The robotics industry has been growing at an incredible pace, and the computing power needed for these mechatronic devices is getting cheaper by the day. The increased computing power and data handling capabilities of mechatronic devices are allowing them new actions that previously weren’t possible for humans. Robotics is disrupting several industries healthcare, logistics, and automotive, creating opportunities like never before. Hence, robotics stocks have before more pertinent for investors than ever before.

A report suggests that The global robotics market is expected to grow at an annualized rate of 22.8% over the next ten years. It will reach $214 billion in 2030 as demand increases for industrial robots and companies improve their technology.

The changing preferences of consumers are leading to innovation in the robotics industry. For example, artificial intelligence has significantly improved human-robot interactions with chip advances that allow them to work more efficiently together. The heavy-duty use of robotics is on the rise, increasing demand for these machines. With that being said, let’s look at seven of the top needle-movers in the robotics sphere that are worth investing in at current prices.

UiPath (PATH)

UiPath (NYSE:PATH) provides robotic process automatic (or RPA) services that can be effectively linked to a firm’s software infrastructure to perform tedious tasks such as invoice processing, customer onboarding, and entering heaps of data. It’s the leader in this niche market, which is expected to grow at a compound annual growth rate (or CAGR) of a whopping 38.2% from 2022 to 2030.

Company growth rates have slowed due to the current macroeconomic climate. However, top-line growth is likely to improve substantially in a more conducive environment, while the firm’s gross margins remain in the mid-to-high 80s. Its strong margins give it plenty of pricing power. Moreover, it has $1.72 billion in cash, so it can continue to expand and invest in its business to generate multibagger gains by the end of the decade.

iRyhthm Technologies (IRTC)

iRyhthm Technologies (NASDAQ:IRTC) operates a medical device business known for its popular Zio heart rate monitor. It’s an advanced heart monitoring system that makes remote monitoring and data collection much easier than existing technologies. The firm claims that its device allows healthcare professionals to use big data to improve healthcare outcomes for heart patients.

The past couple of quarters has been encouraging for the business after a slump in last year’s fourth quarter. It can continue to grow its top line by double-digit margins in the future if it can effectively integrate telehealth and cloud health-into cardiovascular. Moreover, it plans to release other products, such as the Zio Watch, and improve its existing products and services to increase its market share. Its stock is currently down over 40% from its peak of $250, which provides an incredible entry point for long-term investors. Therefore, I believe it is one of the best robotic stocks to buy.

Fanuc (FANUY)

Fanuc (OTCMKTS:FANUY) is a Japanese industrial robotics giant with manufacturing facilities spread out across the U.S., China, and Japan. Its products are used for multiple purposes, and it boasts a diversified revenue base generating close to 50% of its revenues from its home country and China. Both markets are two of the leading players in the massive industrial robotics space. The operating income from China’s robotics sector is estimated to grow at an average of 20% from 2021 to 2025.

Fanuc has been consistently profitable and has grown its top line by a healthy 8% average over the past five years. Moreover, its EBITDA growth averaged a remarkable 11% over the same period. With the massive growth expected in its core markets over the next several years, FANUY is positioned to capitalize on the boom. On top of that, it offers a strong dividend yield of over 2.5%.

Nvidia (NVDA)

Nvidia (NASDAQ:NVDA) isn’t a robotics pure-play but, judging from recent development, could play a huge role in its revenue expansion in the future. Robotics has been of critical importance to the company’s Jetson chip line. Jetson is fitted with AI and machine learning software which offers multiple use cases in industries such as autonomous vehicles, robotics, and others.

Moreover, the chip giant recently revealed in its GPY Technology conference that multiple start-ups are using its cutting-edge new AI platform, Orin IGX. The platform is being used by more than 70 medical device specialists looking to accelerate the development of robotic surgery systems. Given its strong progress of late, NVDA could potentially give Intuitive Surgical and other top players in the robotics-assisted surgery market a run for their money. Thus, making it one of the top robotic stocks to buy.

Intuitive Surgical (ISRG)

Featuring as one of the top robotic stocks to buy, Intuitive Surgical (NASDAQ:ISRG) has established itself as the robotic surgical instruments market leader. Its tools allow doctors to perform minimally invasive surgeries, leading to better outcomes. ISRG has been a robust performer in the space, generating over 16% top-line growth in the past five years. Despite the impressive performance, in 2021, only 3% of surgeries were conducted robotically.

Its competitive advantage comes from its massive patent base, which totaled 4,200 at the conclusion of last year. Moreover, its Da Vinci surgical systems come with substantial switching expenses. Training medical personnel to operate the machinery takes time, and healthcare facilities are unlikely to let the investment go to waste by opting for another platform. At the end of the second quarter, the Da Vinci systems had an installed base of 7,135, representing a 13% bump from the prior-year period. The majority of these customers should stay put.

Teradyne (TER)

Teradyne (NASDAQ:TER) is a dominant player in the semiconductor testing equipment and automation solutions design businesses. Moreover, it layers its hardware stack with a robust software stack, enabling customers to maximize production capacity. As the robotics sector grows, the need for TER’s testing equipment and services will also grow rapidly.

Operating results last year were mighty impressive, with the company posting double-digit gains across its top and bottom lines. It’s in a strong position to continue pushing forward, especially with its industrial automation wing, which it expects to grow at an amazing 40% annually through 2024. Hence, the demand for its products will remain strong over the long haul despite the temporary slump it currently finds itself in.

IPG Photonics (IPGP)

IPG Photonics (NASDAQ:IPGP) manufactures high-end lasers. It develops medium, high, pulsed, and green-pulsed layers. Green-pulsed lasers, in particular, play a key role in producing batteries and electric vehicles. Hence, it operates in a massive market, and its continued investments will ensure it maintains its dominant positioning in the premium, high-margin laser space.

It has grown its top and bottom line by single-digit margins and has the potential to perform even better once it gets past the current market headwinds. Moreover, it is looking to reduce its exposure to China, which is its top growth driver. It is seeking to reduce its reliance and has seen progress in the space. Non-Chinese sales accounted for 64% of its total revenues in its second quarter, up from 57% last year. The diversity in its revenue base will help reduce the risks associated with its stock and help claw back its gains lost in the past year. Thus, it represents one of the robotic stocks to buy.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.