According to a new technical market research report, THE MARKET FOR MINIMALLY INVASIVE MEDICAL DEVICES (HLC051E) from BCC Research (www.bccresearch.com), the global market for minimally invasive medical devices was worth $14.8 billion in 2008 and an estimated $15.8 billion in 2009. This will increase to $23.0 billion in 2014, for a compound annual growth rate (CAGR) of 7.8%.
In 2007, the U.S. accounted for about 60% of the world market, or $8.3 billion, and is increasing at a CAGR of 7.4%. The U.S. market should approach $8.9 billion in 2008, exceed $9.5 billion in 2009 and reach $13.6 billion by 2014.
Surgical devices (stents, catheters, guidewires) are the largest product segment of the U.S. minimally invasive surgery market. They accounted for about a 69% share in 2007. Monitoring and visualization systems were the second largest segment in 2007, with an 11% market share, followed by endosurgical instruments (9%), electrosurgical equipment (8%) and robotics (3%). Surgical robots are the fastest-growing equipment/device segment at a CAGR of 12% between 2009 and 2014, followed by surgical devices, with a CAGR of 8%.
Cardiothoracic surgery was the largest application segment for MIS devices and equipment in 2007, representing 70% of the total market. Cardiothoracic surgery was followed in order of size by orthopedic surgery (12%), gastrointestinal surgery (10%) and gynecology (3%). The remaining application segments are all relatively small, most of them with 1% to 3% shares of the total market. In 2007, cosmetic surgery was the smallest application segment, with 0.3% of the market.
U.S. hospitals with in-house surgery departments are the biggest user segment, with 45% of the total market in 2007. Outpatient surgery clinics accounted for 35% of the U.S. market, and individual physicians and surgeons represented 15%. Medical schools and other medical education programs accounted for the remaining 5%.
Global Market for Minimally Invasive Medical Devices Worth $23.0 Billion in 2014
According to a new technical market research report, THE MARKET FOR MINIMALLY INVASIVE MEDICAL DEVICES (HLC051E) from BCC Research (www.bccresearch.com), the global market for minimally invasive medical devices was worth $14.8 billion in 2008 and an estimated $15.8 billion in 2009. This will increase to $23.0 billion in 2014, for a compound annual growth rate (CAGR) of 7.8%.