The robotic endoscopy devices market was valued at approximately USD 1,576. 34 million in 2020 and is expected to witness a revenue of USD 3,222. 87 million in 2026, with a CAGR of 12. 45% over the forecast period.
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Robotic Endoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062854/?utm_source=GNW
The outbreak of the COVID-19 pandemic is expected to have a significant impact on the Robotic Endoscopic Devices market. The lockdown measures across the world have resulted in decreased public mobility, as well as impacted the diagnostics and imaging industry significantly, as the diagnostic procedures and screening programs, which are non-immediate, were postponed to decrease the burden on healthcare infrastructure.? In the wake of the COVID-19 pandemic, in May 2020, Sixteen experts from the Asian Pacific Society for Digestive Endoscopy (APSDE) developed position statements, including patient triage and risk assessment before endoscopy, resource prioritization and allocation, regular monitoring of personal protective equipment, infection control measures, protective device training and implementation of a strategy for stepwise resumption of endoscopy services after control of the COVID-19 outbreak. Also, in April 2020, The European Society of Gastrointestinal Endoscopy and the European Society of Gastroenterology and Endoscopy Nurses and Associates collaborated to guide during the COVID-19 pandemic to assure the highest level of endoscopy care and protection against COVID-19 for both patients and endoscopy unit personnel. However, as the lockdown measures are being resolved in most of the countries, it is expected that both the robotic and as well as conventional endoscopic procedures are likely to experience momentum during the forecast period and gain a significant growth rate in coming years.
The major factors attributing to the growth of the market are the rise in the prevalence of chronic diseases such as pancreatic cancers, inflammatory bowel disease, and gastroesophageal reflux disease (GERD) among all age groups due to unhealthy lifestyle along with the increasing geriatric population. For instance, according to the International Foundation for Gastrointestinal Disorders Report published in 2019, GERD affects about one-third of the total population necessitating the high requirement of advanced technologies in the endoscopy for effective treatment which will positively help the market growth throughout the forecast period.
Furthermore, technological innovations in endoscopy visualization systems are likely to revolutionize the robotic endoscopy devices market, thus improving the quality of services. As integrated healthcare systems emerge, the pressure to provide high-quality endoscopy services at lower costs is expected to increase. The high cost of devices exerts an economic burden on low-income patients. In November 2020, Vanderbilt University researchers developed an intelligent and autonomous robotic Magnetic Flexible Endoscope to make colonoscopies safer, less painful, more widely available, and less expensive. Thus, owing to these exemplary factors, the market for Robotic Endoscopy Devices is expected to grow significantly during the forecast period.
Key Market Trends
Laparoscopy is Expected to Hold the Largest Market Share in the Robotic Endoscopy Devices Market
Laparoscopic procedures are expected to be accountable for the highest market revenue due to a rise in the volume of robotic laparoscopic surgeries with their increased preference and adoption owing to the recent advancements in laparoscopic diagnostics and minimally invasive therapeutic procedures such as digital laparoscopy. Laparoscopy is referred to as a type of surgery in which small incisions are made in the body, such as an abdominal wall, through which, a laparoscope, as well as other instruments, can be placed to allow structures within the internal body cavity to be seen. Robot-assisted laparoscopic surgery helps surgeons to provide improved patient care by converting procedures that would have otherwise been performed by laparotomy into minimally invasive procedures. Robot-assisted laparoscopic surgery has all the advantages of minimally invasive surgery, including less postoperative pain, smaller and possibly more cosmetically appealing incisions, shorter hospital stay, shorter recovery time, and faster return to work. Laparoscopy plays a vital role in performing surgeries in Diabetic patients where minimally invasiveness is crucial.
As per the May 2019 research study published on Frontiers in Pediatrics journal, the study demonstrated that Robot-Assisted Laparoscopic is safe and effective in children. In November 2020, the Asian Congress of Robotic and Laparoscopic Surgery 2020 was held in Seoul, South Korea. The main motto of the conference is to create awareness and benefits about robotic and laparoscopic surgeries in Asian Countries. In February 2021, Cambridge-based medical device company CMR Surgical (CMR) launched Versius Surgical Robotic System to perform minimal access surgery (MAS) which is also known as laparoscopic or keyhole surgeries. Thus, the aforementioned factors are likely to drive the market growth during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the global robotic endoscopy devices market throughout the forecast period. The United States dominates the robotic endoscopy devices market in the North American region and it is expected to continue its stronghold for a few more years. An increasing number of treatments, along with a rising population that exhibits a higher prevalence of gastrointestinal disorders, is driving the growth of the market. Furthermore, colon cancer is projected to be the third-leading cause of cancer deaths in the United States, which is expected to cause about 53,200 deaths during 2020 in the United States, as per the American Cancer Society. The number of annual gastro-intestinal procedures is also likely to grow, due to the growing prevalence of digestive disorders, increase in preference for minimally invasive surgeries, and rise in the elderly population, and the expanding therapeutic capabilities of endoscopy devices, which are boosting the growth of the market in the United States. According to the World Ageing 2019 report, the United States had about 53.340 million (16.2%) population aged 65 years or over in 2019. This number is projected to reach 70.842 million (20.3%) in 2030. As the elderly population is expected to increase in the future, they are likely to be more prone to chronic conditions, such as cardiovascular, GI disorders, and other diseases, which may have a positive impact on the market studied.
Furthermore, several companies are involved in launching products associated with robotics endoscopy in the United States. For example, in March 2021 the company Asensus Surgical, Inc. had announced the FDA clearance of the Senhance Surgical System in the United States. Also, This robotic system is indicated in general surgery including endoscopy procedures. Furthermore, in June 2020 the AnX Robotica Corporation announced Food and Drug Administration (FDA) De-Novo classification for NaviCamTM Magnetically Controlled Capsule Endoscopy (MCCE) System for the stomach. Thus, owing to the above-mentioned factors, the market is expected to show significant growth over the forecast period
The robotic endoscopy devices market is moderately consolidated and consists of few major players. Most of the key players currently dominating the market are focusing on R&D investments for technological advancements to address the unmet needs of conventional endoscopy, launching new products, and actively making acquisitions, partnerships with other companies and hospitals to consolidate their market positions across the globe. For instance, in July 2019, Intutive Surgical Inc. completed the acquisition of Denzlingen, Germany-based Schölly Fiberoptic‘s robotic endoscope business. Some of the companies which are currently dominating the market are Intuitive Surgical Inc, Asensus Surgical Inc., Johnson & Johnson, Brainlab AG, and Medrobotics Corporation.
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