Minimally Invasive Technologies Market Expected to Grow Significantly

The medical device industry is urging government regulators to take a look at minimally invasive technology because the market is expected to expand considerably, according to a report by BCC Research.

“Over the next decade, it’s expected that all surgeries will be minimally invasive,” Lazard Capital Markets analyst Sean Lavin said. “Virtually all device companies are working toward developing products that are less invasive. … If you’re not doing something minimally invasive, you’re probably not doing business.”

The global market for minimally invasive devices is expected to rise by $9 billion to $23 billion between now and 2014, according to “The Market for Minimally Invasive Medical Devices.” The report estimated the market to be worth $8.3 billion in 2007 and $14.8 billion in 2008; this year, the market is expected to rise to $15.8 billion and by 2014, it will reach $23 billion. The report said the market 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.

For more information about the report, visit ww.bccresearch.com/report/HLC051E.html.