高盛-中国医疗科技的出海之路：评估手术机器人行业的发展机遇：在直觉外科的核心市场之外实现全球扩张（摘要）-20260421

2026年4月21日|9:52PMHKT科技企业的结构性必然追求。在我们的中国医疗科技的出海之路系列报告们首先从腹腔镜手术机器人入手，这是医疗科技领域中规模最大、最市场，历史上直觉外科公司(ISRG)一直在这一领域占据主导地位，过去20年该公司收入年均复合增长约21%，市值高达约1,700亿美元。验证的剃刀+刀片式商业模式以及具结构吸引力的增长前景。我们预计，2035年全球潜在市场规模将达到约420亿美元（在2025年约110亿美元的基础上年均复合增长14%），其中约45%由美国以外市场驱动，这些市场的渗透率仍远低于美国而且使用率持续上升。虽然中国企业短期内不大可能直接挑战直觉外科在美国我们认为，在美国以外市场，它们将作为价值导向型的全球挑战者而中国手术机器人的临床表现不相上下，而且对医院来说更具经济效益器人基础设施成熟和早期专利保护到期或者可规避，竞争正日益转向覆盖广度，为中国企业拓展直觉外科核心市场之外地区带来结构性下，我们预计到2035年，微创机器人和精锋医疗将分别斩获约5.4%和4.1%的全球潜基于我们的出海五大支柱框架，我们评估了：(1)中国企业当前所处位置：早外执行已获验证（例如，微创机器人和精锋医疗分别自海外市场累计赢得约170台和）；并基于市场吸引力、监管可行性和竞争强度的视角进行评估；(3)制胜之道：凭借与直觉外科达芬奇机器人具可比性的临床表现、更低的总拥有成本以及差方案；(4)该战略为何具可持续性：支撑因素包括低渗透率、方兴未艾的设备置换周期以及不断改善的商业化验证；以及(5)利润率韧性。基于这一评估框架，我们看好微创机器人（买入），该公司处于有利地位，可利用上海微创医疗器械集），并通过经销商主导的执行方式加速海外扩张。KeyinvestmentframeworkWhywestartwithSurgicalRobotsnSurgicalrobotssitattheintersectionoftechnologymaturity,clinical潘英龙,CFA+852-2978-7993|chris.pan@DavidRoman+1(212)357-4617|david.roman@+852-2978-0526|ziyi.chen@PhilipCoover+1(917)343-8573|philip.coover@+86(21)2401-8609|tianyi.yan@江欣禅,Ph.D.+852-2978-1126|kaylee.jiang@+86(21)2401-8928|michael.zheng@信息，见信息披露附录，或参阅/research/hedge.html。由非美国附属公司聘用的分析师不是美国scalability,andhospitaleconomics,makingthemparticularlywellsuitedforglobalexpansionbyChinesemanufacturersatthisstageofindustrydevelopment.WhileChineseplayersareunlikelytodirectlychallengeISRG’sleadershipintheUSinthenearterm,wedonotviewthemasUS-centricdisruptors.Instead,theyareearly-stageglobalentrants,scalingintounderpenetrated,price-sensitiveex-USmarketswhereISRG’secosystemadvantagesarelessentrenchedandcompetitivebarriersarestructurallylower.Thestrategicimportanceofthesegmentisreinforcedbybroad-basedcommitmentfromglobalincumbentsandlarge-scaleplayers.BeyondIntuitiveSurgical,globalmedtechleaderssuchasMedtronic,J&J,andSysmex,alongsideChineseentrantsrangingfrompureplaystodiversifiedplatforms(e.g.,Mindray,UnitedImaging),areallocatingcapitalandresourcestosurgicalrobotics.Thisbreadthofparticipationunderscoresourviewthatsurgicalroboticsisevolvingintoalong-durationgrowthmarket,ratherthananichetechnologycycle.Ourfive-pillargo-globalframeworktoassesstheopportunitynWhereChinesePlayersStandToday:EarlyValidationfromOverseasOrders:WeassessthecurrentpositioningofleadingChinesesurgicalrobotplayers,highlightingearlyoverseasexecutionvalidationthroughacceleratingregistrationsandordermomentumacrossmultipleregions.Aglobalmap(seeGoingglobalsection)illustratesthebreadthandgeographicdiversificationofoverseasorders,pointingtoinitialtractiondespiteastillsignificantinstalledbasegapversusISRG.Asof2025,ISRG’sglobalinstalledbasereached11,106systems,comparedwithcumulativeordersof220+forMicroPortMedBotand120+forEdgeMedicalasofMarch2026.Nevertheless,incrementaloverseasmomentumisnarrowingthegapatthemargin:in2025,whileISRG’sdaVincisystemrecorded734overseassales,MedBotsecured100+overseasordersandEdgeMedical70+,indicatingearlysignsofcatch-upmomentumamongChineseplayersinex-USmarkets.nWheretoGo:Large,underpenetratedex-USmarketsdriveexpansion:Weidentifyattractiveex-USexpansionmarketsusingastructuredthree-stepassessmentframework—marketattractiveness,regulatoryfeasibility,andcompetitiveintensity—toassessthescalabilityofChinesesurgicalrobotplatforms.Ouranalysisshowsthatanumberofkeyex-USmarketsshouldbesufficienttosupportgrowthinnext5-10years,underpinnedbyabroadhospitalbase,risingMIS(minimallyinvasivesurgery)procedurevolumes,materiallylowerroboticpenetrationthantheUS,andrelativelyhighpricesensitivity.Entrybarrierslookmanageableratherthanprohibitiveacrossmostselectedmarkets,withregulatorypathwaysandprocurementstructuresthatremainconducivetonewentrants.WhileISRGremainsthedominantincumbent,competitioninmanytargetmarketsislessentrenched,withonlylimitedlocalplayersinselectgeographies,leavingmeaningfulroomforChineseplatformstoscale.nHowtoWin:Performanceparity,costadvantage,andplatforminnovation:WeevaluatethecorecompetitiveleversunderpinningChineseplayers’overseasexpansion,centeredonlargelycomparableclinicalperformanceversus2026年4月21日22026年4月21日3daVinci,materiallylowertotalcostofownership,anddifferentiatedplatforminnovation.Chinesesystemsaretypicallypricedata30–40%discounttodaVinciacrossbothequipmentandconsumables,andouruniteconomicsanalysisshowsthatthelowersystemandconsumablescoststranslateintoearlierbreakevenandhigherIRRforhospitals,acceleratingadoptionandswitchinginpricesensitiveex-USmarkets.Beyondcost,Chineseplayersareincreasinglydifferentiatingthroughplatformlevelinnovation,includingtelesurgery/remotesurgerycapabilitiesandmodularsystemdesigns,suchasEdgeMedical’s3-in-1solution,whichoffersgreaterfiexibilityandutilizationefficiencywithinasingleinstalledplatform.nCompetitiveanalysis:IntuitiveSurgical’smoat—Scale,Data,andDigital:WeexamineIntuitiveSurgical’sstructuraladvantages,focusingoninstalled-basescale,dataaccumulation,ecosystemdepth,anddigitalcapabilities,alongsideitspatentstrategyandthedaVinci5upgradecycle.WeviewISRG’smoatasecosystem-drivenratherthanpatent-driven,underpinnedbyitsdominantinstalledbaseandproprietaryclinicaldataset,whichincreasinglysupportsdigitalsolutions,AI-enabledtraining,andproductiteration.Whileearlierpatentwaveshavelargelyexpiredorarecircumventable,ISRG’sstrengthliesinsystemintegrationandscale,withthecommercialimpactofnewerpatentprotections—refiectedinthelargelyincrementaldaVinci5upgrade—yettobefullyvalidated.nMarginresilience:Positivecashmarginsevenwith75–85%pricecuts:Westress-testthemarginprofileofChinesesurgicalrobotvendorsthroughgrossmarginandcashmarginanalysesacrossequipmentandconsumables,undervaryingpricing-cutscenarios.Theresultshighlightmarginresilienceandpositivecashgeneration,evenunderaggressivepricecompetition,particularlyinoverseasmarkets.WithbothEdgeMedicalandMicroportMedbottargetedtoachievenetprofitbreakevenin2026,wenotethefiexibilityintheirstrategytoprioritizemarketshareoverprofitabilityinthenearterm.SurgicalRobotsvsEVs:Similarvalueplaybook,butwithlowercompetitionandmoredurablegrowthnChinesesurgicalrobotplayers’globalexpansionshareselementswiththeEVplaybook(seeourautoteam’sreportongo-globalframework),leveragingChina’ssupply-chainstrength,engineeringexecution,andcostefficiencytodelivervalueofferingswithcomparableperformance.However,marketstructurediffersmeaningfully.CompetitionislessintensethaninEVs,refiectinghigherregulatoryandclinicalvalidationbarriersandfewerscaledglobalincumbents.Atthesametime,theendmarketforsurgicalrobotsremainsstructurallygrowing,drivenbybroaderprocedureenablementindevelopedmarketsandimprovingaccessindevelopingmarkets.Withlowerpricingsensitivityandarecurringconsumablesandservicesrevenuemodel,surgicalroboticssupportsmoredurablemarginsthanEVhardware,makingitalesscrowdedandmoresustainableglobalexpansionopportunity,inourview.2026年4月21日4Globalendoscopicsurgicalrobots-TAMtoreachUS$42bnby2035Eata14%CAGR图表1:LaparoscopicRobots-largerTAMviaprocedureenablementvsprecision/navigationfocusedrobotsFlexibleFlexiblegastrointestinalendoscopicLaparoscopic(endoscopic)BronchoscopyNeurologicalOrthopedicVascularIndicationsUrological,general,gynecological,andthoracicsurgeriesJointreplacement,spinesurgery,trauma/fracture-relatedproceduresBronchoscopy/LungsurgeriesGastrointestinalendoscopyCardiovascular/peripheralvascularinterventionFunctionalneurosurgery,neuro-endoscopicnavigation,etc.TAM(2025E)US$10-12bnUS$2-3bnUS$1-2bnUS$0.5-1bnUS$200-400mnUS$100-300mnRobotvalueBroadcoverage;Tremor-free;7-DOFwrists;Magnified3DvisionSub-mmalignment;Real-timecutcontrol;HigherconsistencyPeripheralairwayreach;LockedstabilityatbiopsyLoop-freenavigation;EnhancedearlydiagnosisZero-radiationforsurgeon;SteadyandpreciseSub-mmnavigation;HealthytissuepreservedAnnualprocedurevolume3.2mn700k-1mn400-800k<100k100-300k100-200kAddressableprocedures25-35mn8mn2-3mn>200mn10mn4-6mnMajorglobalplayersISRG(daVinci),CMRSurgical(Versius),Medtronic(Hugo),SSI(Mantra)Stryker(Mako),ZimmerBiomet(ROSAKnee),J&J(Velys),S&N(CORI)ISRG(Ion),J&J(Monarch),Noah(Galaxy)Olympus(SwanEndoSurgical),EndoMaster,EndoQuestSiemensHealthineers(Corindus),RobocathZimmerBiomet(ROSABrain),Renishaw(Neuromate)MajorChineseplayersMicroPortMedbot(Toumai),EdgeMedical,Sagebot(Kangduo),ShuruiTINAVI,MicroPortMedbot(Skywalker),AKMedical,CHUNLi,Onepoint-techEdgeMedical(CP1000),MicroPortMedbot(UnitPath),RonovoDocRobo(EndoFaster)MicroPortMedbot(R-ONE),WeMedMedicalRemebot,Sinovation图表2:Weexpectglobalendoscopicsurgicalrobotmarkettogrowat14%CAGR(2025-35E)toreachUS$42bn...Globalmarketsizeofmulti-portandsingle-portendoscopicsurgicalrobots,US$mn21%19%21%19%17%15%21,34718,51615,83413,30510,98742,28438,36434,54712%11%10%45,00040,00035,00030,00025,00020,00015,00010,0005,000-2025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035Emarketsizey/ygrowth27,55624,29630,95112%14%13%图表3:...drivenbypenetrationuptakeGlobalGlobalroboticsproceduresandpenetrationrateofroboticsinMISsurgeries(inthousands)IncrementalroboticproceduresRoboticspenetrationrateinMISsurgeries34%37%9771,0261,0512025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E200018001600140012001000800600400200045%40%35%30%25%20%15%10%5%0%41%39%24%78516%49022%29%27%32%19%8996548347312026年4月21日5图表4:LaparoscopicRobots:BroadStakeholderValueBackedbyaRazor-and-BladeModel1.RARP:Robot-assistedRadicalProstatectomy;2.Pricingandthepercentagesharesintherevenuebreakdownarederivedfrommaturemarkets2026年4月21日6ISRG-ProvenModel:Productiterationsustainsleadershipandmarketexpansion图表5:SustainedproductiterationhasdrivenISRG’smarket-leading10-yearreturnsandc.US$170bnvaluation1.*SiemensHealthineersreturncalculatedsinceits2018IPO;2.AsofApr17th,2026资料来源：彭博,万得,公司数据,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表6:ISRGSalesCAGRat16%over2017-2025…System16%3,13818%52%30%2017System16%3,13818%52%30%201721%10,06516%60%25%202514,00012,00010,0008,0006,0004,0002,000019%3,72417%53%30%201817%8,35216%61%24%2024Instruments&accessories7,12416%60%24%20236,22216%57%27%20225,71016%54%30%20214,35817%56%27%20204,47916%54%30%201920%-3%Totalsales,y/y31%14%Service9%图表7:…drivenbycontinuedinstalledbasegrowth,reaching11,106in2025dadaVinciendinginstalledbaseSystemssoldSystemsleasedTotalinstalledbase,y/y12%11,1063,2107,896202514,00012,00010,0008,0006,0004,0002,000015%9,9022,7997,103202414%8,6062,2276,379202313%3504,636201812%5,5826584,924201912%6,7281,2945,434202112%7,5441,6835,86120227%5,9899015,08820204,24520174,986资料来源：公司数据2026年4月21日7图表8:Consumablessalesdrivenbyincreasingproceduresvolumes…AnnualvolumeofproceduresfordaVinci,00028%28%19%1%1,2301,2432019202020213,1492,6812,2861,87520222023202420253,2002,7002,2001,7001,200700200-30035%25%15%5%-5%-15%22%18%1,0382018877201717%17%18%1,594图表9:…andup-takingutilizationrateAnnualvolumeofproceduresperunitfordaVinci201720172018201920202021202220232024202535%25%15%5%-5%-15%3002502001501005007%2662712%14%2372845%6%2205%208208-6%5%2491992026年4月21日8OUS(outside-US)contributionhasexpandedoverthepastdecade,whilerecentgrowthhasbeenUS-led,drivenbythedaVinci5launch图表10:DespitetheOUSrevenuecontributionincreasingoverthepastdecade(23%to35%)…OUSUS12,00010,0008,0006,0004,0002,3842,0001891,83602005201510,0656,5423,523202522739548图表12:Theindicationhasbeenexpandingfromurologictogynecologic,andbroadergeneralsurgeriesDistributionofprocedurevolumeofdaVinciendoscopicsurgicalrobotbydepartments(2025)GynecologicGynecologicsurgery21%Urologicsurgery22%Generalsurgery50%Others7%图表11:…theOUSgrowthhasbeenfiattishoverthepast3yearsleasedleased704666194465510201USOUS2023979734662182552317USOUS2025ShipmentbreakdownofdaVincibyUS/OUS,setssold692574357135120010008006004002000512238USOUS2024865415450600260340USOUS2022USOUS2021USOUS202080056248210238033657279726214439335图表13:...drivenbypenetrationexpansionbeyondearly-adoptedprocedures6.6%7.3%6.6%7.3%9.5%13.2%14.1%15.5%17.1%34.6%37.1%40.4%40.5%49.8%51.9%90.9%AppendectomyPOP(Sacrocolpopexy)GastrectomyTORSChole BariatricSpleenectomyLobectomyColorectalHerniaSmallbowlresection NephrectomyHysterectomyProstatectomyUSRoboticProceduresPenetrationLevels(2023)资料来源：HCUP-USDatabase,DatacompiledbyGoldmanSachsGlobalInvestmentResearchGoingglobal(OUS)astheprimarygrowthengineforChineseplayersChinesesurgicalrobotplayersarepursuingagoglobalstrategyfocusedonunderpenetrated,pricesensitiveOUSmarkets,whereISRG’sdominanceislessentrenched.Byofferinglargelycomparableclinicalperformancealongsidebetterhospitaleconomics—throughlowercapex,consumablesandservicecosts—anddifferentiatedsolutionsvsISRGsuchasstructuredtraining,telesurgeryandfiexibleplatformdesigns(e.g.3-in-1systems),Chineseplayersareloweringadoptionbarriersandsupportingfasterutilizationrampup.Weseethisstrategyasstructurallysustainable,underpinnedbylowpenetration,anemergingreplacementcycle,andearlyexecutionvalidationviaacceleratingoverseasregistrationsandorders,withoverseasmarginstypicallyhigherthandomesticChina.2026年4月21日9#1:WhereChineseplayersstandtoday?EarlyvalidationfromoverseasordersNumberofoverseasorderssuggestthatChineseplayersarebeginningtogainglobaltraction:albeitameaningfulgapremainsbetweenChineseplayersandISRGintermsoftotalinstalledbase.ISRGhasreachedaninstalledbaseof11,106systemsgloballyasof2025,versusMedbot/EdgeMedical’scumulativeorderof220+/120+systems(asofMar2026).However,theincrementaloverseasexpansionstronglyindicatesearlysignsofcatch-upmomentumamongdomesticplayers:in2025,Medbotsecuredover100overseasorders,andEdgeMedicalsecuredover70,comparedwithdaVinci’s734overseassystemsales.2026年4月21日10图表14:Earlyvalidationofglobalexpansionwithrobustoverseasorders20252025OverseassalesvolumeofdaVinci,overseasordersofMedbot(Toumai)andEdgeMed800600400200010070daVinciMedbot(Toumai)EdgeMedical734图表15:MedbotachievedstrongoverseasgrowthToumaiToumaicumulativeoverseasorders17050012022202320241H202503/202620018016014012010080604020020图表16:GlobalexpansionvalidatedbybroadoverseasordermomentumforChineseplayersKeyplayersOverviewEuropeAPAC&MiddleEastSouthAmericaAfricaMicroPortMedBotAsofMar2026,cumulative220+orders,andc.170fromoverseasmarket;broadlycovered50+countriesacrossAsia,Europe,Africa,andSouthAmerica;12countrieshaveordered5+unitsEuropebecomingafastgrowingregion;Alsocommercializedin:Italy,France,Georgia,Russia,Belgium,Sweden,Finland,Netherlands,UK,Ireland,Belarus,Bulgaria,Turkiye,Switzerland,Ukraine,Greece,Latvia,Estonia,Lithuania,etc.-IndiahasbecomeakeygrowthdriverinAsia,withcumulativeordersof14systemsasofDec2025;-EnteredClevelandClinicAbuDhabi(UAE),asthefirstChineseplayertoenteratop-tierinternationalhospital-Australiahasbecomeafastgrowingmarket;AlsocommercializedinNewZealand,Jordan,Kuwait,SaudiArabia,Uzbekistan,Azerbaijan,Pakistan,Singapore,Thailand,Malaysia,Philippines,Indonesia,Vietnam,SriLanka,BangladeshBrazilandArgentinahaveshownstronggrowthin2025;Brazilcumulativeordersof10systemsAlsocommercializedinPeru,Ecuador,Mexico,Colombia,Venezuela,Paraguay,PanamaMorocco'sfirstsurgicalrobot,achieved400+proceduresvolumeatCliniqueAinDiabAlsocommercializedinNigeria,Algeria,SouthAfricaEdgeMedical75+overseasordersasofFeb2026fromc.30countries/regions,with50+installed;achievedsubstantialgrowthinEastEurope,SouthAmerica,andMiddleEastin2025sinceCEapprovalobtainedRapidgrowthinEastEuropein2025Poland,Spain,andItalycontributedto1/3of1H25overseasrevenue;AlsocommercializedinRussia,Germany,Georgia,Greece,andArmeniaRapidgrowthinMiddleEastin2025(SaudiArabia,UAE);RegistrationinKoreaandJapaninprogress;AlsocommercializedinSoutheast/SouthAsia(Singapore,India,Malaysia,Indonesia,Thailand,Philippines,Vietnam,Pakistan)andCentralAsia(Uzbekistan)RapidgrowthinSouthAmericain2025;CommercializedinBrazil,Chile,Mexico,Peru,Ecuador,andElSalvadorCommercializedinNigeriaandMoroccoIntuitiveSurgicalAsof2025,Overseasinstallationbasewas4,742systems,mainlyinEurope(46%ofOUS)andAsia(42%ofOUS)Asof2025,InstalledbaseinEuropewas2,648systems,including342newinstallationsin2025InstalledbaseinAsiawas1,993systems,including269newinstallationsin2025(decreasedfrom321systemsin2024;butmainlyfocusedonKorea,JapanCommercializedinmajorSouthAmericacountries:Brazil,Argentina,Chile,Mexico,Peru,Ecuador,etc.CommercializedinmajorAfricancountries:Egypt,Morocco,Nigeria,SouthAfrica,etc.资料来源：公司数据,DatacompiledbyGoldmanSachsGlobalInvestmentResearch#2:Wheretogo?Large,underpenetratedOUSmarketsdriveexpansionWeseethedevelopingandselecteddevelopedmarketstargetedbyMedBotandEdgeMedicalofferingattractive,actionableexpansionrunways,supportedbyrelativelymodestregulatoryconstraintsandafavorablecompetitivelandscape.Ourassessmentfollowsathree-stepframework—marketattractiveness,regulatoryfeasibility,andcompetitiveintensity.Wenotethat(1)majorex-USmarketsaresufficientlylarge,withabroadhospitalbase,risingMISprocedurevolumes,lower-than-USroboticpenetration,andhighpricesensitivity;(2)entrybarriersaremanageableratherthanprohibitive,withmarketstructuresthatremainconducivetonewentrantsacrossmostselectedcountries;and(3)whileISRGremainsthe2026年4月21日11dominantincumbent,competitioninmanytargetmarketsislessentrenched,withonlylimitedlocalplayersinselectcountries,leavingroomforChineseplatformstoscale.Beyondourcoreframework,weaddressconcernsaroundreimbursementanddatasecurity.Inmostex-USmarkets,roboticsurgeriesarenotreimbursedatthenationallevel,particularlyindevelopingcountries,whilecoverageinselecteddevelopedmarkets(e.g.,Italy,Spain)andChinaislimitedtospecificregionsorprocedures;assuch,wedonotviewthelackofnationalreimbursementasastructuralbarriertooverseasexpansion.InChina,however,lowerpenetrationofopen/laparoscopicsurgeriesversusdevelopedmarketsmeanstherolloutofanationalpricingcatalogueremainsakeycatalyst.Ondatasecurity,patientdataarestoredlocallyonhospitalservers,withdatatransferlimitedtoremotesurgeries—anareawherebothMedBotandEdgeMedicalhavealreadyreceivedapprovalsinseveraloverseasmarkets—suggestingdata-securityconcernsaremanageableintargetcountries.图表17:Chineseplayersprioritizeattractiveex-USmarketswithlighterrestrictionsandmorefavorabledynamicsCountries&OverallratingsIsthemarketattractive?Isthereanyrestrictions?Isthemarketlandscapefavorable?Majorplayers#LargehospitalsPenetrationinhospitalsInstalledbasepermnppl.MISCAGR2020-24PenetrationinsurgeriesImport/ProcurementLocalizationincentivesBeyondCE,localapprovalrequired?Brazil250-40030%0.58-10%3-5%YYYISRG,CMR,EdgeMedMexico60-10020%0.28-10%c.1%NNY(fasttrack)ISRG,Medtronic,EdgeMedArgentina80-12030%0.75-7%c.3%NNYISRG,MedbotRussia150-22030%0.32-4%c.3%NNYEdgeMed,MedbotIndia65040%0.213-15%c.1%YYYISRG,SSI,CMR,EdgeMed,Medbot,SagebotTurkiye120-18040%0.611-13%3-5%NYNISRG,CMR,Medtronic,MedbotItaly300-39070%3.75-7%13-17%NNNISRG,CMR,Medbot,EdgeMedSpain160-32070%3.38-10%8-12%NNNISRG,Medtronic,Medbot,EdgeMedGermany28070%3.96-8%15-20%NNNISRG,Medtronic,CMR,EdgeMed,AsensusAustralia20080%6.18-10%13-17%NNY(fasttrack)ISRG,Medtronic,CMR,MedbotFrance550-65070%4.36-8%8-12%NNNISRG,CMR,Medtronic,MedbotKorea350-40050%3.810-12%15-20%NNYISRG,Medtronic,MeerecompanyJapan1,40060%7.37-9%15-20%YYYISRG,Medicaroid,AsensusUK230-27080%2.95-7%13-17%YYY(fasttrack)ISRG,CMR,Medtronic,MedbotUS700-75095%18.67-9%25%YYYISRG,Medtronic,CMR,Asensus1.“Isthemarketattractive?”:greenindicateslowerroboticspenetrationandMISgrowth;redindicateshigher.2.“Isthereanyrestrictions?”:greenindicatesmorefavorableaccess;redlessfavorable.Foryellow,itindicatesonlyafasttrackisprovidedforCEmarkholders,butlocalregistration/approvalprocessstillrequired.3.“Isthemarketlandscapefavorable”:greenindicatesamorefavorablelandscape(fewerplayersand/ornolocalplayers);redlessfavorable.资料来源：公司数据,Statistics/Hospitalauthoritiesofdifferentcountries,Hospitals’websitesandannualreports,高盛全球投资研究部ISRG’sDeveloped-MarketFocusLeavesex-USUnderpenetratednAsofYE2025,c.80%ofdaVinci’sinstalledbaseareconcentratedintheUS(57%)andEU(20%)markets,withAsiaaccountingfor18%mainlyindevelopedcountriessuchasJapan(c.800-900)andKorea(200),aswellasChina(519)Ontheotherhand,OUSdeveloping/developedcountries’penetrationat3%/15%remainssignificantlylowerthan26%intheUS.Thus,MedbotandEdgeMedicalprioritizedexpansioninOUSmarkets.Forexample,India,MiddleEast,EastEurope,andSouthAmericahadbecomekeygrowthdriversforMedbotandEdgeMedicalin202