Analytics firm GlobalData anticipates the market for robotic surgery systems will recover rapidly following an 'unstable period' through much of 2020
The resumption of many elective procedures following the peak of the global Covid-19 pandemic has sparked a “massive surge” in the demand for robotic surgery systems, says an analyst.
Large numbers of elective surgeries were either delayed or cancelled as many countries went into lockdown and enforced social distancing laws in the middle of 2020.
But, according to analytics firm GlobalData, the fact many of these types of procedures are now able to resume has led to an increased demand for robotic surgical systems in the medtech industry during the final quarter of the year.
Following an “unstable” period in 2020, the robotics sector in general is now set for significant growth over the next few years, with the value of this global market projected to surpass $275bn by 2025 – compared to $115bn in 2019.
Kevin Dang, medical devices analyst at GlobalData, said: “Robotic systems are commonly used in elective surgery procedures and many patients were deferred due to the Covid-19 pandemic.
“As a result, the demand for these devices dropped during the second quarter of 2020 and medical device companies saw their sales plunge.
“However, recent third quarter earnings posted by leading companies like Zimmer Biomet and Stryker Corp show that this is no longer the case, as global levels of elective surgery continued to recover.
“Robotics companies are making a remarkable recovery in the third quarter and are setting up for a strong comeback in the final quarter of 2020.”
US medical device firm Zimmer recently released its Q3 earnings, which exceeded analyst expectations as the company’s net sales increased by 2% compared to the previous year, improving on the 38% year-over-year decline seen in Q2.
Similarly, American medtech giant Stryker reported last month that its net sales had increased by 4.2% in the third quarter of 2020, comparing favourably with the 24.3% decrease observed in the previous quarter.