With artificial intelligence now firmly entrenched in many hospital operating rooms, the field of robotic surgery is starting to get competitive.
Giant companies like Alphabet(GOOGL), Johnson & Johnson(JNJ) and Medtronic(MDT) are training their sights on Intuitive Surgical(ISRG), the king of robotic surgery companies. But analysts say the booming medical technology segment has lots of room to run.
Robotic surgery is an area that could grow by billions of dollars as more machines are used to treat patients. Intuitive commands the space with $3.3 billion in annual sales. Its signature da Vinci robotic surgeons, however, are limited in the types of procedures they handle. The multi-limbed da Vinci can be used in a variety of procedures — including cardiac, colorectal, gynecological, head and neck, thoracic and urologic surgeries — but only as long as they’re minimally invasive.
How big the market could be is still unclear, yet analysts agree the potential has yet to be tapped. So more players are moving in, and quickly.