Cathay Haitong: Rapid Expansion of the Global Surgical Robot Market Domestic Manufacturers Possess Differentiated Competitive Advantages

Investing in stocks relies on Golden Kylin Analyst Reports, which are authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities!

(Source: Zhihui Finance)

Zhihui Finance APP has learned that Guotai Haitong released a research report stating that, according to Sullivan’s forecast, by 2033, the global installed base of multi-port laparoscopic surgical robots is expected to reach nearly 30k units, with a market size of approximately $23.8 billion. In 2024, the penetration rate of robot-assisted laparoscopic surgery in the U.S. is 21.9%, while in China it is only 0.7%, and the penetration rate is expected to continue increasing. Current clinical trial data shows that domestically produced surgical robot products have effectiveness and safety comparable to Da Vinci, and domestically developed and manufactured surgical robots have a higher cost-performance advantage over Da Vinci. Meanwhile, domestic surgical robot manufacturers have also achieved multiple “world’s firsts” in remote surgery, “single-port + multi-port + remote” integration, and other areas, building a differentiated competitive advantage.

Guotai Haitong’s main points are as follows:

Clinical advantages of surgical robots drive continuous increase in penetration, with rapid global market expansion

Assisted surgical robots can help humans overcome physiological limitations, characterized by high operational precision, stability, and repeatability, bringing significant clinical benefits.

Driven by technological advancements, benefits brought to surgeons and patients by robot-assisted surgery, and favorable government policies, the global laparoscopic surgical robot market is expanding rapidly. According to Sullivan’s forecast, by 2033, the global installed base of multi-port laparoscopic surgical robots may reach nearly 30k units, with a market size of about $23.8 billion. From 2024 to 2033, the compound annual growth rate (CAGR) of installed units is expected to be 12.2%, and the market size’s CAGR is 10.9%. In 2024, the penetration rate of robot-assisted laparoscopic surgery in the U.S. is 21.9%, while in China it is only 0.7%, with continued growth expected.

Intuitive Surgical is building a global direct sales network, with great potential in non-U.S. markets

Founded in 1995, Intuitive Surgical is a leading global surgical robot company. It installed its first Da Vinci surgical robot in 1998, and after 10 years, by 2008, it had over 1,000 units worldwide. Early on, it relied on clinical advantages in prostatectomy to rapidly increase clinical penetration in the U.S., gradually building a revenue model driven by consumables.

By 2025, the company’s Da Vinci surgical robots had a total installed base of 11,106 units, with revenue exceeding $10 billion and net profit over $3 billion. Initially, the company established direct sales only in North America and Western Europe. Starting in 2012, it expanded direct sales to Asia-Pacific and Europe. As overseas markets continued to grow, the proportion of non-U.S. revenue and installed units increased gradually. By 2025, non-U.S. revenue accounted for over 30%, and non-U.S. installed units made up more than 40%. The annual growth rate of surgeries outside the U.S. is about 23%, continuing to surpass the domestic market.

Domestic manufacturers are adopting cost-effective and differentiated strategies, accelerating global commercialization

Current clinical trial data shows that domestically produced surgical robots have effectiveness and safety comparable to Da Vinci, with higher cost-performance advantages. Domestic manufacturers have also achieved multiple “world’s firsts” in remote surgery, “single-port + multi-port + remote” integration, and other areas, building a differentiated competitive edge. Since 2025, overseas orders and revenue for domestic surgical robot companies have grown rapidly. MicroPort’s minimally invasive robot-B(02252) overseas sales revenue reached 400 million yuan, a year-on-year increase of 287%. Jingfeng Medical’s products sold to overseas end-users generated 270 million yuan, accounting for nearly 60% of total revenue. The global commercialization of domestically produced surgical robots is accelerating.

Risk warnings

Risks of R&D underperformance, commercialization delays, geopolitical fluctuations, etc.