The Surgical Robotics Market is Booming: 8 Key Players Reshaping Healthcare in 2024

The surgical robotics sector is experiencing unprecedented growth, with the market projected to expand from US$4.31 billion in 2024 to US$7.42 billion by 2030, according to Grand View Research. This surge is being propelled by rising demand for procedure-specific surgical robots and breakthrough advancements in medical automation technology. As surgical robotics companies continue to innovate, they are enabling surgeons to perform cardiac, spinal, and endoluminal procedures with greater precision, reduced scarring, and faster patient recovery times. Let’s examine the leading players driving innovation in this dynamic sector.

1. Intuitive Surgical (NASDAQ:ISRG) — The Market Pioneer

Market cap: US$171.48 billion | Share price: US$482.55

Intuitive Surgical stands as the undisputed leader in surgical robotics news, with its iconic da Vinci system revolutionizing minimally invasive surgery since 1999. The platform has enabled more than 10 million surgical procedures globally across cardiac, thoracic, urology, gynecology, colorectal, pediatric, and general surgery specialties.

The company has been strategically embedding machine learning and artificial intelligence capabilities into its robotic surgical platforms. In 2023, the FDA approved the da Vinci SP for simple prostatectomy applications, followed by FDA 510(k) clearance in March 2024 for the da Vinci 5, the company’s next-generation multiport system. Most recently, Q2 2024 results revealed a robust 14 percent growth in the installed base of da Vinci systems, reaching 9,203 units year-over-year.

2. Stryker (NYSE:SYK) — Orthopedic Robotics Expansion

Market cap: US$138.59 billion | Share price: US$363.69

Stryker’s Mako robotic-assisted platform has become instrumental in orthopedic surgery, supporting partial knee, total hip, and total knee replacement procedures. The company enhanced its surgical robotics portfolio with the launch of Mako Total Knee 2.0 in early 2023, and introduced Ortho Q Guidance—a fully autonomous navigation system for knee and hip procedures—in July 2023.

Looking ahead to the second half of 2024, Stryker is actively expanding Mako’s capabilities into shoulder and spine surgery applications, with FDA approval for shoulder replacement surgery arriving in February 2024 and spinal surgery applications cleared in July 2024. CEO Kevin Lobo has hinted at future development of surgical robotics solutions focusing on soft tissue procedures, signaling further diversification opportunities.

3. Medtronic (NYSE:MDT) — Global Innovation Hub

Market cap: US$116.35 billion | Current share price: US$90.73

Ireland-headquartered Medtronic represents one of the world’s most comprehensive medical technology portfolios, encompassing surgical, respiratory, monitoring, gastrointestinal, and renal care solutions. The company launched its Hugo robot-assisted surgery platform in 2019, achieving a milestone in mid-2021 with the first robotic prostatectomy performed in Santiago, Chile. This procedure catalyzed the establishment of the Hugo system patient registry, which collects clinical data supporting worldwide regulatory submissions.

The Hugo platform gained significant traction in 2023 when Guy’s and St. Thomas’ Hospital NHS Foundation Trust in the UK adopted the system. In May 2024, Medtronic initiated clinical studies for Hugo applications in hernia repair and gynecological procedures, expanding the platform’s therapeutic scope and reinforcing the company’s commitment to advancing surgical robotics innovation.

4. Becton, Dickinson and Company (NYSE:BDX) — Infrastructure Integration Leader

Market cap: US$68.04 billion | Share price: US$235.39

Becton, Dickinson and Company plays a crucial role in the surgical robotics ecosystem through its medical device manufacturing and system integration capabilities. The company emerged as a major investor in the 2021 combination of next-generation surgical robotics company Vicarious Surgical (NYSE: RBOT) and special purpose acquisition company D8 Holdings, a transaction valued at US$1.1 billion.

Notably, BD Cato—Becton Dickinson’s proprietary software solution—enables seamless integration of robotic compounding devices into existing hospital IT infrastructure. This capability has proven valuable across European healthcare networks, where system interfaces between BD Cato and the robotic compounding platform APOTECA have been successfully implemented in multiple hospital settings.

5. Zimmer Biomet Holdings (NYSE:ZBH) — Multi-Application Robotics Pioneer

Market cap: US$21.39 billion | Share price: US$105.02

Zimmer Biomet Holdings has established itself as a global leader by combining innovative products with integrated digital and robotic technologies. The company’s ROSA robotics platform represents a versatile solution supporting minimally invasive surgical procedures across multiple specialties. The platform comprises ROSA ONE Brain, designed to assist neurosurgeons in planning and executing complex procedures, and ROSA Knee, which supports total knee replacement surgeries while optimizing bone resection and soft tissue assessment.

This multi-application approach demonstrates how surgical robotics companies are increasingly developing modular platforms capable of addressing diverse surgical specialties, enhancing operational efficiency in healthcare facilities.

6. Smith & Nephew (NYSE:SNN) — Handheld Robotics Innovation

Market cap: US$13.77 billion | Current share price: US$31.64

Smith & Nephew brings extensive expertise in orthopedic reconstruction, advanced wound management, and sports medicine to the surgical robotics market. The company’s Navio surgical system addresses both partial and total knee replacement applications with precision and consistency.

In 2021, Smith & Nephew launched the Real Intelligence brand, introducing its CORI handheld robotic surgical system with full FDA clearance for total and unicompartmental knee replacements in the US market. Most recently, the company launched CORIOGRAPH Pre-Operative Planning and Modeling Services in June 2024, designed specifically to enhance surgical planning for total knee arthroplasty procedures when used in conjunction with the CORI system.

7. Globus Medical (NYSE:GMED) — Spinal Surgery Advancement

Market cap: US$9.41 billion | Current share price: US$69.48

Globus Medical specializes in spinal and orthopedic implants with its ExcelsiusGPS robotic navigation platform, which has demonstrated superior accuracy, reduced radiation exposure, and decreased procedure duration compared to conventional spine surgery techniques. In early 2023, Globus accelerated its market position through the acquisition of NuVasive in an all-stock transaction valued at US$3 billion, aimed at strengthening competitive standing in the spinal device sector.

The company achieved another milestone in June 2024 when the FDA granted clearance for ExcelsiusFlex, its reconstructive orthopedic surgery robot. This approval positions Globus Medical for significant expansion into the global hip and knee markets, demonstrating the company’s strategic commitment to broadening its surgical robotics news footprint across multiple orthopedic specialties.

8. Procept BioRobotics (NASDAQ:PRCT) — Autonomous Tissue Removal Pioneer

Market cap: US$3.996 billion | Current share price: US$76.94

Procept BioRobotics, based in San Jose, California, has carved out a distinctive niche through its pioneering work in autonomous tissue removal technology. The company’s AquaBeam Robotic System represents the first surgical robot providing autonomous tissue extraction for treating benign prostatic hyperplasia, commonly known as enlarged prostate, establishing a new standard for minimally invasive urology procedures.

In August 2024, Procept BioRobotics achieved a significant regulatory breakthrough with FDA clearance for HYDROS, its next-generation AI-powered robotic system. CEO Reza Zadno commented on this milestone: “We are pleased to bring the HYDROS Robotic System to the U.S. market. This milestone marks a pivotal moment for PROCEPT as Aquablation therapy continues its rapid adoption, with over 400 robotic systems now installed across the United States.” This expansion underscores the accelerating adoption of surgical robotics technology across healthcare facilities nationwide.

The Future of Surgical Robotics

The surgical robotics companies highlighted above represent the cutting edge of medical technology innovation. With market projections indicating substantial growth through 2030 and continued FDA approvals expanding application possibilities, the sector remains positioned for sustained expansion. Investment in AI integration, expanded surgical applications, and healthcare infrastructure modernization will likely drive the next wave of advancement in this transformative industry.