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For many manufacturers, surgical robotics is uncharted territory, and the technology has only gained traction in the past decade. While a number of companies in this space, such as Intuitive Surgical, have been around for a while, many of their robotics systems have only recently gained regulatory approval and are quite new to the market. As a result, almost every surgical robotics company is focused on gaining FDA approval in order to capture significant market share in the United States.
Therefore, international expansion has been slow over the past decade. Another reason for the slow international expansion of surgical robotics is the fact that the majority of these companies are U.S.-based. However, most robotics companies have expressed interest in global expansion, and having the first-mover advantage in this new and developing market is critical for success.
Searching For Global Acceptance
The process of individually gaining approval in various countries has slowed the growth of the entire surgical robotics industry. Additionally, all robotics companies face the challenge of convincing hospitals to purchase systems that commonly retail for upwards of $1 million. It is difficult enough to convince a hospital to purchase any form of equipment costing six or seven figures, even though these purchases typically are made when old equipment needs to be replaced, as is standard when dealing with capital equipment.
For Further Information
More on the surgical navigation and robotics systems market in the U.S. can be found in a series of reports published by iData Research entitled the U.S. Market Report Suite for Surgical Navigation and Robotic Systems.