16.3 C
New York
Thursday, May 30, 2024

In-Depth analysis of minimally invasive surgical instruments market

In-Depth analysis of minimally invasive surgical instruments market

The surgical technique known as minimally invasive surgery (MIS) is less intrusive and extremely precise. Due to the benefits of minimally invasive procedures over open procedures and the rising incidence of disorders linked to a sedentary lifestyle, the market for minimally invasive surgical instruments is expanding significantly on a global scale.

The market worth of minimally invasive surgical instruments in 2021 was USD 22.38 billion and will reach USD 43.76 billion by 2030 at a 7.21% CAGR.

The market is influenced by a variety of products, including inflating systems, auxiliary instruments, portable instruments, cutting instruments, and electrosurgical devices. Due to their ease of use and widespread use in MIS operations, portable tools have recently experienced strong demand in the market.

Market Drivers

  • Emerging market trends driving market growth are the surgical robots that have altered the minimally invasive surgery (MIS) environment, and surgeons are increasingly accustomed to using them. Because minimally invasive surgery procedures are much less expensive than in-patient and conventional open surgeries, patients and insurers benefit more from them. Minimally invasive surgery is much less traumatic than open surgery. As a result, the market for minimally invasive surgical devices will expand rapidly over the future years.
  • The trend for minimally invasive procedures results from the increasing frequency of chronic ailments such as kidney, gastrointestinal, respiratory, and heart problems worldwide.
  • The need for laparoscopic surgery has significantly increased, which will lead to growth in the minimally invasive surgical instruments market. With this technology, doctors can undertake less intrusive procedures rather than open surgery, reducing patient risk and speeding up recovery. 
  • The market for minimally invasive surgical equipment has new growth opportunities due to the growing geriatric population worldwide, which is increasingly susceptible to chronic illnesses. The market is expanding due to technological developments in robotic support devices and rising public awareness of the advantages of minimally invasive surgery.

Restraints

The primary factor severely impeding market expansion globally 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 market.

Market Segmentation

Device Insights

With a market share of more than 22% in 2021, the portable device segment ruled the entire market for minimally invasive surgical equipment. By using handheld equipment, MIS techniques aim to minimize harm to extraneous tissues throughout surgical operations, accelerating patient recovery and minimizing pain and adverse effects. The majority of the tools on the MIS market are single-use items.

Application Insights

The orthopedic application segment significantly ruled the entire market in 2021 with 23.6% of the revenue share. No muscles need to be cut or severed during orthopedic MIS treatments. As a result, this strategy has enhanced patient satisfaction and accelerated the healing process. MIS is most frequently used during knee and hip replacement surgeries. Hospitals and doctors look after surgery, which leads to fewer operating and postoperative problems and shorter hospital stays.

End-Use insights

In 2021 the largest market was contributed by the hospital segment, with 67% of the revenue share. Due to the increasing number of hospitals around the world, the market for minimally invasive surgical instruments is developing. Additionally, governments worldwide are making efforts to develop healthcare facilities. Additionally, the market is expanding due to the increasing prevalence of chronic diseases.

Regional Insights

With a 44% sales share in 2021, North America held the market’s top spot. The market for minimally invasive surgical equipment in this region is growing due to the rising incidence of various ailments. According to an updated report released by the Centers for Disease Control and Prevention in September 2021, heart disease remains the leading 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 in the country aged 20 and older 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 technologies.

Asia-Pacific will experience the quickest growth during the projection period. In Asia-Pacific, the markets for minimally invasive surgical devices are dominated by China and Japan. The market for minimally invasive surgical equipment is expanding in this region due to rapid urbanization, an aging population, and a rising trend in medical tourism.

Key Players

  • Johnson & Johnson  
  • Smith & Nephew plc 
  • Medtronic plc 
  • Stryker Corporation
  • Abbott Laboratories, Inc. 
  • Boston Scientific Corporation 
  • Zimmer Biomet Holdings, Inc. 
  • B. Braun Melsungen AG 
  • CONMED Corporation 
  • Becton, Dickinson, and Company 
  • The Cooper Companies Inc. 
  • Koninklijke Philips N.V. 
  • FUJIFILM Holdings Corporation 
  • AMNOTEC International Medical GmbH 
  • EndoMed Systems GmbH 
  • HOYA Corporation 
  • Surgical Innovations Group plc 
  • KARL STORZ SE & Co. KG 
  • KLS Martin Group 
  • Scanlan International, Inc.
  • Applied Medical Resources Corporation
  • STRAUSS SURGICAL  
  • TROKAMED GmbH  
  • Wexler Surgical 
  • Surgical Holdings 

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

Related Articles

Stay Connected

0FansLike
3,912FollowersFollow
0SubscribersSubscribe

Latest Articles