Thursday, February 16, 2023
Meihua International Medical Technologies Co., Ltd., a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China, today announced the Company has built up a team to lead the research and development of a robotic surgical system and efforts to apply for approval for production launch. The Company plans to engage in the design of a surgical robotic assisted surgery ("RAS") system and the integration of related software and hardware.
An RAS system generally consists of one or more arms that are controlled by the surgeon, a master controller or console, and which use a sensory system providing feedback to the user. RAS enables remote surgery that combines elements of robotics and telecommunications such as high-speed data connections and elements of management information systems. Most domestic robotics companies are in the midstream, designing their own robotic systems, integrating hardware and software, often buying core components from abroad.
The Company sees great market potential for RAS systems in China. With a huge and aging population but limited medical resources that are allocated unevenly across the country, the significant gap in medical resources in different areas gives rise to a pressing need for medical RAS systems that could potentially help in completing complex surgical operations in a more intelligent, safe and efficient manner while reducing the uneven distribution of medical resources and help medical staff more easily to master operation skills to alleviate their workload.
Mr. Xin Wang, CEO of the Company, commented: "We are excited to announce our plan regarding the robotic assisted surgical system. Our new team is also working on the early-stage planning of production capacity as we believe market demand for such a system will be strong in China given the rapid development of relevant technologies. With continuing advances in communication technologies, the availability of greater bandwidth and more powerful computers, the ease and cost-effectiveness of deploying remote surgery units is likely to increase rapidly. Chinese government policy supports innovative medical equipment, has a green channel in place to speed up the approval process and our Company will use this special policy in an effort to speed the path to market and obtain the relevant license and clearance. The Company has the potential and will endeavor to grasp this market opportunities in order to drive and sustain meaningful growth well into the future."
Currently 85% of surgeries in China are traditionally practiced, compared to 53% in the US. In the US, 68% of surgical procedures could have been performed with robotic assistance, but only 4% were. According to Precedence Research, the global surgical robotics market is set to hit $21.3 billion by 2030 and growing at a CAGR of 16.6% from 2022 to 2030. China presently has a low base of RAS usage and availability and PWC forecasts that RAS usage in China will grow at a faster rate than in much of the world. Meanwhile The Chinese government has also been a strong advocate of medical robotics systems in its Healthy China 2030 plan, emphasizing that innovation and informatization are critical factors for public health and that using medical robotic systems could address the major gap between the supply of and demand for medical resources, indicating the strength and market potential of robotic assisted surgical systems in China.