Shanghai MicroPort Medical Robotics (Group) Co., Ltd. (hereinafter referred to as 'MicroPort Robotics') successfully listed on November 2, 2021, with an issue of 36.2 million shares, each at a maximum issue price of HK$43.20.
Minimally Invasive Robotics was established in 2015 and is a leading Chinese surgical robot company dedicated to the design, development, and commercialization of surgical robots, thereby assisting surgeons in performing complex surgeries. The company focuses on the research and development of five core underlying technologies related to surgical robots, namely: robot body design, control algorithms, electrical engineering, image navigation, and precise imaging. The company also possesses strong product industrialization operational capabilities, covering the entire industrial chain of surgical robots from research and development, clinical trials and registration to supply chain management and marketing. Through internal development and international cooperation, the company has established a portfolio consisting of one approved product and eight candidate products in different development stages, including one candidate product in the registration application phase with the National Medical Products Administration, one candidate product that has completed enrollment of patients in clinical trials, and six candidate products in preclinical research. In the global industry, Minimally Invasive Robotics is the only company covering five major and rapidly growing surgical specialty product portfolios: laparoscopic surgery, joint replacement surgery, vascular interventional surgery, natural orifice surgery, and percutaneous puncture.
Overview of the Surgical Robot Industry
Global Surgical Robot Market Overview
The global surgical robot market size was $8.32 billion in 2020 and is expected to reach $33.59 billion by 2026, with a compound annual growth rate of 26.2%. Under the combined influence of favorable factors such as the growing demand for precision medicine and minimally invasive surgery, and the increasingly complete payment systems for robot-assisted surgeries, the compound annual growth rate of the surgical robot market is significantly higher than the average level of medical devices during the same period.
Global history of surgical robots and predicted market size
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
Overview of the Surgical Robot Market in China
The market for surgical robots in China is still in its early stages of development, but it has great growth potential. In 2020, the market size of the surgical robot market in China was $430 million. It is expected that the surgical robot market will grow rapidly at a compound annual rate of 44.3%, reaching $3.84 billion by 2026. In 2020, the number of laparoscopic surgeries and joint replacement surgeries performed in China was approximately 9 million and 1 million respectively. If such surgeries are carried out with robot assistance, the potential patient population will be very large.
The history of surgical robots in China and the predicted market scale
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
Surgical robot market segmented by surgical domain type
After decades of development, surgical robots are now mainly used in five major rapidly growing surgical fields:
1. Endoscopic surgical robot. Endoscopic surgical robots can perform a wide range of surgeries, such as urology, gynecology, thoracic surgery, and general surgery. Endoscopy allows surgeons to extend their vision into the patient's body, while robotic arms mimic their hands to grasp and direct endoscopes and surgical instruments.
2. Orthopedic surgical robots. Orthopedic surgical robots are used to assist in orthopedic surgeries, such as joint replacement and spinal surgery. They provide better images of the surgical site, cause less damage to healthy bone, and lead to faster recovery.
3. Panvascular surgical robots. Panvascular surgical robots are used to treat diseases of organs related to the blood vessels, heart, brain, or peripheral vascular system.
4. Endoscopic surgical robots. Endoscopic surgical robots refer to robots that deliver surgical instruments through natural body orifices to the surgical area and can control their movement for diagnosis or surgery. They can be used for surgeries such as lung, intestinal, and gastric examinations.
5. Percutaneous biopsy robot. The percutaneous biopsy robot is used for percutaneous biopsy procedures, mainly for collecting tissue samples for diagnostic purposes, such as the detection of early-stage lung cancer, breast cancer, and prostate cancer. In addition, percutaneous biopsy robots are also used for certain treatment procedures, such as percutaneous nephrolithotomy, which involves removing kidney stones through an incision on the patient's back.
Market Analysis of Endoscopic Surgical Robot Industry
Overview of the Endoscopic Surgery Robot Market
Endoscopic surgical robots are designed to perform various complex minimally invasive surgeries. An endoscopic surgical robot typically includes a surgeon's console, a patient-side operating cart, and an imaging system. The patient-side operating cart encompasses a robotic arm equipped with endoscopes and supporting surgical instruments. The endoscope extends the surgeon's vision into the patient's body, while the robotic arm simulates their hands and holds and directs the endoscope and surgical instruments. Endoscopic surgical robots can improve surgical precision and safety, significantly changing the landscape of minimally invasive surgery. While maintaining the advantages of standard endoscopic examinations, endoscopic surgical robots offer greater flexibility, a wider range of motion, vibration filtering, three-dimensional high-definition vision, and flexible endoscope control. They are especially suitable for deep and narrow surgical sites, as well as when incising fine tissues is required. Therefore, robotic-assisted endoscopic surgery enables surgeons to perform complex open surgeries repeatedly using minimally invasive methods, shortening the learning curve and making surgical outcomes more likely to replace open surgery.
Endoscopic surgical robots can be applied for a wide range of surgical procedures, including urology, gynecology, thoracic surgery, and general surgery. Robotic-assisted surgery has particularly become the modern 'gold standard' for many urological diseases, such as robotic-assisted radical prostatectomy (RALRP) to remove the entire prostate for the treatment of prostate cancer. Since radical prostatectomy is performed at very narrow and deep surgical sites, open radical prostatectomy or conventional endoscopic radical prostatectomy cannot avoid the invasion of nearby healthy tissues and nerves. However, RALRP provides the necessary surgical precision level for this minimally invasive surgery, making it the main procedure in most modern healthcare systems. There is also a large amount of evidence showing that RALRP has significant advantages, including less blood loss during surgery, shorter hospital stay, and fewer postoperative complications. Robotic-assisted surgery is also widely considered a feasible option for other urological and gynecological surgeries, such as cystectomy, nephrectomy, and myomectomy.
Market Size and Forecast of Robotic Laparoscopic Surgery Systems in the United States/China
The United States is currently the largest market for laparoscopic surgical robots. The market for robot-assisted laparoscopic surgery grew from $1.7 billion in 2015 to $2.9 billion in 2020 at a compound annual growth rate of 11.7%, and is expected to further increase to $5.8 billion by 2026, with a compound annual growth rate of 12.3% starting from 2020.
The history of endoscopic robotic surgery robots in the United States and the predicted market scale
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
The market size of endoscopic surgery robots in China was $320 million in 2020, far lower than that of the United States. However, the Chinese market is widely considered an important regional market with the greatest growth potential. It is expected that the Chinese market will grow rapidly at a compound annual growth rate of 39.2%, reaching $2.32 billion by 2026.
The history of endoscopic surgical robots in China and the predicted market scale
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
Market Analysis of Orthopedic Surgical Robot Industry
Overview of the Orthopedic Surgery Robot Market
Orthopedic surgical robots are used to assist in orthopedic surgeries, bringing benefits such as precise, customized three-dimensional preoperative plans, clearer surgical sites, reduced tremors, and improved surgical accuracy. The use of orthopedic surgical robots also helps to reduce damage to healthy bones and tissues, decrease blood loss, shorten hospital stay times, and accelerate recovery. Orthopedic surgical robots are mainly applied in three types of surgeries: joint replacement surgery, spinal surgery, and orthopedic trauma surgery. Robotic-assisted joint replacement surgery is the most widely used and complex type among these three surgeries. The global market size for joint replacement surgical robots in 2020 was $730 million, accounting for about 52.0% of the global orthopedic surgical robot market.
Joint replacement surgery can be further classified into total knee arthroplasty (TKA), unicompartmental knee arthroplasty (UKA), and total hip arthroplasty (THA). TKA is a procedure in which damaged cartilage and bone on the surface of the knee joint are removed ("surface replacement") and replaced with artificial implants. UKA is a procedure where surface replacement is performed at the knee joint site. Among all types of robot-assisted joint replacement surgeries, TKA is considered the most complex robotic surgery. Surgeons first develop preoperative planning based on a three-dimensional virtual bone model generated by computed tomography (CT), which further defines the optimal implants for fixation at the ends of the knee joint after bone trimming. Surface replacement is performed under the guidance of a robotic navigation system, which helps improve precision and calibrate the angle of the lower limbs. The use of surgical robots in TKA can minimize inaccuracies during bone cutting and implantation, thereby further reducing patient discomfort and extending the lifespan of implants.
Robot-assisted spine surgery is another important application of orthopedic surgical robots. In the past, surgeons placed screws into spinal bones to perform complex spine surgeries with the help of their hands or a large number of X-ray images taken during the operation, which could expose both patients and surgeons to a large amount of radiation. Moreover, although the risk of placing screws in the wrong or non-optimal position is low, the consequences can be serious if they occur. In spine robot-assisted surgery, robots provide a computerized preoperative planning guidance system that can improve accuracy and reduce the risk of screw misplacement.
Market Scale and Forecast of Joint Replacement Surgery Robots in the United States/China
The United States is currently the largest market for joint replacement surgery robots. The market size of joint replacement surgery robots in the United States increased from approximately $80.5 million in 2015 to $530 million in 2020, with a compound annual growth rate of 45.6%. It is expected to further increase to $1.75 billion by 2026, with a compound annual growth rate of 22.2% starting from 2020.
The history of joint replacement surgical robots in the United States and the predicted market size
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
In 2020, the market size of joint replacement surgical robots in China was approximately $14.8 million. Since they were introduced into China only in recent years, the market size is relatively small. However, robot-assisted joint replacement surgery has rapidly become popular and widely accepted. Considering the large number of eligible patients and the low application penetration rate, there is strong growth potential. The market size of joint replacement surgical robots in China is expected to exceed $330 million by 2026.
The history of joint replacement surgical robots in China and the predicted market scale
2015 to 2026 (estimated)
Data source: Analysis by Frost & Sullivan
Market Analysis of the Panvascular Surgical Robot Industry
Overview of the Panvascular Surgical Robot Market
Panvascular surgical robots are used to treat vascular or related organ diseases in the heart, brain, or peripheral vascular system. During panvascular surgery, surgeons puncture the patient's skin, insert the puncture needle and sheath into large blood vessels in sequence, then gently guide a long and thin catheter into the blood vessel, ultimately reaching the target site in the heart, brain, or peripheral vascular system. Different types of instruments can be placed at the tip of the catheter for various purposes, such as placing implants or collecting samples.
Panvascular surgical robots typically include a surgeon's console, a remote catheter manipulator, and a steerable guide tube. Surgeons view X-ray scans on the console monitor to observe the movement of the catheter within the blood vessel and use the manipulator to remotely guide the catheter's movement. A significant advantage of robot-assisted panvascular surgery is that the robot can protect surgeons from excessive X-ray radiation, as the surgeon's console can be remotely placed in a room separate from the operating room. Panvascular surgical robots also provide a better field of vision, aiding in the incision of the aorta and more accurate catheter implantation.
History and Market Forecast Scale of Panvascular Surgical Robots in China
2015 to 2026 (estimated)
The market size of vascular surgery robots in China is expected to grow to over $180 million by 2026, with a compound annual growth rate of 150.7% starting from 2022.
Data source: Analysis by Frost & Sullivan
Market analysis of natural orifice surgical robot industry
Market Overview of Natural Orifice Surgical Robots
A natural orifice surgery robot refers to a robot that enters the target site through the body's natural pathways and can control it for diagnosis or surgery. Natural orifice surgery robots are used in natural orifice endoscopic surgeries, such as bronchoscopy (lung examination), colonoscopy (intestinal examination), and gastroscopy (stomach examination). Natural orifice surgery robots provide a clearer view of the target site, allowing surgeons to operate tools more skillfully.
chinaNatural orifice surgery robotHistorical and forecasted market size
2015 to 2026 (estimated)
The market size of surgical robots for natural orifice procedures in China is expected to grow to $1.29 billion by 2026, with a compound annual growth rate of 161.0% starting from 2023.
Data source: Analysis by Frost & Sullivan
Market Analysis of Percutaneous Puncture Surgical Robot Industry
Market Overview of Percutaneous Puncture Surgical Robots
Percutaneous biopsy robots are suitable for percutaneous biopsy procedures, primarily used for collecting tissue samples for diagnostic purposes, such as detecting early-stage lung cancer, breast cancer, and prostate cancer. During biopsy procedures, tissue samples are removed from the suspected target anatomical structures for further pathological examination. Traditional biopsy methods rely on radiologists inserting needles manually, while robotic-assisted surgery provides higher rigidity and precision through a more stable robotic arm than manual insertion. This makes the needle path along with the tissue sample more accurate. Imaging techniques such as magnetic resonance imaging (MRI), ultrasound, and CT are used to locate the target anatomical structures, and image feedback guides the needle to reach the target. Percutaneous biopsy robots are also capable of performing several therapeutic procedures, such as nephrolithotomy for removing kidney stones. The needle is inserted through a tiny incision on the patient's back to remove kidney stones.
Chinese Percutaneous Puncture Surgical RobotHistorical and Prognostic Market Size
2015 to 2026 (estimated)
The market size of percutaneous surgical robots in China is expected to grow to $2.6 billion by 2026, with a compound annual growth rate of 52.7% starting from 2020.
Data source: Analysis by Frost & Sullivan
Frost & Sullivan, integrating 60 years of global consulting experience, has dedicated 23 years to serving the booming Chinese market with a global perspective, helping clients accelerate their corporate growth and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing and financial advisory services, IPO industry advice, strategic consulting, and management consulting for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Harmony Cayman (02256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimaitong (2192.HK), Tengsheng Bopharm (2137.HK), Canopy (2162.HK), Chaopu Ophthalmology (2219.HK), Guichuang Tongqiao (2190.HK), Huihuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaokew Pharmaceutical (6622.HK), Nature Pharmaceuticals (UPC.NASDAQ), Sainov Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceuticals (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Cardiac Tumor (2160.HK), Ruili Medical Beauty (2135.HK), Jiaosisi Pharmaceutical (1167.HK), Hepcon Pharma (2142.HK), JD Health (6618.HK), Deqi Pharmaceutical (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), Sonovent Pharmaceuticals (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Pharmaceuticals (9688.HK), Ocular Biotech (1477.HK), Yongtai Biotech (6978.HK), Haipure Pharmaceuticals (9989.HK), Pioneering Pharmaceuticals (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Novogene Health (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemicals (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceuticals (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabtech Pharmaceuticals (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi AppTec (2359.HK), Innovent Biologics (1801.HK), Hailun Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi AppTec (2269.HK), China Resources Pharmaceutical (3320.HK), Jacobus Biotech (2633.HK), Huihuang China Medicine (HCM.NASDAQ), Genscript Biotechnology (1548.HK), BBI Life Sciences (1035.HK), etc. In terms of the number of listed projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, continuously occupying more than 90% of the market share from 2018 to 2020.
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