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The robotic endoscopy devices market studied was anticipated to grow with a CAGR of nearly 18.5% during the forecast period. 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.
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 the laparoscopic diagnostics and minimally invasive therapeutic procedures such as digital laparoscopy. On the other hand, the colonoscopy segment registers the highest CAGR during the forecast period due to a high incidence rate of gastrointestinal disorders such as Crohn’s disease, ulcerative colitis, and colorectal cancer. Furthermore, a huge rise in technological advancements in the colonoscopy applications such as the development of the robotic platform as a safer alternative to standard colonoscopy to treat patients with Inflammatory Bowel Disease (IBD) are likely to drive the growth of the market during the forecast period propelling the market share revenue.
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 dominance is due to the rising prevalence of lung cancers, GI disorders such as IBD owing to their unhealthy habits due to a sedentary lifestyle in the United States, which generates the highest revenue in the region. For instance, according to the World Gastroenterology Organization report published in the year 2018, the prevalence of GERD ranges from 18% to 28% in North America which resulted in a higher demand for better technologies in the robotic colonoscopy procedures which are likely to fuel the market in the region. Also, a steep rise in adoption of capsule robot endoscopic surgeries in recent years to treat obesity with wireless powering and communication due to a rise in the obese population in the United States which generates the highest revenue is further expected to boost the market revenue share of the region. Furthermore, an increasing healthcare awareness among the patients resulted in a preference for minimally invasive surgical (MIS) procedures coupled by the along with the availability of advanced healthcare infrastructure with increased affordability of expensive robotic endoscopy devices are also expected to fuel the market. Increased investment in R&D by key players in the region and earlier product approvals by the U.S. Food and Drug Administration is driving the growth of manufacturers contributing to its outstanding share in the global market revenue.
The robotic endoscopy devices market is moderately competitive and consists of several 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 the other companies and hospitals to consolidate their market positions across the globe For instance, in January 2020, TransEnterix, medical device company announced that Klinikum Esslingen, a hospital in southern Germany has entered into an agreement to lease and utilize its Senhance System, the first and only digital laparoscopic platform offering various advantages including reusable standard instruments to help maintain per-procedure costs similar to traditional laparoscopy which is further expected to foster the industry growth propelling the market revenue. Some of the companies which are currently dominating the market are Intuitive Surgical Inc, TransEnterix Inc, Johnson & Johnson, Brainlab AG, and Medrobotics Corporation
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