2022: Ones to watch in the Surgical Robotics space
From new product launches to huge funding rounds, 2021 was an exciting year for the robotic-assisted surgery space. But who are the top companies to watch over the next 12 months?
Robotic-assisted surgery has come a long way since the first model was used in the operating room in 1985 – it’s now on its way to becoming the fastest-growing sector in the medical devices space. With preventable medical errors being the third leading cause of death every year in the US, there’s little wonder that companies who create robotic systems designed to improve surgical procedures are taking the medical market by storm.
Whilst Intuitive Surgical has dominated the market since the launch of its da Vinci system in 1999, last year saw more start-ups emerge, new products developed and big players gain record-breaking amounts of funding. According to a GlobalData report, the global robotics market will have surpassed $275bn by 2025 – meaning the race is truly on to see which company will gain the largest market share in the medical robotics space. Who are the ones to watch during 2022?
Following record amounts of funding, Brit-based Medtech company CMR Surgical could well be on its way to taking the lead over the da Vinci system across Europe and Asia. Already used in the NHS and hospitals around the world due to its modular design and competitive cost, the Versius system is set to see further enhancements and increased commercialisation after raising $600 million of funding earlier in June.
With a total funding amount of almost $1 billion, new doors are continuously opening for CMR. The Versius Connect app which allows surgeons to record procedures is under continuous advancement and in October, plans were announced to open a large-scale facility to help meet the increasing global demand for Versius – more than tripling CMR’s current manufacturing capacity.
Another Medtech business that has taken the leap into the surgical robotics space is American-Irish Medtronic. Raising a total of $367 million, the company is now prioritising robotics as a growth opportunity – but is sure to meet tough competition with established market leaders.
With an aim to bring RAS to more people in more places around the globe, October saw Medtronic’s ‘breakthrough’ Hugo system has this month secure CE Mark Approval for sale of the system across Europe. Along with funding, this enables Medtronic to gear up for further global commercialisation.
Combining this milestone with the completion of Hugo’s first clinical procedure in summer last year, it’ll be interesting to see how much of a foothold Medtronic can gain on the market in 2022.
With 15 rounds of funding totalling a huge $427.9 million, US-based Asensus Surgical is working to digitise the interface between the surgeon and patient to provide the best possible outcome. Using an eye-tracking system, surgeons can control the Senhance Surgical Robot System by simply glancing at it.
Funding has enabled the development of Senhance Connect – a telemonitoring system where Senhance surgeons have access to real-time support from global specialists, likely to reduce the chances of life-threatening OR complications. Another beneficiary comes as a partnership with the Amsterdam Skills Centre to train surgeons how to carry out their daily surgery using the Senhance systems.
These funding milestones are giving Asensus the opportunity for growth and expansion into general surgery for the Senhance; which when combined with their advanced eye-tracking tech, makes them one to watch.
Other exciting companies in the surgical robotics space
With increased funding fuelling growth across the whole surgical robotics sector and plenty of innovation going on, there’s certainly an impressive line-up to keep your eye on this year. Here’s just a handful of companies we anticipate joining the race to the top following successful funding rounds during 2021:
- Memic Innovative Surgery: $96m raised in April 2021
- Vicarious Surgical: $142m raised in September 2021
- Edge Medical Robotics: $292.6m raised throughout 2021
- Virtual Incision Corporation: $46m raised in November 2021
- Quantum Surgical: €40m raised in October 2021
- Osso VR: $27m raised in July 2021
- Microsure: €2.7m raised in April 2021
Who do you think are the biggest companies to watch in the surgical robotics space? And what do you think the future holds for the market?
If you want to discuss how surgical robotics is changing the future of surgery or are looking to grow your team, FMC Meditech can help! Get in touch with me on 01522 812 448 or email me at firstname.lastname@example.org.