Medtech Giants Ready To Battle Frontrunner Intuitive Surgical In 'Soft Surgery Robotics'
The global market for robotic surgery systems is expected to reach $9.7bn by 2023. With medtech giants Medtronic, Johnson & Johnson and Zimmer Biomet launching robotic platforms in 2020, this market is set for a major shakeup.
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Medtronic's revenue for the fourth quarter of fiscal 2020 was down 25% year-year-over due to the COVID-19 pandemic. The hardest-hit segment was restorative therapies, which reported a 33% year-over-year decline in the quarter due to the drop off in deferrable procedures and capital purchases. For the full fiscal year, Medtronic's revenue was down 4.2% to $28.9bn.
The medtech industry has been slow to adapt to the rapid growth of lower-cost outpatient centers that are taking procedures out of hospitals, according to Brian Chapman, a consultant for ZS.
CMR Surgical’s Versius robotic system is now live in the UK NHS, the company announced 20 February.