Periodic/Sector reports
China Healthcare: The Rise Of Chinese Surgical Robots
MARKET WEIGHT (Maintained)
Analyst
Analyst
Highlights
- Fuelled by surging demand and technological advancement, the global surgical robot market is growing rapidly at a nine-year CAGR of 16.6% from 2024-33 and could reach a value of US$84.2b in 2033.
- Riding a strong revenue momentum of 85-100% yoy with advanced, costeffective solutions, Edge Medical and MedBot aim to break even in 2026.
- Maintain MARKET WEIGHT on the healthcare sector and initiate coverage on Edge Medical and MedBot with a BUY rating. We prefer Edge Medical for its swift R&D execution and operational efficiency which will position it as a stronger long-term contender.
Analysis
- The global surgical robotics market is expanding rapidly and is projected to grow from US$21.2b in 2024 to US$84.2b by 2033 at a nine-year CAGR of 16.6%, supported by rapid technological advancement and increasing market demand. Intuitive Surgical, Inc remains dominant, while Medtronic and Stryker Corporation are aggressively enriching their portfolios with advanced systems. Chinese manufacturers, eg Shenzhen Edge Medical Co (Edge Medical) and Shanghai MicroPort MedBot (Group) Co (MedBot), are also gaining domestic ground and extending global reach with advanced, cost-effective solutions that position them as rising international contenders.
- Edge Medical – Fast-scaling disruptor with rising earnings growth. Edge Medical has quickly built a robust laparoscopic surgical robot portfolio with world-first designs. Driven by rapid innovation and efficient operations, revenue grew at a two-year CAGR of 208% (2023-25) to Rmb455.7m, with overseas sales reaching 45.9% of total sales in 2025. Net profit is expected to break even from 2026 and grow at a 138% two-year CAGR in 2026-28. Dedicated to next-generation product R&D and market growth in China and overseas, Edge Medical is poised to become a global surgical robot major.
- MedBot – China’s frontrunner in global expansion. Established in 2015, MedBot offers the most comprehensive surgical robot portfolio spanning laparoscopic, orthopaedic, vascular, and urological applications with flagship systems like Toumai and SkyWalker. Revenue expanded at a two-year CAGR of 130% in 2023-25 to Rmb551m, with overseas sales up 287% yoy to Rmb400.2m (72.6% of total) in 2025. Present in over 60 countries, MedBot targets over 200 installations in 2026 (vs 80 in 2025). We expect revenue to grow at a three-year CAGR of 73.8% (2025-28) and earnings to turn positive from 2026 and expand at a two-year CAGR of 127% in 2026-28. Focusing on overseas markets, its broad portfolio and rapidly-expanding global footprint make it a credible challenger to Western incumbents.
- Initiate coverage on Edge Medical and MedBot with a BUY rating. We prefer Edge Medical for its swift R&D execution, efficient operations, and more attractive valuation.
Highlights
- Fuelled by surging demand and technological advancement, the global surgical robot market is growing rapidly at a nine-year CAGR of 16.6% from 2024-33 and could reach a value of US$84.2b in 2033.
- Riding a strong revenue momentum of 85-100% yoy with advanced, costeffective solutions, Edge Medical and MedBot aim to break even in 2026.
- Maintain MARKET WEIGHT on the healthcare sector and initiate coverage on Edge Medical and MedBot with a BUY rating. We prefer Edge Medical for its swift R&D execution and operational efficiency which will position it as a stronger long-term contender.
Analysis
- The global surgical robotics market is expanding rapidly and is projected to grow from US$21.2b in 2024 to US$84.2b by 2033 at a nine-year CAGR of 16.6%, supported by rapid technological advancement and increasing market demand. Intuitive Surgical, Inc remains dominant, while Medtronic and Stryker Corporation are aggressively enriching their portfolios with advanced systems. Chinese manufacturers, eg Shenzhen Edge Medical Co (Edge Medical) and Shanghai MicroPort MedBot (Group) Co (MedBot), are also gaining domestic ground and extending global reach with advanced, cost-effective solutions that position them as rising international contenders.
- Edge Medical – Fast-scaling disruptor with rising earnings growth. Edge Medical has quickly built a robust laparoscopic surgical robot portfolio with world-first designs. Driven by rapid innovation and efficient operations, revenue grew at a two-year CAGR of 208% (2023-25) to Rmb455.7m, with overseas sales reaching 45.9% of total sales in 2025. Net profit is expected to break even from 2026 and grow at a 138% two-year CAGR in 2026-28. Dedicated to next-generation product R&D and market growth in China and overseas, Edge Medical is poised to become a global surgical robot major.
- MedBot – China’s frontrunner in global expansion. Established in 2015, MedBot offers the most comprehensive surgical robot portfolio spanning laparoscopic, orthopaedic, vascular, and urological applications with flagship systems like Toumai and SkyWalker. Revenue expanded at a two-year CAGR of 130% in 2023-25 to Rmb551m, with overseas sales up 287% yoy to Rmb400.2m (72.6% of total) in 2025. Present in over 60 countries, MedBot targets over 200 installations in 2026 (vs 80 in 2025). We expect revenue to grow at a three-year CAGR of 73.8% (2025-28) and earnings to turn positive from 2026 and expand at a two-year CAGR of 127% in 2026-28. Focusing on overseas markets, its broad portfolio and rapidly-expanding global footprint make it a credible challenger to Western incumbents.
- Initiate coverage on Edge Medical and MedBot with a BUY rating. We prefer Edge Medical for its swift R&D execution, efficient operations, and more attractive valuation.
MARKET WEIGHT (Maintained)
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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