Global Minimally Invasive Surgical Instruments Market, by Device (Handheld Instruments, Inflation Devices, Cutter Instruments, Guiding Devices, Electrosurgical Devices, Auxiliary Devices, and Monitoring & Visualization Devices), by Application (Cardiac, Gastrointestinal, Orthopaedic, Vascular, Gynaecological, Urological, Thoracic, Cosmetic, Dental, and Others), by End-Use (Hospitals and Ambulatory Surgical Centres), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global minimally invasive surgical instruments market in 2020 is estimated for more than US$ 25.5 Bn and expected to reach a value of US$ 47.8 Bn by 2028 with a significant CAGR of 8.2%.
As per the report, the minimally invasive surgical instruments market is influenced by elevating count of geriatric population coupled with the growing occurrence of target diseases. In addition, the mounting count of road accidents, increasing expenses on research and development activities by key players and the benefits of minimally invasive surgeries over traditional open surgeries also boosts the market business.
Furthermore, the advantages of minimally invasive surgeries accounting for the reduction of healthcare expenses and the reduced healing time also plays a major role in propelling the growth of minimally invasive surgical instruments market. Furthermore, the technological advancements in the medical segment along with the increasing cumulative frequency of lifestyle disorders also favour market growth.
According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), in 2019, it is estimated that 60.1% of the world’s older population reside in the Asia-Pacific region, while the region makes up 59.4% of the world’s total population. The number of older persons is expected to increase from an estimate of 548 million in 2019 to nearly 1.3 billion by 2050.
However, the factors like the pressure on hospitals for a price reduction of surgeries and the reimbursement challenges associated with the medical device industry are the major restraining factor of this market.
Additionally, the uncertain regulatory framework and the lack of skilled surgeons in the medical device industry will negatively impact market growth during the forecast years.
On the other hand, the enhancing growth opportunities from developing countries and the growing adoption of technologically advanced minimally invasive surgical instruments and procedures offer beneficial growth opportunities for minimally invasive surgical instruments market.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the reduction in post-surgery trauma plays an essential role in boosting the demand for minimally invasive surgical instruments and procedures; resulting in expanding the market business globally. But, the shortage of trained medical practitioners and intraoperative issues by surgeons is the major challenging factor that impedes the growth of minimally invasive surgical instruments market.
MMC Study identifies some of the key participating players in the minimally invasive surgical instruments market globally are Abbott, ArthroCare Corporation, Biomet, Inc., DePuy Synthes, Ethicon, Inc., GE Healthcare, Intuitive Surgical, Inc., Medtronic, Inc., NuVasive, Inc., Siemens Healthcare GmbH, and Zimmer Biomet Holdings Inc.
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