Global Minimally Invasive Surgery Instruments Market: Key Highlights
- The Global Minimally Invasive Surgery Instruments Market is estimated to reach USD 40.8 Billion by 2027 at a CAGR of 8.8% in the study period
- The global minimally invasive surgery instruments market is segmented by type, product, surgery and end-user
- Based on surgery, cardiovascular surgery accounted for highest market share owing to rise in heart surgeries
- On the bases of region, the market is segmented into Americas, Europe, Asia Pacific and Middle East & Africa
- North America accounted for lion share aimed to presence of major manufacturers, increasing adoption of technological advancement, and among others
Global Minimally Invasive Surgery Instruments Market: Key Market Dynamics
- Minimally invasive surgery instruments are preferred over the conventional open surgery owing to excellent advantages associated with it, which drives the market growth
- Outcomes of the minimally invasive surgery are more efficient, which is boosting its adoption by the patient pool
- Growing old-age population in the world, which is more susceptible to chronic medical conditions. This, propels the demand for surgeries, which in turn, boost the market growth
- On the contrary, expensive equipment for the minimally invasive surgery hinders the market growth
- Inadequate reimbursement scenario for the surgical products is restraining the growth of this market
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Global Minimally Invasive Surgery Instruments Market: Regional Overview
- Americas is segmented into North America and Latin America. North America region is further divided in to US and Canada. The region has emerged as the leading region in the global minimally invasive surgery instruments market
- Among these, the US is key contributing economy in the North America for minimally invasive surgery instruments market
- Shorter hospital stays, rapid recovery and reduced cost of facility fees, service fees and other payables leading to cost effectiveness for patients is boosting the adoption of minimally invasive surgeries in the US
- Studies revealed that hospitals within US, represented rise in the minimally invasive surgeries by around 50%, they would prevent around 3,600 surgical complications, minimize the hospital stay 144,800 days resulting into overall cost of USD 288 million annually
- Increasing healthcare infrastructure, higher adoption of advanced technologies with rise in the healthcare spending majorly in the hospital care across US, favors the growth of minimally invasive surgery instruments market in North America
- Asia Pacific
- Asia Pacific region is further divided into China, Japan, India, Australia, and South Korea
- Asia Pacific region is expected to grow at the fastest growth rate owing to rising surgical procedures requiring minimally invasive or non-invasive equipment to increase the accurate outcomes
- China is one of the promising country in the Asia-Pacific for adoption of minimally invasive surgeries
- Europe PubMed Central stated that around 8,320 thoracic surgical operations performed in China, in 2015 wherein around 80% are performed through video assisted thoracic surgery (VATS), with 50% is performed using a Uniportal approach, having average to 30–40 operations per day annually, this represents an increase of 47.6% across the country
- In 2019, the Study involving spinal endoscopy indicated that higher percentage of minimally invasive surgeries (MIS) and endoscopic spinal (ES) surgery accounted for 96.7% was for Asia Surgeons when compared to non-Asian surgeons (81.6%)
- Owing to rising population, increasing patient pool, hike in the geriatric population in Japan especially, is a fueling factor for the minimally invasive market growth
Global Minimally Invasive Surgery Instruments Market: Key Players
Some of the key players operating in the market include B. Braun Melsungen AG BD, Boston Scientific Corporation, CONMED Corporation, HOYA Corporation, Intuitive Surgical, Medtronic, Siemens Healthcare GmbH, Smith+Nephew, Stryker, Zimmer Biomet and Others.
Global Minimally Invasive Surgery Instruments Market: Key Developments
- In Jun 2020, LivsMed Receives 510(k) Clearance from the U.S Food and Drug Administration (US FDA) for laparoscopy instrument: ArtiSential Articulating Energy Laparoscopic Instruments
- In August 2018, Olympus has signed an agreement with FlexDex Surgical to compete wrist-worn needle driver robotic device designed to simplify suturing in difficult-to-reach areas of the abdomen.
- In June 2017, BD received U.S. Food and Drug Administration (FDA) 510(k) clearance for its new line of Snowden-PencerTM 3.0mm laparoscopic ergonomic take-apart instruments for its use in laparoscopic surgery.
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