Robotic Surgery Rivalry Intensifies as Intuitive Surgical Confronts New Competitors

As of November 12th, 2025, Intuitive Surgical, a leading medical device company specializing in robotic-assisted surgery (RAS) systems, is facing a growing competitive landscape. The company's flagship da Vinci system, which has dominated the market for over two decades, is now set to compete with Medtronic's Hugo system and potentially Johnson & Johnson's Ottava system in the coming years.

Medtronic's Hugo system has already demonstrated strong clinical trial performance and is awaiting U.S. regulatory clearance, which is likely to be granted. This will allow Medtronic to expand the Hugo system into urologic procedures, where the da Vinci system has been the primary player. Additionally, Medtronic is expected to seek label expansions for the Hugo system across other indications where the da Vinci system is currently approved.

Despite these competitive pressures, two prominent investors remain bullish on Intuitive Surgical. Cathie Wood's Ark Invest and billionaire Israel "Izzy" Englander's Millennium Management both hold shares in the company. However, Intuitive Surgical's stock does not appear cheap, trading at 48 times forward earnings, well above the healthcare sector's average of 17.4.

Furthermore, Intuitive Surgical faces the threat of tariffs, as the company does significant manufacturing outside the U.S. This could potentially impact its operating margins and earnings over time. Nonetheless, the company's ability to generate revenue from instrument and accessory sales for its installed base of RAS devices remains a key strength.