Market Overview –
In 2022, the market for minimally invasive surgical devices was estimated to be worth USD 12.9 billion. The market for minimally invasive surgical devices is expected to expand at a compound annual growth rate (CAGR) of 9.20% between 2023 and 2032, from USD 14.06 billion in 2023 to USD 28.483 billion.
The Minimally-Invasive Surgery Devices Market is experiencing rapid growth due to the increasing adoption of minimally invasive surgical techniques over traditional open surgeries. These procedures offer benefits such as smaller incisions, reduced blood loss, shorter hospital stays, and faster recovery times, driving demand for associated devices and equipment.
The Minimally Invasive Surgical Instruments market is experiencing substantial growth, driven by the increasing adoption of minimally invasive techniques in surgical procedures. These instruments enable surgeons to perform complex surgeries with smaller incisions, leading to faster recovery times and reduced patient trauma. With advancements in technology and growing demand for less invasive treatment options, the market for minimally invasive surgical instruments is expected to continue expanding.
Market Dynamics
Significant factors influencing the market growth include rising economic growth, growing geriatric population, increasing prevalence of chronic diseases. According to the World Health Organization (WHO), the amount of the burden of chronic diseases is expected to rise to 60% by 2020, and 79% of deaths due to such diseases are expected to occur in developing countries. The increasing number of minimally-invasive procedures has been one of the significant factors affecting the growth of the market.
The demand for minimally-invasive surgery devices is increasing due the significant benefits associated with minimal surgical procedures, such as small or no incisions, short hospital stay, less pain, quick recovery time, less scarring and reduced blood loss. The increasing popularity of minimally-invasive non-robotic surgery has boosted the global market for minimally-invasive surgical devices.
Nevertheless, factors such as stringent government regulations and high-cost devices for surgery are hindering the growth of the market.
Segmentation
The global minimally-invasive surgery devices market has been segmented into type, application, and end-user.
Based on the type, the global market for minimally-invasive surgery devices has been segmented into handheld instruments, inflation devices, cutter instruments, guiding devices, electrosurgical devices, auxiliary devices, and others.
Based on the application, the global market for minimally-invasive surgery devices has been segmented into cardiac surgery, gastrointestinal surgery, orthopedic surgery, vascular surgery, gynecological surgery, urological surgery, thoracic surgery, cosmetic surgery, dental surgery, and others.
Based on the end-user, the global market for minimally-invasive surgery devices has been segmented into hospitals & clinics, ambulatory surgical centers, and others.
Regional Analysis
The global minimally-invasive surgery devices market, by region, has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas are expected to dominate the global market for minimally-invasive surgery devices due to the existence of a large patient population, high healthcare expenditure, well-developed technologies, and leading players. Moreover, as per the Population Reference Bureau, the number of Americans over the age of 65 is estimated to be more than double from 46 million in 2014 to over 98 million by 2060. Geriatric people are more vulnerable to multiple diseases. The presence of a large geriatric population has spurred the growth of the American market. In addition, growing government funding for the development of advanced devices and the well-developed healthcare sector has provided support for the growth of the demand for minimally-invasive surgery devices in America.
Europe is set to retain the second-largest position in the global market for minimally-invasive surgery devices.
The Asia Pacific is the fastest-growing market for minimally-invasive surgery devices due to the increasing need for better monitoring devices, the rapid improvement of technology, and the presence of a large patient pool. In addition, the existence of a large geriatric population and enormous opportunities for the development of this market led to market growth. Many manufacturers are seeking to expand their presence in the region due to increasingly rising economies and the increasing availability of funds and rising demand for devices.
The market for minimally-invasive surgery devices in the Middle East and Africa is expected to expand at a steady rate.
Key Players –
Minimally-invasive surgery devices companies include Abbott, GE Healthcare, Medtronic, Inc., Ethicon, Inc., Intuitive Surgical, Inc., Siemens Healthcare GmbH, ArthroCare Corporation, DePuy Synthes, NuVasive, Inc., Biomet, Inc., Norwood Medical, KEBOMED Europe AG, Fortimedix Surgical, and Freudenberg Medical.
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