robotic solution and implants for minimally invasive orthopedic knee procedures. The company’s wide geographical presence and strong distribution network have also helped it to gain a significant market share. In the past three years, innovation has been the company’s core business strategy to increase its share in the global medical robots market. As of December 2017, the company owned 6,560 patents globally. The company’s rich pool of skilled R&D personnel ensures constant development and launch of technologically advanced products in the market. This further helps Stryker Corporation to launch products and further enhance its position in the orthopedic robotic surgery market.
Mazor Robotics is the second largest player in the global medical robots market. The company significantly invests in R&D activities to launch technologically advanced products in the market. The company’s rich pool of skilled R&D personnel ensures constant development and launch of advanced products in the market. It invested USD 64.9 million in R&D in 2017.
Other players in the medical robots market include Hocoma (Switzerland), Hansen Medical (US), Accuray (US), Omnicell (US), ARxIUM (Canada), and Ekso Bionics Holdings (US).