Global Minimally-invasive Surgery Devices Market Ascends at a Healthy CAGR of 7.20%

Introduction

The term "minimally invasive" implies that they are less intrusive than other alternatives. Long ago, a surgeon could reach the exact area of the patient's body that needed treatment by making incisions with a knife. However, the patient's recovery would be more challenging as they dealt with a possibly large wound, increasing their risk of contracting an infection. One of the factors driving the expansion of the global market for minimally invasive surgery devices is the rise in chronic diseases associated with lifestyle choices, as well as technological advancements that lead to the introduction of new products.

Market Dynamics

Growing Acceptance of Minimally Invasive Surgeries Than Traditional Surgeries Drives the Global Market

People have recently been more interested in minimally invasive procedures than open surgeries requiring significant muscle incisions. Due to clearer and magnified images of the organs or body parts produced by video-assisted equipment, minimally invasive surgeries (MIS) have more precision than conventional open procedures. In addition, the growing older population worldwide is a significant factor in the market's rise. As the world's population ages swiftly and becomes more vulnerable, there is an increasing demand for addressing numerous chronic conditions, such as those affecting the gastrointestinal system.

Technological Advancements Creates Tremendous Opportunities

Medical device companies must keep developing new items for use by doctors as the need for more intricate, minimally invasive procedures grows in response to new technology. Manufacturers are developing products that could serve as the core of future markets to deal with medical technology advancements and technologies that could assist complex surgical operations with better patient outcomes. Manufacturers regularly spend time and money on research to develop new products and aim to improve products or processes. These projects fall within the purview of research and development (R&D). Several product releases and approvals that have taken place in recent years have propelled the market expansion.

Regional Analysis

North America is the most significant shareholder in the global minimally-invasive surgery devices market and is anticipated to expand at a CAGR of 7.05% over the projection period. The development of the country's healthcare infrastructure, the rise in demand for minimally invasive procedures, the existence of device makers, and improved government initiatives to offer minimally invasive surgery devices are all projected to boost the market growth. Colon cancer was the fourth most common cancer in the US in 2020, with 101,809 new cases. The fourth most common cancer type to cause early death, colon cancer was responsible for nearly 37,390 deaths nationwide in 2020. These factors are anticipated to drive the market for minimally invasive surgeries during the forecast period.

Europe is expected to grow at a CAGR of 6.80%, generating USD 13,831.91 million during the forecast period. Due to rising healthcare expenses, an increase in the use of minimally invasive treatments by healthcare facilities, better infrastructure, and an increase in the prevalence of chronic diseases, the market for minimally invasive surgery equipment is growing in Germany. Additionally, it is projected that the existence of crucial rivals will hasten market progress. According to a research piece published in the Budapest Business Journal in February 2021, Germany's healthcare industry is one of the country's fastest-growing markets. About 70 million people's health insurance needs are met by 44 private and 112 public health insurance firms. There are 1,951 hospitals with 500,000 beds across the country, allowing big companies to expand their presence in a vast market.

Asia-Pacific is anticipated to grow steadily during the forecast period. Several significant factors, such as an increase in surgical procedures, an aging population, a high burden of chronic diseases, and favorable economic and demographic trends, propel the Chinese market. As of 2019, China had about 3000 plastic surgeons, according to the International Society of Aesthetic Plastic Surgery (ISAPS). Many more cosmetic treatments are performed because of the abundance of plastic surgeons. One of the main reasons influencing the need for minimally invasive surgical equipment is the rise in the range of treatments across the nation.

Key Highlights

• The global minimally-invasive surgery devices market was valued at USD 28,373.70 million in 2021. It is projected to reach USD 53,048.00 million by 2030, growing at a CAGR of 7.20% during the forecast period (2022-2030).
• Based on product type, the global minimally-invasive surgery devices market is bifurcated into handheld instruments, guiding devices, electrosurgical devices, endoscopic devices, laparoscopic devices, monitoring and visualization devices, ablation devices, laser-based devices, robotic-assisted surgical systems, and others. The endoscopic devices segment is the highest contributor to the market and is expected to grow at a CAGR of 7.25% during the forecast period.
• Based on application, the global minimally-invasive surgery devices market is bifurcated into aesthetic, cardiovascular, gastrointestinal, orthopedic, urological, and gynecological. The gastrointestinal segment owns the highest market share and is expected to grow at a CAGR of 7.40% during the forecast period.
• North America is the most significant shareholder in the global minimally-invasive surgery devices market and is anticipated to expand at a CAGR of 7.05% over the projection period.

Competitive Players

Competitive Players

The global minimally-invasive surgery devices market's major key players are Abbott Laboratories, GE Company (GE Healthcare), Intuitive Surgical Inc., Koninklijke Philips NV, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith and Nephew, Stryker Corporation, and Zimmer Biomet Holdings Inc.

Recent Developments

Market News

• In September 2022, Intuitive, a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, announced that Japan’s Ministry of Health, Labour and Welfare (MHLW) cleared the da Vinci SP® surgical system for use in general surgeries, thoracic surgeries (excluding cardiac procedures and intercostal approaches), urologic surgeries, gynecological surgeries, and trans-oral head and neck surgeries.

Segmentation

Global Minimally-invasive Surgery Devices Market: Segmentation

By Products

• Handheld Instruments
• Guiding Devices
• Electrosurgical Devices
• Endoscopic Devices
• Laparoscopic Devices
• Monitoring and Visualization Devices
• Ablation Devices
• Laser-based Devices
• Robotic Assisted Surgical Systems
• Other MIS Devices

By Applications

• Aesthetic
• Cardiovascular
• Gastrointestinal
• Gynecological
• Orthopedic
• Urological
• Other Applications

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA