September 18, 2002
For Immediate Release
Computer Aided Surgery Market Growing at 24% CAGR
FOOTHILL RANCH, CA—The global computer guidance and robotic surgery market is $400 million (2001) and growing rapidly (24% CAGR 2001 to 2010), driven by collaborative agreements between manufacturers of computer guided surgery, navigation, and robotic surgery systems, and surgical device manufacturers, and by placement of devices within clinical trial programs. According to a report to be published by MedMarket Diligence, the high growth rates within this embryonic market will drive the market up to a billion dollars annually by 2005 as computer guided surgery and robotics are adopted by the busiest medical centers that offer best practice treatments, and as these systems are used to expand throughput of specific procedures. Although annual growth rates will decline slightly as the market expands to this level, MedMarket Diligence forecasts they will increase toward the end of the decade (reaching 20% CAGR again) as research from many academic medical centers around the world create new procedural techniques and new devices specifically developed to reduce surgical time and achieve improved outcomes.
“We see computerization within the surgical arena as one of the obvious successes of digital progress over the last two decades,” says Patrick Driscoll, President of MedMarket Diligence. “Large successful medical imaging corporations like GE Medical, Philips Medical, Siemens, Hitachi, Shimadzu, and others are creating premium value from the benefits that their technology can bring to surgical imaging, and a large number of smaller technology companies with products for medical imaging, image management, computer aided surgery, robotics, and operating room management are also creating valuable product offerings”. According to Driscoll, there are over a hundred companies actively pursuing this opportunity with new products, and many medical centers around the world have active programs, which will make growth within this industry sustainable.
The computer aided imaging segment of the market will grow at a compound annual growth rate of approximately 11.4% (2001 to 2010). Growth will rise to 16% annually over the next few years as research organizations create new technology advances and as digital recording takes the place of analogue and paper records. Although growth will subside somewhat toward 2010, computer aided imaging will comprise almost 22% of the overall worldwide imaging market in 2010, and almost 25% by 2015. Market trends for the overall imaging market in 2001 remain strong, with market growth estimated at 6-8% annually and driven by new product introductions, favorable demographic trends, and increased imaging procedures prescribed by physicians.
Existing computerized pre-surgical planning products will increase sales at growth rates of approximately 16% annual to produce a $500 million market by 2010 as the technology becomes quicker, incorporates more magnetic resonance imaging and ultrasound imaging technology, becomes more informative, and is driven by integration with computer guided and robotic surgery systems.
The MedMarket Diligence report on computer aided surgery (publishing September 2002) includes worldwide growth rates, pricing and indication information for all aspects of computer aided surgery; it identifies key commercial players, their products portfolios and strategies; and it identifies the future candidates for market presence, and the future challenges for companies targeting these important market segments. For more details, visit http://www.mediligence.com/rpt-s150.htm.
MedMarket Diligence also publishes “MedMarkets”, a monthly publication that analyzes the market implications of new medical technology. MedMarket Diligence provides tactical decision-making solutions on medical technology to the medical products and investment industries. In addition to MedMarkets, the company publishes dedicated reports on technology markets, and is developing other information solutions. For more information on MedMarket Diligence, LLC, contact Patrick Driscoll at (949) 859-3401, e-mail, or visit the website at http://www.mediligence.com to view a sample issue of MedMarkets.
Contact: Patrick Driscoll, (949) 859-3401.