Robotic Endoscopy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.71 billion |
|
Revenue Forecast in 2031 |
US$ 4.18 billion |
|
CAGR |
10.45% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global robotic endoscopy devices market was valued at US$ 1.71 billion in 2022 and is expected to register a revenue CAGR of 10.45% to reach US$ 4.18 billion by 2031.
Robotic Endoscopy Devices Market Fundamentals
The robotic endoscopy devices market refers to the industry that develops and sells endoscopy devices equipped with robotic technology. These devices allow for more precise and accurate procedures and less invasive methods for diagnosis and treatment. Robotic endoscopy devices are used for various medical procedures, such as colonoscopies, gastroscopies, bronchoscopies, and laparoscopies. These devices are designed to improve patient outcomes and reduce recovery time by providing better visualization and control during the procedure. One major advantage of robotic endoscopy devices is that they can provide a more detailed and accurate view of the inside of the body than traditional endoscopes. They can also perform more complex procedures, such as biopsies or polyp removals, with greater precision and control. The market for robotic endoscopy devices is expected to grow rapidly in the coming years due to technological advancements and increased demand for minimally invasive procedures. The market is highly competitive, with several major players in the industry.
[8897]
Robotic Endoscopy Devices Market Dynamics
The prevalence of pancreatic cancer and gastroesophageal reflux disease is rising across all age groups because of an unhealthy lifestyle. The 2021 report from IFFGD asserted that around 10%-15% of the total population is influenced by irritable bowel syndrome globally, including 25-45 million people affected with the disease in the U.S., thereby demanding a higher need for high-end technologies in endoscopy for efficient treatment, which can boost up the market revenue growth during the forecast period. The rise in the geriatric population with chronic diseases is also a significant driver of market revenue growth. The high adoption rate of robotic endoscopy devices for the intervention of surgical processes & a rising number of market players developing new robotic endoscopy devices for various surgical procedures is driving the market revenue growth. For instance, in November 2020, experts from Vanderbilt University created a flexible robotic endoscope with features like smartness, self-governed, and magnetism to prepare widely available colonoscopies, less expensive, safer, safer, and less painful. The increase in investments in robotic system development, technological advancements, and government policies will further accelerate the expansion of the market for robotic endoscopy devices, offering significant opportunities for endoscopy market revenue growth in the upcoming years, which will facilitate the overall development of the market. However, the increase in the cost of robotic endoscopy devices and the lack of trained professionals hinder the revenue growth of the global robotic endoscopy devices market.
Robotic Endoscopy Devices Market Ecosystem
The global robotic endoscopy devices market is analyzed from four perspectives: type, application, end-user, and region.
Robotic Endoscopy Devices Market by Type
[645213]
Based on type, the global robotic endoscopy devices market has been segmented into therapeutic and diagnostics.
The therapeutic segment is the largest revenue share in the global robotic endoscopy devices market. This is due to an increase in the use of robotic endoscopy devices for surgical intervention and an increase in the number of market players creating new robotic endoscopy devices for various surgical procedures. The Da Vinci Robotic Surgical System by Intuitive Surgical Inc. has considerably boosted the acceptance of robotic-assisted surgery. The growing use of the robotic platform in the medical field has prompted companies to create robotic endoscopic equipment. Auris Health (Johnson & Johnson), Medineering GmbH, TransEnterix Surgical, Inc., and Medrobotics Corporation are a few other significant companies.
The diagnostic segment is expected to record a high revenue CAGR during the forecast period. Robotic endoscopic equipment is being developed and approved for more diagnostic procedures, which is responsible for this. For instance, the Johnson & Johnson subsidiary Auris Health's Monarch Platform is recommended for bronchoscopies. Growth is predicted to be further fueled by technological innovation.
Robotic Endoscopy Devices Market by Application
Based on application, the global robotic endoscopy devices market is segmented into bronchoscopy, laparoscopy, colonoscopy, and others.
The laparoscopy segment accounts for the largest revenue share in the global robotic endoscopy devices market. Due to recent developments in laparoscopic diagnostics and minimally invasive treatments, including digital laparoscopy, there has been a growth in the number of robotic laparoscopic surgeries and their preference and adoption. During laparoscopy, a laparoscope and other equipment are inserted via tiny incisions created in the body, such as those in the abdominal wall, which allows structures inside the internal body cavity to be visible. Robot-assisted laparoscopic surgery makes procedures that would have otherwise required a laparotomy far less invasive, enabling physicians to better care for their patients. The benefits of minimally invasive surgery include less postoperative pain, fewer and perhaps more cosmetically pleasing incisions, a shorter hospital stay, quicker recuperation, and a quicker return to work. Robot-assisted laparoscopic surgery offers these benefits as well. When doing procedures on diabetic patients, where minimal invasiveness is essential, laparoscopy is essential. The Versius Surgical Robotic System was introduced in February 2021 by Cambridge-based CMR Surgical (CMR), a medical equipment business, to perform minimum access surgery (MAS), also referred to as laparoscopic or keyhole surgery. Thus, these elements will probably fuel market revenue expansion during the forecast period.
Robotic Endoscopy Devices Market by End-User
Based on end-user, the global robotic endoscopy devices market has been segmented into ambulatory surgical centers, hospitals, and others.
Hospitals account for the largest global robotic endoscopy devices market revenue share. One of the key factors boosting the segment's revenue growth is that hospitals serve as the primary care option in many countries. Also, the developed area's hospital's access to funding and the increasing use of robotic endoscopic tools for a range of surgical operations are fostering market expansion.
The ambulatory surgical center's segment is projected to grow at high revenue CAGR during the forecast period. One of the major drivers of development is the increasing use of robotic devices in ambulatory surgical centers, particularly in industrialized nations like the U.S. It is expected that the growing preference for minimally invasive procedures will further accelerate the revenue growth of the global robotic endoscopy devices market.
Robotic Endoscopy Devices Market by Region
Based on region, the global robotic endoscopy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global robotic endoscopy devices market. The United States dominates North America's robotic endoscopy devices market and is expected to continue its stronghold for a few more years. The marketplace is growing due to increased therapies and a rising population with a higher prevalence of gastrointestinal illnesses. Colon cancer is expected to be the third-leading cause of cancer deaths in the United States. As per the American Cancer Society, it caused about 53,200 deaths in the country in 2020. Due to the rising prevalence of digestive disorders, growing preference for minimally invasive surgeries, rising elderly population, and enhancing therapeutic capabilities of endoscopy devices, which are driving the revenue growth of the U.S. market, the number of annual gastrointestinal procedures is also likely to increase. According to Census data 2021, 16.5% of the U.S. population of 328 million people, or 54 million, are over 65 years old. This number is estimated to reach 74 million by 2030. The number of people over 85 who generally need the most care is growing even faster. As the elderly population is expected to increase, they are likely to be more prone to chronic conditions, such as cardiovascular, G.I. disorders, and other diseases, which may positively impact the market. Several companies are launching products associated with robotics endoscopy in the United States. For example, in March 2021, Asensus Surgical Inc. announced the FDA clearance of the Senhance Surgical System in the United States.
Competitive Landscape of the Global Robotic Endoscopy Devices Market
The prominent players operating in the global robotic endoscopy devices market are:
A few significant companies exist in the slightly consolidated global robotic endoscopic devices market. Most of the major players currently controlling the market are concentrating on R&D investments for technological advancements to address the unmet needs of conventional endoscopy, releasing new products, and actively making acquisitions and partnerships with other businesses and hospitals to strengthen their market positions globally.
Strategic Developments in the Global Robotic Endoscopy Devices Market
The global robotic endoscopy devices market is expected to grow at a revenue CAGR of 10.45% in the forecast period.
Medrobotics Corporation, Stryker Corporation, Medtronic plc, Olympus Corporation, Siemens Healthineers, and Johnson & Johnson are a few key players in the global robotic endoscopy devices market.
The laparoscopy segment accounts for the largest global robotic endoscopy devices market revenue share.
Europe accounts for the second-largest revenue share in the global robotic endoscopy devices market.
Regulatory approval can be lengthy and expensive, thus limiting the availability of robotic endoscopy devices in certain markets. The regulatory process can also impact the speed at which innovations are introduced to the market.
*Insights on financial performance are subject to the availability of information in the public domain