Market for Minimally Invasive Medical Devices to Reach $23 Billion by 2014
The global market for minimally invasive medical devices is expected to rise by $9 billion to $23 billion between now and 2014, according to a report by BCC Research. “The Market for Minimally Invasive Medical Devices” indicates the sector was worth $8.3 billion in 2007, $14.8 billion in 2008 and is expected to rise to $15.8 billion this year and $23 billion by 2014. It is increasing at a compound annual growth rate of 7.4 percent.
Surgical robots are expected to be the fastest-growing equipment/device segment at a growth rate of 12 percent between this year and 2014, followed by surgical devices, with 8 percent growth, the report states.
Surgical devices, such as stents, catheters, and guide wires made up the largest product segment of the U.S. minimally invasive surgery market in 2007 (69 percent). Monitoring and visualization systems were the second largest segment, with an 11 percent market share, followed by endosurgical instruments at 9 percent, electrosurgical equipment at 8 percent and robotics at 3 percent.
Cardiothoracic surgery was the largest application segment for minimally invasive surgery devices and equipment in 2007, representing 70 percent of the total market, according to the report. Cardiothoracic surgery was followed in order of size by orthopedic surgery at 12 percent, gastrointestinal surgery at 10 percent and gynecology at 3 percent.
U.S. hospitals with in-house surgery departments are the most frequent users of minimally invasive devices, accounting for 45 percent of the total market in 2007. Outpatient surgery clinics accounted for 35 percent of the U.S. market, and individual physicians and surgeons represented 15 percent. Medical schools and other medical education programs accounted for 5 percent, and cosmetic surgery was the smallest application segment, with 0.3 percent of the market.
For more information about the report, visit www.bccresearch.com/report/ HLC051E.html.