The minimally invasive surgery devices market is expected to increase from USD 14.06 billion in 2023 to USD 28.483 billion by 2032
In 2022, the market for minimally invasive surgery devices was estimated to be USD 12.9 billion. The minimally invasive surgery devices market is expected to increase from USD 14.06 billion in 2023 to USD 28.483 billion by 2032, with a compound yearly growth rate (CAGR) of 9.20% over the forecast period (2023-2032).
Minimally-invasive surgeries are far less traumatic than conventional open surgeries. Traditional surgeries with conventional laparoscopic instruments can be traumatic and intricate. Minimally-invasive laparoscopic cameras are inserted through smaller incisions, and special smaller instruments are used to perform the surgery.
The market for minimally-invasive surgical instruments is growing at a staggering pace throughout the world. The factors impelling the growth of this market are the rise in the geriatric population, and, as a consequence, there is an increase in the number of surgeries performed in this section of the people.
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 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 market for minimally-invasive surgery devices has been segmented into type, application, and end-user.
Based on the type, the global market for minimally-invasive surgery devices outlook 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 report, 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.
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.
The market for minimally-invasive surgery devices in the Middle East and Africa is expected to expand at a steady rate.
Key Players
Some of the leading participants in the global minimally-invasive surgery devices market are Abbott, GE Healthcare, Medtronic, Inc, Ethicon, Inc., DePuy Synthes, Intuitive Surgical, Inc, Siemens Healthcare GmbH ArthroCare Corporation, Fortimedix Surgical, NuVasive, Inc., Biomet, Inc, Norwood Medical, KEBOMED Europe AG, Freudenberg Medical, and others.
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