Trends in the Noninvasive and Minimally Invasive Medical Device Market

Report Highlights

• Globally, the MIS devices market saw an average annual growth rate (AAGR) of 10% from 1999 to 2002.
• By 2007, the market should rise to approximately $8.3 billion at an AAGR of 6.6%.
• The U.S. market represents nearly 60% of the total world market.
• Market drivers include demographics, epidemiology, new devices.
• The lack of surgeons opting to train in MIS is a potential constraint on the market.

INTRODUCTION

There have been major changes in the minimally invasive surgical devices market in the five years since BCC last looked at this industry. The population of the established markets is aging, bringing new surgical needs, while new markets are opening up. Technological advances have expanded the range of surgical procedures that can be performed using minimally invasive techniques, while giving physicians new tools for the diagnosis and treatment of injuries and pathologies. Meanwhile, the structure of the health care industry is changing, as traditional hospitals consolidate and other health care options become available to consumers.

Together these developments have contributed to the growth of a multibillion dollar market for the specialized devices and instruments used for these procedures: monitors and imaging equipment, electrosurgical devices, handheld instruments, auxiliary devices, and accessories. Because the use of these products is increasing so rapidly, there is a pressing need to develop an up-to-date base of market information to better understand the dynamics of the market for minimally invasive surgical devices and instruments.

BCC analyzes the U.S. market for minimally invasive devices and instruments by type of surgical procedure, device, enduser and region. In addition to looking at current and future markets for these devices, the study analyzes technological, demographic and economic developments that may have a long-term impact on the size and structure of the market. The future of minimally invasive surgical equipment also will be discussed, with five-year forecasts of the consumption of specific products.

In assessing current production volumes, industry structure and leading companies, along with the potential impact of R&D and the long-term outlook for minimally invasive surgical devices, the report takes into account market opportunities as well as technological, financial and economic factors.

SCOPE OF STUDY

The report is organized around the following topics:

• Major types and applications of minimally invasive surgical devices and instruments
• Market size and segmentation by application product type, and end-user group
• Industry structure and market drivers
• Detailed market projections through 2007
• Competition and market shares
• Conclusions regarding the future of minimally invasive devices and instruments.

METHODOLOGY AND INFORMATION SOURCES

The findings and conclusions of this report are based on information gathered from manufacturers and users of minimally invasive surgical devices and other informed sources. Interview data were combined with information gathered through an extensive review of secondary sources, such as trade publications, trade associations, company literature, and on-line databases, to produce the market estimates contained in this report.

At the time this report was prepared, year-end data for 2002 were not yet available. Market estimates for 2002 were developed using interim (partial) data for 2002 where available, combined with data for the year 2001 and, in a few cases, 2000. Wherever possible, historical data through the end of 2001 were used as the basis for analysis and projections. However, for certain market segments, specific data beyond 2000 were incomplete or unavailable at the time this report was prepared. In these cases, year 2000 data were used and documented accordingly.

Our final analyses and projections are based on a combination of a consensus among the primary contacts combined with our understanding of the impact of trends from a historical and analytical perspective. The analytical methodologies used to generate the market estimates are described in detail in the section on Detailed Market Projections.

All dollar projections presented in this report are in 2002 constant dollars.

ANALYST CREDENTIALS

The author of this report is Andrew McWilliams, a partner in the Boston-based international technology and marketing consulting firm of 43rd Parallel LLC. Mr. McWilliams is the author of several other Communications Company studies, including several studies of healthcare-related products.