The minimally invasive surgical instruments market is expected to grow at a compound annual growth rate of 9.56% over the forecast period to reach a market size of US$36.364 billion in 2027 from US$19.193 billion in 2020.
Surgical robots have changed the field of minimally invasive surgery, and surgeons are increasingly accepting them. Minimally invasive surgical techniques are much less expensive than in-patient and traditional open surgeries with comparable outcomes, resulting in a significant increase in value for both the patient and the insurance company. The operation is performed using minimally invasive laparoscopic cameras placed through smaller incisions and specialized equipment. After minimally invasive operations, the healing process is less painful, and patients recover faster. The market for minimally invasive surgical (MIS) devices is continually evolving as a result of technological advances, particularly in the sectors of cardiac, orthopedic, ophthalmology, neurological, and oral surgical procedures. Consistent technical improvements in this discipline have resulted in higher-quality devices that enable surgeons to conduct surgical interventions quickly and safely without compromising patient safety.
In the operating room, the improved product designs enable a level of control and accuracy. To visualize tissue handling in inaccessible internal places, optical engineering and imaging technologies are applied. Before the actual treatment technique is performed in a care setting, VR can be used to evaluate various conditions and treatment options for virtual patients. Instrumentation and video imaging advancements are projected to revolutionize a variety of surgical techniques, from open to endoscopic surgery. The employment of MIS techniques has been employed to lessen the complications associated with open houses.
The rise in the geriatric population, as well as the number of procedures associated with them, such as heart surgeries, orthopedic surgeries, and others, are driving the expansion of the minimally invasive surgical tool market. Minimally invasive operations provide several advantages over standard surgeries, including less discomfort, a shorter hospital stay, less scarring, and tissue damage.
However, during the forecast period, inadequate performance quality assurance and inappropriate sterilizing processes are expected to limit its increase.
The number of surgical procedures performed around the world has increased dramatically over time. Every year, roughly 235 million major surgical procedures are performed globally, according to WHO estimates (2019). The rapidly growing senior population worldwide, as well as the rising prevalence of chronic diseases, can be blamed for the rising number of surgeries. Chronic problems are more likely to strike the elderly population. Surgical procedures are a good therapy choice in the majority of these illnesses since the senior population is more prone to orthopedic, cardiovascular, and ocular disorders. As a result of the growing geriatric population, demand for different surgical and interventional procedures is predicted to rise.
Another key factor that is expected to drive the market growth is the rising geriatric population and the threat of communicable diseases, which support the market for minimally invasive surgical instruments. Data from World Bank shows that the global proportion of the geriatric population has increased at a notable rate, from 7.567% in 2010 to 9.318% in 2020. This proportion is further expected to reach 1.5 billion people or 15.79% by 2050 (Source: UN).
Medical device makers face a highly unpredictable regulatory environment. The average time it took to approve a 510(k)-application climbed by 43% between 2005 and 2010, while the time it took to get a premarket approval increased by 75%. The US Food and Drug Administration (FDA) wants additional clinical evidence on a product's clinical safety and efficacy. As a result, corporations are investing more in clinical trials, the approval process is taking longer, and more funding is needed for in-depth post-marketing surveillance investigations. It also raises the potential of product recalls, particularly when companies lack the financial resources to conduct extra research in order to meet FDA data requirements. The market for less invasive surgical devices is also hampered by these delays in the authorization. Small manufacturers are likewise restricted from entering the market as a result of such regulatory adjustments.
Impact of COVID-19 on the Minimally Invasive Surgical Instruments Market:
The outbreak of the COVID-19 pandemic has impacted how medical treatment is delivered around the world. Many hospitals and departments have been equipped for treating COVID-19 patients due to the increasing rate of COVID-19 hospitalizations. As a result, numerous elective procedures have been canceled or postponed around the world in order to reserve or allocate scarce capacities and resources (such as hospital beds and patient care staff) to COVID-19 patient care.
|Market size value in 2020||US$19.193 billion|
|Market size value in 2027||US$38.015 billion|
|Growth Rate||CAGR of 9.56% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Johnson & Johnson Medical Devices, Aesculap, Inc., Medtronic, Smith and Nephew, Stryker, Zimmer Biomet, CONMED Corporation, Applied Medical Resources Corporation, Microline Surgical, Abbott Laboratories|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the minimally invasive surgical instruments market size by 2027?
A1. The minimally invasive surgical instruments market is expected to reach a market size of US$36.364 billion in 2027.
Q2. What is the size of the global minimally invasive surgical instruments market?
A2. Minimally Invasive Surgical Instruments Market was valued at US$19.193 billion in 2020.
Q3. What are the growth prospects for the minimally invasive surgical instruments market?
A3. The global minimally invasive surgical instruments market is expected to grow at a CAGR of 9.56% during the forecast period.
Q4. What factors are anticipated to drive the minimally invasive surgical instruments market growth?
A4. The rise in the geriatric population, as well as the number of procedures associated with them, such as heart surgeries, orthopaedic surgeries, and others, are driving the expansion of the minimally invasive surgical instruments market.
Q5. How is the global minimally invasive surgical instruments market segmented?
A5. The minimally invasive surgical instruments market has been segmented by type, application, and geography.
Johnson & Johnson Medical Devices
Smith and Nephew
Applied Medical Resources Corporation
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