Number of pages: 1000 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global minimally invasive surgical instruments market was pegged at US$ 21.6 billion in 2020 and is expected to witness a CAGR of 8.3% during the forecast period.
Minimally invasive surgery or MIS refers to any surgical procedure that is performed through tiny incisions instead of a large opening. In MIS, surgeons use techniques that limit the size and number of cuts, or incisions, that they need to make. Such surgeries have quicker recovery time, less pain as compared to traditional open surgery, require lesser time in hospital, and provide the same benefits as traditional surgery. Various surgical instruments such as handheld instruments, electrosurgical instruments, inflation systems, monitoring & visualization devices, guiding devices, etc. are used in MIS.
The global minimally invasive surgical instruments market is mainly driven by the increasing number of surgeries, rising prevalence of chronic diseases, and benefits provided by minimally invasive surgeries over traditional open surgeries. Rising investments for the launch of technologically advanced instruments are also likely to play a pivotal role in driving the growth of the market globally. However, the uncertain regulatory framework in the medical device industry and recall of the devices are likely to restrain the market growth to a certain extent.
The global minimally invasive surgical instruments market has been analyzed from four perspectives: Type, Application, End-User, and Region.
Minimally Invasive Surgical Instruments Market by Type
Based on type, the market has been segmented into handheld instruments, electrosurgical instruments, inflation systems, monitoring & visualization devices, guiding devices, and others (cutter instruments, auxiliary instruments, etc.). The handheld instruments segment accounted for the largest share in the market. The growth of the segment can mainly be attributed to its predominant use in minimally invasive surgeries and the high dexterity, precision, & ergonomics offered by handheld devices.
Minimally Invasive Surgical Instruments Market by Application
Based on application, the market has been segmented into cardiac surgery, gastrointestinal surgery, urological surgery, gynecological surgery, orthopedic surgery, bariatric surgery, and others (cosmetic surgery, neurological surgery, respiratory surgery, etc.). The cardiac surgery segment accounted for the largest share in the market. The growth of the segment can primarily be attributed to the rising prevalence of cardiac diseases. According to CDC, one person dies every 36 seconds in the United States from cardiovascular disease. Whereas, about 655,000 Americans die from heart disease each year i.e. 1 in every 4 deaths. Growing awareness about the benefits of early detection of cardiovascular complications and adoption of minimally invasive surgeries owing to its benefits such as minimal blood loss, minimal risk of infection, reduction in pain & trauma, faster recovery, shorter duration of hospitalization, etc. are also anticipated to boost the growth of the segment.
Minimally Invasive Surgical Instruments Market by End User
Based on end-user, the market has been segmented into hospitals, ambulatory surgery centers, and others (clinics, academic and research institutes, etc.). The hospital's segment accounted for the largest share in the market. The growth of the segment can primarily be attributed to a large number of patient admission in hospitals as compared to other healthcare settings, the growing volume of minimally invasive surgical procedures performed in hospitals, and the high budget of hospitals for introducing various technologically advanced devices. Furthermore, the presence of highly skilled healthcare professionals is also expected to propel the growth of the market.
Minimally Invasive Surgical Instruments Market by Region
Based on region, the global minimally invasive surgical instruments market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the minimally invasive surgical instruments market, followed by Europe. The large share of North America in the global market can largely be attributed to the rising geriatric population prone to health disorders, the large volume of surgical procedures, and the growing adoption of minimally invasive surgical techniques & technologically advanced instruments.
Some of the prominent players operating in the minimally invasive surgical instruments market includes:-