Robotic Endoscopy Devices Market Expected To Witness A Substantial Growth Of $4.5 Billion By 2025: Grand View Research Inc.

 

The global robotic endoscopy devices market size is expected to reach USD 4.5 billion by 2025, registering a CAGR 20.0% over a forecast period, according to a new report by Grand View Research, Inc. Rising preference for Minimally Invasive Surgical (MIS) procedures, recent product approvals by the regulatory bodies such as the U.S. Food and Drug Administration (FDA), and prevalence of chronic diseases are the key factors driving the growth.

With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.

Robotic endoscopy devices are developed to overcome the limitations of standard diagnostic and therapeutic procedures. The benefits of robotic endoscopy devices in surgical procedures include fast recovery time, reduced post-surgery complications, and minimized scars, thus reduced the duration of hospital stays. Such benefits are anticipated to drive the robotic endoscopy devices market in the forthcoming years.

Factors such as new product developments, approvals, and technological advancements are projected to further fuel the market growth. For instance, in March 2018, Auris Health (Johnson & Johnson) announced the FDA clearance for its Monarch Endoscopy platform. The robotic endoscopy system developed by Medineering GmbH received CE mark approval in the European Union in 2016. Medineering also received the CE approval for its endoscope robot in February 2018.

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The majority of market participants focus on expanding their product line by getting product approvals from the respective regulatory agencies, such as the U.S. FDA and the European Union’s CE marking. For instance, in March 2018, Auris Health announced the FDA clearance of its Monarch Endoscopy platform. In 2014, Flex Robotic System developed by Medrobotics received CE mark approval. Medineering GmbH, a Munich-based company, received the CE approval in February 2018, for its endoscope robot.

Further key findings from the report suggest:

• In 2018, therapeutic segment held the largest revenue share owing to the rising adoption of robotic endoscopy devices for surgical intervention coupled with increasing number of market players developing new products for various surgical procedures
• Hospitals held the largest revenue share in 2018 owing to the availability of large funds with the hospitals in the developed regions coupled with rising adoption of the devices for performing various types of surgical procedures
• North America held the largest revenue share in 2018, owing to the financial capability of the hospitals to make investments in these devices and general awareness about robot assisted medical procedures
• Asia Pacific expected to expand at the fastest CAGR over the forecast period owing to the factors, such as rising disposable income, healthcare expenditure, and prevalence of chronic diseases
• Key players operating in the robotic endoscopy devices market include Intuitive Surgical, Inc.; TransEnterix, Inc.; Auris Health (Johnson & Johnson); Medineering GmbH; and Medrobotics Corporation

Several robotic endoscopy devices are in the developmental stage and are expected to be launched in the forthcoming years. For instance, K-FLEX, a flexible, remote endoscopic surgery robot developed by KAIST was undergoing porcine trials in September 2018. Additionally, Master and Slave Transluminal Endoscopic Robot, a flexible robotic endoscopic platform is under development by Endomaster Pte Ltd, Singapore.

These devices are developed to overcome the limitations of standard diagnostic and therapeutic procedures. The benefits of such devices in surgical procedures include fewer complications post-surgery, faster recovery time, and minimal scars, thereby reduction in the duration of hospital stays. These benefits associated with robotic endoscopy devices are anticipated to be a prominent factor for its adoption.

As the majority of the robotic endoscopy devices are used in various surgical procedures, thus the growing number of robotic surgery procedures is expected to support the growth of the robotic endoscopy devices market. During the Annual Minimally Invasive Surgery Symposium (MISS) 2016, the surgeons reported that the number of robotic general surgery procedures in the U.S. was nearly 140,000 in 2015 and is constantly witness significant growth with each passing year.

The rising adoption of the robotic platform in the medical sector has encouraged prominent players to develop robotic endoscopy devices. Some of the key companies include TransEnterix Surgical, Inc.; Auris Health (Johnson & Johnson); Medineering GmbH; Medrobotics Corporation; and others.

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Intuitive Surgical, Inc.; TransEnterix, Inc.; Auris Health; Medineering GmbH; and Medrobotics Corporation are some of the major market players. R&D investments, collaborations with other industry participants, and new product launches are among the key strategies adopted by these players for gaining a competitive edge.

Robotic endoscopic platform with bronchoscopy applications can be beneficial for patients with lung lesions that may require a biopsy before surgical resection, immunotherapy, or stereotactic radiation. With the recent launch of robotic platforms for bronchoscopy, the adoption is anticipated to witness a moderate pace. For instance, in June 2018, UPMC Hamot, a hospital in the U.S. started utilizing the Monarch platform for lung cancer diagnosis.

The colonoscopy segment is anticipated to expand at the fastest CAGR of 33.5% over the forecast period. A large number of developmental stage devices for colonoscopy applications is one of the factors driving growth. Additionally, a high prevalence of inflammatory bowel diseases, such as Crohn’s disease, ulcerative colitis, and colorectal cancer is anticipated to support the growth.

Grand View Research has segmented the global robotic endoscopy devices market on the basis of product, application, end use:

Robotic Endoscopy Devices Product Outlook (Revenue, USD Million, 2014 - 2025)

·         Diagnostic

·         Therapeutic

Robotic Endoscopy Devices Application Outlook (Revenue, USD Million, 2014 - 2025)

·         Laparoscopy

·         Bronchoscopy

·         Colonoscopy

Robotic Endoscopy Devices End Use Outlook (Revenue, USD Million, 2014 - 2025)

·         Hospitals

·         Ambulatory Surgical Centers

·         Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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