” The minimally invasive surgical instruments market is growing at a high growth rate owing to the advantages of minimally invasive surgery over traditional method of surgeries, such as high accuracy rate, less pain, less scaring, and less damage to tissues.”
Global Minimally Invasive Surgical Instruments Market accounted for $29,444 million in 2016, and is estimated to reach $52,797 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023.
The key factors that drive the growth of the minimally invasive surgical instrument market include increase in geriatric population and rise number of surgeries associated with them, such as cardiac surgeries, orthopedic surgeries, and others. Advantages of minimally invasive surgeries over traditional surgery, such as lesser pain, shorter hospital stay, less scaring, and low tissue damage also supplement the market growth. However, inadequate quality assurance pertaining to performance and improper sterilization procedures are expected to restrict this growth during the forecast period.
Based on product, the global minimally invasive surgical instruments market is categorized into handheld instruments, electrosurgical instruments, guiding devices, and inflation systems. Handheld instruments held the highest market share in 2016, and is expected to grow at the highest growth rate during the forecast period. This is attributed to the wide use of handheld instruments in minimally invasive surgical procedures.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share in 2016, followed by Europe. However, Asia-Pacific is anticipated to grow at the highest rate in future, owing to increase in pool of patient population, rise in geriatric population, and growth in government investments for development of better healthcare facilities and R&D. Asia-Pacific is expected to emerge as the area with maximum growth potential due to focus of key players on emerging economies and improvement in healthcare infrastructure.
Rise in Number of Surgical Procedures Globally
The growth in geriatric population and health awareness in emerging economies have increased the demand for surgeries. Moreover, plastic & reconstructive surgeries, which are generally performed for aesthetic/cosmetic purposes, have gained popularity. Many key players in the surgical equipment market are, therefore, focusing on emerging economies to expand their businesses.
Large Pool of Geriatric Population and Related Rise in Chronic Diseases
The geriatric population has increased significantly worldwide and is prone to various disorders such as ocular, cardiovascular, stroke, cancer, diabetes, gastric diseases, and intestinal illnesses. For instance, cardiovascular diseases are one of the leading causes of deaths globally. In fact, as per the Heart Disease and Stroke Statistics report published in 2015 by the American Heart Association, annually 17.3 million deaths occur due to cardiovascular diseases, and this number is expected to reach 23.6 million by 2030. Similarly, stroke is one of the major causes of deaths, accounting for 11.13% of the total deaths worldwide.
Major companies operating in this market have adopted product launch as their key development strategy. Companies profiled in this market include Medtronic PLC, Ethicon, Inc., B. Braun Melsungen Ag, Smith & Nephew PLC, Stryker Corporation, Abbott Laboratories, Conmed Corporation, Applied Medical Resources Corporation, Hoya Corporation, and Zimmer Biomet Holdings, Inc.