Smaller incisions and specialize tools are use in minimally invasive surgery to carry out procedures like prostatectomy, breast biopsy, and hernia repair. A tiny camera laparoscope is insert in the body through a tiny port or incision; it is also known as laparoscopic or endoscopic surgery. In order for surgeons to see what they are doing inside the patient’s body while performing surgery, the camera transmits images to a video monitor. Because when viewed through an endoscope, minimally invasive surgery replicates a keyhole shape outside of the body, sometimes called “keyhole surgery.” Supplies for minimally invasive surgeries are less costly than those for conventional open surgeries. The market for minimally invasive surgical instruments will grow at a strong CAGR of 7.21%, from a value of $22.38 billion in 2021 to $43.76 billion by 2030.
Growth Factors
The need for minimally invasive surgical instruments is growing in the global market as a result of the advantages of these procedures, such as fewer serious operative and postoperative problems and quicker recovery times. The market for minimally invasive surgical instruments is also expanding due to the rising prevalence of chronic diseases. According to the World Health Organization’s (WHO) statistics report for 2021, non-communicable diseases also called chronic diseases, claim the lives of about 41 million people annually, or about 71% of all fatalities worldwide. Therefore, the demand for minimally invasive surgical procedures is being driven by the increasing burden of non-communicable diseases. Over the forecast period, this will directly impact the growth of the market for minimally invasive surgical instruments.
The major market participants are implementing marketing strategies to propel the growth of minimally invasive surgical instruments. Key strategies like new product launches, mergers, collaborations, and acquisitions are helping players gain market share.
The expansion of research and development efforts for the introduction of minimally invasive surgical instruments in the worldwide industry is responsible for the market growth for these instruments. The governments of developed regions are also funding the advancement of minimally invasive surgical tools.
Restraints
The primary factor severely impeding market growth globally is the large cost of MIS. The total cost of healthcare (direct and indirect) related to MIS-TLIF is USD $40,000. Additionally, the enormous wait times for FDA approvals to introduce MIS instruments into the industry are severely impacting the expansion of the overall market.
Segmentation Analysis
Depending on the Device, the portable devices category dominated the market for minimally invasive surgical instruments in 2021, accounting for more than 22% of the total market. Handheld devices used in MIS methods lessen unnecessary tissue damage during surgical procedures, speeding up patient recovery and lessening pain and side effects. The vast majority of MIS equipment is single-use only. Technology advancements and their rising use in minimally invasive procedures are driving the market for portable tools.
Application Insights
The orthopedic application segment was the market leader, with a revenue share of more than 23.6% in 2021. No muscles to be cut or severe during orthopedic MIS procedures. As a result, this strategy has enhanced patient satisfaction and accelerated the healing process. MIS is most frequently use during knee and hip replacement surgeries. Surgery that has fewer operative, postoperative, and hospitalization-relate complications are sought after by hospitals and surgeons.
End Use Insights
In 2021, the hospital segment had the highest revenue share at over 66.2%. Ambulatory surgical centers, on the other hand, will experience the fastest growth. The United States currently has more than 5,500 ambulatory surgical centers that are certified by Medicare. Compared to hospitals, ambulatory surgical centers provide patients with surgery at lower costs and with more scheduling flexibility.
Regional Insights
Due to the high rate of accidental injuries and sizable geriatric population. North America held a 43.8% revenue share in the regional MIS market in 2021. Due to the high prevalence of chronic diseases like cancer, cardiovascular disease, and neurological disorders. The United States is expect to have a sizable market share in North America for the industry under study during the projection period.
Key Players analysis
Stryker, Smith & Nephew, Abbott, GE Healthcare, Medtronic, NuVasive, Inc., CONMED, Zimmer Biomet, Siemens. Intuitive Surgical as some of the leading manufacturers of minimally invasive surgical instruments.
