Global Minimally-invasive surgery devices market Research Report Information by Type (Handheld Instruments, Inflation Devices, Cutter Instruments, Guiding Devices, Electrosurgical Devices and Auxiliary Devices), Application (Cardiac Surgery, Gastrointestinal Surgery, Orthopedic Surgery, Vascular Surgery, Gynecological Surgery, Urological Surgery, Thoracic Surgery, Cosmetic Surgery and Dental Surgery), End User (Hospitals & Clinics, Ambulatory Surgical Centers) - Forecast till 2024
Overview:
Rising Implication of Newer Policies Supporting Minimally Invasive Surgery Devices Market
The minimally invasive surgery devices market is getting gaining traction due to increasing geriatric population and increasing prevalence life-threating and chronic diseases. The minimally invasive surgeries are less traumatic and comparatively safer, which makes the healing process faster and less painful. As per the World Health Organization (WHO), the prevalence of chronic diseases is estimated to escalate by 60% by the end of 2020 and 79% of the deaths are caused due to these diseases especially in developing countries.
These surgeries are increasingly evolving in the field of ophthalmic, orthopedic, cardiac, oral surgical, and neurological procedures. Thanks to the continuous advancements in the surgical procedures makes it the more efficient and accurate, which boosts their adoption substantially. Thus, the minimally invasive surgery devices market valued at USD 20,093.4 million and is estimated to expand at a CAGR of 9.8% over the forecast period.
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Additionally, increasing awareness about benefits of the minimally invasive procedures is creating demand and is estimated to remain same in coming years. Further, rising popularity of robotic and non-robotic minimally invasive surgeries are fueling growth of the global minimally invasive surgery devices market.
Increasing inclination toward the personal aesthetics, the demand for cosmetics and plastic surgeries are boosting adoption of minimally invasive surgeries, which in turn drives the growth of the minimally invasive surgery devices market. As per reports by the American Society of Plastic Surgeons, around 15.4 million cosmetic procedures were performed with minimally invasive surgical procedures in 2016. However, stringent government regulations coupled with high cost of surgery devices are restraining market growth. Nonetheless, the cost of these procedures is less than conventional surgeries which are likely to offer most lucrative opportunities for growth in coming years.
Competitive Analysis:
Some of the key players operating in the global Minimally-Invasive Surgery Devices Market Size are Abbott, Medtronic, Inc, GE Healthcare, Ethicon, Inc., Siemens Healthcare GmbH, Intuitive Surgical, Inc, ArthroCare Corporation, NuVasive, Inc., DePuy Synthes, Biomet, Inc, KEBOMED Europe AG, Norwood Medical, Fortimedix Surgical, and Freudenberg Medical.
Segmentation:
The minimally invasive surgery devices market is segmented based on type, application, end-user, and region.
In terms of type, the global minimally invasive surgery devices market is categorized into handheld instruments, cutter instruments, inflation devices, guiding devices, auxiliary devices, electrosurgical devices, and others.
In terms of application, the minimally invasive surgery devices market is segmented into cardiac surgery, orthopedic surgery, gastrointestinal surgery, vascular surgery, urological surgery, gynecological surgery, thoracic surgery, dental surgery, cosmetic surgery, and others.
In terms of end-user, the minimally invasive surgery devices market is segmented into ambulatory surgical centers, hospitals & clinics, and others.
As per the region, the minimally invasive surgery devices market is segmented into Americas, Asia-Pacific, Europe, and the Middle East & Africa.
Regional Analysis:
Regionally, the Americas is estimated to dominate the global minimally invasive surgery devices market owing to large patient pool, high healthcare investment, and well-developed infrastructure. Additionally, growing government funding backing for adoption of advanced healthcare facilities for the several life-threating diseases are benefiting growth of the global minimally invasive surgery market. The market in Europe is estimated to secure second leading position in terms of revenue.
However, Asia Pacific is predicted to expand at a highest CAGR in coming future due to substantial rise in patient pool, presence of large population, growth in government investments. Rise in geriatric population which is prone for several diseases which creates need for development of better facilities in the region. Additionally, emerging economies in the region are investing more for improvement in healthcare infrastructure and adoption of advanced surgical devices.
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