Robotic-assisted surgery makes use of specialized technologies, such as a surgical arm, a surgical console, and a special camera, among others, to enable surgeons to carry out procedures effectively through small incisions in difficult-to-reach places. Additionally, improved 3D image visualization and flexible robotic arm movement are two additional important aspects boosting demand for robotic endoscopic equipment. Due to several advantages, such as less scarring, less discomfort, less blood loss, and shorter hospital stays, there is an increasing desire for minimally invasive operations, boosting market revenue.
The market worth of robotic endoscopy devices in 2021 was USD 1.60 billion, and it will be worth USD 5.49 billion by 2030, growing at a 14.65% CAGR during the forecast period.
Market Dynamics
Drivers
Because of an unhealthy lifestyle, NCD/chronic diseases are rising across all age categories, including gastroesophageal reflux disease, pancreatic cancer, etc. Irritable bowel syndrome affects 10%–15% of the world’s population, with 25–45 million Americans suffering from the condition. This statistic highlights the increased demand for high-end endoscopic technology for effective treatment, which will help the market grow.
The market is fostering due to the high rate of adoption of robotic endoscopy devices for the intervention of surgical processes and the growing number of market participants creating new robotic endoscopy devices for various surgical procedures.
Restraints
The market for robotic endoscopic devices is being held back by rising costs for the equipment and a shortage of experts with the necessary training.
Opportunity
The market for robotic endoscopy devices will continue to grow due to increased government initiatives, technological advancements, and investments in robotic system development. These factors will also provide significant opportunities for endoscopy market growth in the coming years, supporting the market’s overall prosperity.
Due to their larger patient populations, developing nations like India, Africa, and China provide a plethora of growth potential. Additionally, the countries’ lax regulations and burgeoning medical tourism industries encourage their market participants to increase their presence in developing nations.
Market Segmentation
By product
On the basis of product, the market is segmented into diagnostics and therapeutics.
In 2020, the therapeutic segment ruled the entire market, with the largest revenue share of nearly 98%. The largest market share is due to the intense concentration on the growing number of market participants developing new robotic endoscopic equipment for various surgical procedures. The rapid deployment of robotic endoscopic tools for surgical intervention is another factor driving the segment’s expansion.
By Application
On the basis of application, the robotic endoscopy devices market is segmented into the bronchoscopy, laparoscopy, gastrointestinal devices market, and colonoscopy devices markets.
In 2020, the laparoscopic segment held maximum market position and generated revenue of nearly USD 1 billion due to the demand for laparoscopic diagnostic and therapeutic treatments. Globally, more than 13 million laparoscopic surgeries are performed each year, according to Cleveland Clinic. The growing elderly population is also driving the total growth of this segment.
By End-user
On the basis of end-user, the market for robotic endoscopy devices is segmented into ambulatory surgical centers, hospitals, and others.
In 2020, the Hospitals segment ruled the market with around USD 15 billion. The overall growth of this market is significantly driven by elements like the availability of funding for hospitals in developed regions. An increase in the population suffering from diseases, favorable reimbursement policies. And the growing adoption of robotic endoscopic surgery devices for a variety of surgical procedures.
Regional Analysis
North America ruled the regional market with 65% of the revenue share in 2020. The largest market share of this region is due to the fact that Hospitals in North America have the financial resources to develop and purchase robotic endoscopic equipment. The increase in the geriatric population is due to Census statistics from 2021 revealing that currently. Approximately 16.5% of Americans, or 54 million people, are over the age of 65. With the figure expected to reach 74 million by 2030. The region’s huge number of market participants. And the well-established healthcare sector’s general awareness of robot-assisted medical operations support the segment’s expansion.
Key Players
- Ovesco Endoscopy AG
- Cook
- Renishaw Plc.
- Braun Melsungen Ag
- Hoya Corporation
- FUJIFILM Holdings America Corporation
- Richard Wolf CmbH
- Boston Scientific Corporation
- EndoMaster Pte Ltd
- Engineering GmbH
- Intuitive Surgical
- Smith & Nephew
- Brainlab AG
- Stryker, Medtronic
- Auris Health, Inc.
- Medrobotics Corporation
The market worth of robotic endoscopy devices in 2021 was USD 1.60 billion. And it will be worth USD 5.49 billion by 2030, growing at a 14.65% CAGR during the forecast period. Factors contributing to the growth of the robotic endoscopy devices market are the rise in chronic diseases. Such as pancreatic cancer, inflammatory bowel disease. And gastroesophageal reflux disease (GERD) among all age groups as a result of unhealthy lifestyles and the rising elderly population.
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Drug Delivery Devices Market Report – The global drug delivery devices market will witness a robust CAGR of 7.1%, valued at $239.2 billion in 2021, expected to appreciate and reach $340.45 billion by 2030, confirms Strategic Market Research. In terms of revenue, North America will account for the maximum industry share in 2020.
