“Robots are old news now.”
The statement gave us all a chuckle during a recent client call. Once the hot buzzword in the industry, “robotics” is now just another innovative tool in the toolkit for medtech companies.
It’s not that robotic devices are incapable of doing impressive things. Far from it. There are entire companies built off the success of robotics in surgery.
But the shiny object of 2023 was definitely artificial intelligence and machine learning. It’s been quite a year for AI in terms of its accessibility to the average person, and the increased awareness of what it can do.
What does the rise of AI and machine learning mean for robotics?
While robotics might not be the new “hot” thing that everyone is talking about, it doesn’t mean that it’s going away anytime soon.
Companies are still investing in robotics. Just recently, Virtual Incision raised another $30 million for their miniature surgical robot. CMR Surgical then raised $165 million to roll out their minimally invasive robotic system across the globe. In both cases, these companies are using new funding to continue to expand into new markets.
There is still a very large untapped market for robotics in healthcare, too. At DeviceTalks West in October, we heard several times that only 5% of surgeries performed worldwide use robotics. While robotics aren’t necessary for all types of procedures, this indicates that there is a lot of potential for growth if the right product was available. And the sales of robotic surgery devices are only continuing to grow, with robotics market leader Intuitive Surgical reporting a 14% increase in sales growth and a 26% increase in procedures using their Da Vinci surgical robot.
All of this to say, while AI and machine learning are bringing a lot of buzz, they definitely haven’t made robotics obsolete.
What’s next in the world of robotics?
One major shift in the world of robotics is that many procedures are moving to ASC settings, particularly in orthopedics. There are now more than 6,000 ASCs in the United States alone. COVID-19 helped accelerate the rise of ASCs, but this treatment setting is only continuing to grow. Often, ASCs are very specialty-focused, and they’re buying their own equipment to have greater control over scheduling procedures.
Medtech companies are having to shift strategy a bit to cater to ASCs, as these facilities don’t have the hefty budgets that hospitals do. This includes doing things like offering financing plans for equipment, providing teams to help design ASC facilities, and even offering per-procedure pricing, leases, and payment plans for their devices.
Some robotics companies are also already looking for ways to incorporate AI into their product lines—not as a means to bolt on new features but as a true evolution of the field.
As medtech companies explore what is possible with AI in relation to their robotics devices, we can expect to hear many of them talking about that in 2024. The potential for AI-assistance in diagnosing the patient in real-time during a procedure and for robotics to provide a greater level of accuracy with surgeon performance is truly staggering.
New technologies eventually become the standard
AI is the latest buzzword in medtech, just like robotics once was. But as with every new thing, the buzz eventually wears off as more companies adopt the new technology. One day, we’ll come to look at AI as the new standard—and it’ll become the “old news,” too, as we move on to the next new thing.
Paul Roetzer, cohost of the Marketing AI Show Podcast, has said that in the coming years, AI will just be expected in software. It has a lot of buzz now because of its potential to really shift how we approach things, but as more and more medtech companies figure out how to best use it, customers will come to expect that it is part of any new technology that we purchase. That may not be true just yet, but it’s coming. (See Microsoft Copilot for an example of how Microsoft is planning to bring AI to your daily workflow.)
2023 brought a lot of changes, as did the previous few years. 2024 promises rapid shifts in technology, as well. Through it all, we need to keep our eyes on the healthcare challenges that need to be solved. The newest tools may help us solve those problems, but it’s how we use them that really counts.
Related Resource:
Staying Ahead of the Curve: AI in Medtech Marketing
Michael spends a great deal of time with the healthcare industry both professionally and personally, which gives him the perspective of what stakeholders on either side of the care equation need.
He began coding in 2008 and subsequently shifted his attention entirely to online marketing. Michael completed his MBA in 2018, focusing on the intersection of healthcare and marketing.
As the marketing manager, Ashley ensures that our clients’ marketing strategies are put into action. This includes content writing, SEO, online advertising, analytics, and interfacing with the tools, systems, and team members needed to help our clients accomplish their marketing goals.
