Minimally invasive surgical instruments are devices used in minimally invasive surgeries. Minimally invasive surgeries are performed using small incisions rather than large ones, which can help reduce patient trauma and pain, shorten recovery time, and reduce the risk of infection.
In 2021 the minimally invasive surgical instruments market was worth USD 22.38 billion, and by 2030 it will be worth USD 43.76 billion, growing at a 7.21% CAGR during the forecast period.
The minimally invasive surgical instruments market is growing rapidly, driven by increasing demand for minimally invasive surgical procedures, technological advancements in surgical instruments, and rising investment in healthcare infrastructure by governments and private organizations. The market includes a range of instruments such as laparoscopes, forceps, scissors, trocars, and suturing devices.
Market Dynamics
Drivers
- Growing desire for minimally invasive surgeries: Minimally invasive surgeries are gaining popularity as they offer many benefits, such as smaller incisions, less pain, and shorter recovery times. This is accelerating the demand for minimally invasive surgical instruments.
- Technological advancements: The development of new surgical technologies, such as robotic surgery and advanced imaging, is leading to the creation of more sophisticated minimally invasive surgical instruments. These instruments are more precise, efficient, and easier to use, leading to better patient outcomes.
- Increase in healthcare spending: Governments and private organizations are investing more in healthcare infrastructure, increasing the number of surgeries performed. This, in turn, is driving the demand for minimally invasive surgical instruments.
- Aging population: with expanding geriatric population, there is a growing need for surgical interventions to treat age-related health problems. Minimally invasive surgeries are often preferred, as they are less traumatic and easier for older patients to recover from.
Restraints
The primary issue severely impeding market expansion is the increasing cost of MIS. The overall cost of healthcare (direct and indirect) related to MIS-TLIF is USD 40,000. Additionally, the enormous wait times for FDA clearances to introduce MIS equipment into the market are severely impeding the expansion of the total industry.
Opportunity
The demand for minimally invasive surgical (MIS) tools, including new surgical robots and highly advanced image guiding systems (like ultrasound medical imaging, MRI, and CT scan), is rising steadily worldwide and will increase exponentially in the coming years.
Additionally, the Asia-Pacific region’s market for minimally invasive surgical instruments is expanding quickly due to its business-friendly climate and lax regulatory rules. As a result, the market leaders have decided to make future investments in MIS surgical instruments in this area.
Market Segmentation
By Device
The handheld instruments segment ruled the entire market in 2021 with a share of more than 23.1%. By avoiding harm to superfluous tissue during surgery, the handheld instruments used in MIS treatments hope to hasten patient recovery and lessen adverse effects. The vast majority of MIS market tools have a single user only. Furthermore, the market is significantly driven by technological advancements.
By Application
The orthopedic sector led the market in 2021 with a 25% of revenue share. Compared to conventional surgical techniques, orthopedic minimally invasive surgical procedures are considerably less dangerous. Therefore, less invasive surgical tools are employed in important orthopedic procedures. These reasons have led to a significant increase in general and orthopedic surgeons’ use of minimally invasive surgical devices.
By End-use
In 2021, the healthcare sector’s revenue share was around 67%. Due to the increasing number of hospitals worldwide, the market for minimally invasive surgical devices is developing. Additionally, governments all around the world are making efforts to build healthcare facilities. Additionally, the market is growing due to the increasing prevalence of chronic diseases.
During the projection period, the ambulatory surgical centers segment will rapidly expand. The global market for minimally invasive surgical equipment is expanding due to the rise of ambulatory surgical facilities.
Regional Analysis
North America was the biggest regional market in 2021, with a revenue share of nearly 44% due to the rising incidence of different disorders. Per a study released by the Centers for Disease Control and Prevention in September 2021, heart disease is the prevalent cause of death in the United States. In 2019, 360,900 persons in the United States died from coronary heart disease, while 18.2 million adults aged 20 and over have coronary artery disease. The market for minimally invasive surgical equipment in the North American area is also expanding due to the adoption of cutting-edge technology.
Asia-Pacific will experience the quickest growth over the projection period. In the Asia-Pacific area, the markets for minimally invasives surgical devices are dominated by China and Japan. The market for minimally invasives surgical equipment is expanding in this area due to increased urbanization, an aging population, and a rising trend in medical tourism.
Key Players
- Stryker Corporation
- Medtronic plc
- Smith & Nephew plc
- Johnson & Johnson
- Abbott Laboratories, Inc.
- Becton, Dickinson, and Company
- The Cooper Companies Inc.
- Boston Scientific Corporation
- B. Braun Melsungen AG
- CONMED Corporation
- Zimmer Biomet Holdings, Inc.
- Surgical Innovations Group plc
- Koninklijke Philips N.V.
- HOYA Corporation
- FUJIFILM Holdings Corporation
- KLS Martin Group
- Scanlan International, Inc.
- KARL STORZ SE & Co. KG
- Wexler Surgical
- AMNOTEC International Medical GmbH
- Applied Medical Resources Corporation
- STRAUSS SURGICAL
- TROKAMED GmbH
- EndoMed Systems GmbH
- Surgical Holdings
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