Minimally Invasive Surgical Instruments Market Size Worth US$ ~52.06 billion by 2031: Exclusive Report by Growth Plus Reports
The Global Minimally Invasive Surgical Instruments Market is expected to clock US$ ~52.06 billion by 2031 and the market is expected to expand at a CAGR of 8.3%% from 2021 to 2031 owing to incessantly rising number of minimally invasive surgical procedures across the globe and benefits provided by minimally invasive surgeries over traditional open surgeries.
NEW YORK, June 2, 2022 /PRNewswire/ -- The global minimally invasive surgical instruments market has been analyzed from four different perspectives –Type, Application, End-User, and Region.
Growth Factors
Prominent players in the minimally invasive surgical instruments market across the globe are increasingly investing for development of new and advanced instruments for minimally invasive surgeries.
For instance, in October 2020, Intuitive, a global technology leader in minimally invasive care and pioneer of robotic-assisted surgery, announced the launch of Intuitive Ventures. The inaugural $100 million fund will invest in the future leaders of minimally invasive care. The aim of venture fund is to accelerate minimally invasive care.
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Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of minimally invasive surgical instruments by providing the necessary grants, permissions, clearances & approvals to meet the needs of the healthcare sector.
For instance, in July 2020, Anika Therapeutics, Inc. announced U.S. Food and Drug Administration (FDA) clearance and planned launch of multiple new product innovations that address the needs of orthopedic & sports medicine surgeons. It includes six minimally invasive surgical devices & instruments to repair rotator cuffs, perform arthroscopic knee repairs and treat arthritis damage in the hand & wrist.
Restraints: -
However, increase in recall of defective instruments has affected the growth of market to a certain extent. Recall of defective products makes consumers lose interest in the products, and lead to negative effect on the product demand.
The willingness to repeat purchase related to products also declines, which in turn decreases the market volume and eventually hampers the market growth. For instance, in October 2019, Johnson & Johnson subsidiary Ethicon issued a Class I recall of its Echelon Flex Endopath staplers after the product failed to completely form staples.
Ethicon's Echelon Flex Endopath staplers are designed to cut and staple internal tissue in open or minimally invasive surgical procedures.
Excerpts from 'By Application Segmentation'
The global minimally invasive surgical instruments market has been segmented majorly into seven distinct categories depending on application, viz: -
- Cardiac surgery
- Gastrointestinal surgery
- Urological surgery
- Gynecological surgery
- Orthopedic surgery
- Bariatric surgery
- Others (cosmetic surgery, neurological surgery, respiratory surgery, etc.).
The cardiac surgery segment accounted for the largest share in the minimally invasive surgical instruments market.
The growth of the segment can mainly be attributed to 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.
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Excerpts from 'By Region Segmentation'
The global minimally invasive surgical instruments market has been segmented into: -
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
North America accounted for the largest share in the global minimally invasive surgical instruments market, followed by Asia Pacific, Europe & Rest of the World (RoW). Factors such as rising geriatric population prone to health disorders, large volume of surgical procedures, and growing adoption of minimally invasive surgical techniques & technologically advanced instruments can be attributed for the growth of the market.
Excerpts from 'Competitive Landscape'
The prominent players operating in the global minimally invasive surgical instruments market are: -
- BD
- Boston Scientific Corporation
- B. Braun Melsungen AG
- Johnson & Johnson Private Limited
- Medtronic
- Stryker
- CONMED Corporation
- Zimmer Biomet
- Abbott
- HOYA Corporation
- Among others
Minimally Invasive Surgical Instruments Market Segmentation
Growth Plus Reports has segmented the global Minimally Invasive Surgical Instruments market on the basis Type, Application, and End User:
By Type Outlook: -
- Handheld Instruments
- Electrosurgical Instruments
- Inflation Systems
- Monitoring & Visualization Devices
- Guiding Devices
By Application Outlook: -
- Cardiac Surgery
- Gastrointestinal Surgery
- Urological Surgery
- Gynecological Surgery
- Orthopedic Surgery
- Bariatric Surgery
By End-User Outlook: -
- Hospitals
- Ambulatory Surgery Centers
By Region Outlook: -
- North America
- Europe
- Asia Pacific
- The Rest of the World (ROW)
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- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
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