Minimally Invasive Surgical Instruments Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3041
Minimally Invasive Surgical Instruments Market size is projected to experience significant growth from 2018 to 2024.
Rising demand for minimally invasive procedures coupled with increasing prevalence of lifestyle disorders will drive the global minimally invasive surgical instruments market in the upcoming years. According to a recent study, minimally invasive surgery (MIS) resulted into significantly lower hospital expenses and complications. In addition, MIS offers lesser pain, scarring along with a shorter recovery time that increases customer preference for MIS. Such factors should accelerate the adoption of minimally invasive surgical instruments in the coming years.
Technological advancements in MIS will augment minimally invasive surgical instruments market growth over the forecast timeframe. Advancements in control systems, fiber-optics and guidance systems are increasingly being used to improve the outcome of MIS. In addition, utilization of technologically advanced navigation systems will facilitate leads to better procedural outcome that should positively impact minimally invasive surgical instruments market growth.
Increasing number of elderly patients will act as high impacting factor for minimally invasive surgical instruments business growth. Geriatric population is highly susceptible to suffer from various disorders including cardiovascular diseases, neurological disorders, gastrointestinal disorders among others. Benefits such as lower hospital stays and less invasion will increase consumer preference for MIS, that will thus boost market share over the forthcoming years.
However, lack of proper reimbursement scenario can negatively impact minimally invasive surgical instruments market growth. Lack of skilled surgeons in emerging countries may further hinder minimally invasive surgical instruments business growth over the projected timeframe.
Guiding devices product segment will foresee lucrative segmental growth over the coming years. Guiding devices precisely locate surgical site as well as streamline workflow of the surgical procedure. Also, advanced image-based guiding device offers superlative support than traditional tracking system. Many hospitals and centers in developing regions are emphasizing on developing image-guided surgical techniques that should augment guiding devices segmental growth over the foreseeable future.
Cosmetic surgery application segment is forecasted to grow at rapid CAGR over the projected timeframe. Medical tourism and aesthetic procedures have robustly expanded during the recent years. Cosmetic procedures across many developing nations such as India, Thailand, Brazil among others are rapidly growing due to cost-effective treatments offered. Furthermore, with increasing bariatric population, cosmetic surgery application segment will witness significant expansion in upcoming period.
Ambulatory surgical centers (ASCs) end-user segment will hold considerable segmental share throughout the forecast period. Fast incorporation of minimally invasive surgical specialties in ASCs will lead to increase in demand for procedures in such settings. In addition, increasing demand for plastic surgery along with significant cost savings in ASCs will lead to momentous segmental growth over the foreseeable years.
U.S. minimally invasive surgical instruments market will foresee significant growth owing to rapid adoption of technologically advanced products and geriatric population. For instance, population aged over 65 years of age is estimated to constitute for approximately quarter of the U.S. population size by 2050. Additionally, presence of cutting-edge technology across hospitals and ambulatory surgical centers will highly impact U.S. minimally invasive surgical instruments industry growth.
Some of the major industry players of global minimally invasive surgical instruments market include Boston Scientific Corporation, Johnson & Johnson (Ethicon), Medtronic, Stryker Corporation and Zimmer Biomet Holdings Inc. Firms are undertaking novel product launch and collaborations to gain profits in the market. For instance, in November 2018, FloSpine announced about launch of its new Canaveral minimally invasive pedicle screw system. The new product launch was aimed at increasing ease of operation for surgeons, thus leading to expansion of its customer base.
Minimally Invasive Surgical Instruments Market by product, 2013-2024 (USD Million)
- Handheld Instruments
- Inflation Systems
- Cutter Instruments
- Guiding Devices
- Electrosurgical Devices
- Auxiliary Instruments
Minimally Invasive Surgical Instruments Market by application, 2013-2024 (USD Million)
- Cardiothoracic Surgery
- Gastrointestinal Surgery
- Orthopedic Surgery
- Gynecological Surgery
- Cosmetic Surgery
- Urological Surgery
- Neurological Surgery
Minimally Invasive Surgical Instruments Market by end-user, 2013-2024 (USD Million)
- Surgical clinics
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- B. Braun company (Aesculap, Inc.)
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Hoya Corporation
- Johnson & Johnson (Ethicon)
- Richard Wolf GmbH
- Smith & Nephew
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
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