Chicago, July 11, 2024 (GLOBE NEWSWIRE) -- The "Minimally Invasive Surgical Instruments Market Size, Share & Trends by Product (Handheld, Inflation Devices, Surgical Scopes), Type of Surgery (Cardiothoracic, Gastrointestional, Bariatric, Orthopedic, Urological), Technology (Non-robotic, Robotic) - Global Forecast to 2029" report highlights substantial growth projections. It anticipates the market to escalate from $31.7 Billion in 2024 to $49.9 Billion by 2029, at a notable CAGR of 9.5%. This growth is driven by the rising adoption of minimally invasive surgical procedures due to fewer complications and shorter recovery times compared to open surgeries. Key drivers include the advantages of MIS over open surgical techniques, such as reduced scarring, expedited recovery, and cost savings, while the changing regulatory landscape poses a significant restraint. The increasing adoption of advanced robotics in ambulatory surgery centers presents a major growth opportunity, whereas high market consolidation remains a challenge. The market is segmented by handheld instruments, which held the highest share in 2023, and robotic surgery technology, which accounted for the highest CAGR. By type of surgery, cardiothoracic surgery held the largest share, driven by the increasing prevalence of cardiac disorders. Hospitals and specialty clinics represented the largest end-user segment in 2023 due to their capacity for intricate diagnostic and therapeutic procedures. North America was the largest regional market in 2023, driven by the rising population and increased awareness of MIS. Major players in the market include Medtronic PLC, Johnson & Johnson, Intuitive Surgical Inc., Boston Scientific Corporation, and Stryker Corporation.
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Medtronic PLC (US): Leader in Minimally Invasive Surgical Instruments
Medtronic PLC is a top player in the minimally invasive surgical instruments market, supported by a robust distribution network across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company focuses on organic growth strategies to maintain its market leadership. For example, in November 2023, Medtronic received FDA approval for the Symplicity Spyral renal denervation (RDN) system, which will enable the company to integrate advanced technologies and products into its portfolio, further strengthening its position in the market.
Johnson & Johnson (US): Innovator in Surgical Instruments
Johnson & Johnson holds the second-largest share in the minimally invasive surgical instruments market, bolstered by strong global sales and distribution channels that facilitate effective product marketing across various regions. The company invests heavily in research and development, allowing for continuous innovation and the introduction of new products. In November 2023, Johnson & Johnson MedTech announced regulatory approval in China for the MONARCH Platform and MONARCH Bronchoscope, showcasing its commitment to expanding its market presence.
Intuitive Surgical (US): Pioneer in Surgical Robotics
Intuitive Surgical's leading market position is driven by increased sales of advanced surgical instruments and a rise in general surgery procedures. Significant investments aimed at expanding the product offerings in the surgical robots market further reinforce this dominance. By strategically investing in broadening its array of surgical robotic products, Intuitive Surgical solidifies its leadership in the market, ensuring continuous growth and innovation.
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Handheld Instruments Lead Minimally Invasive Surgical Instruments Market
Based on product, the minimally invasive surgical instruments market is segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, robotic instruments, and other instruments. In 2023, the handheld instruments segment held the majority share, primarily driven by the rising volume of surgical procedures, affordability of articulating laparoscopic handheld instruments, and advancements in handheld instrumentation technology.
Non-Robotic Surgery Dominates Technology Segment in Minimally Invasive Surgical Instruments Market
By technology, the market is segmented into non-robotic surgery and robotic surgery. In 2023, non-robotic surgery accounted for the highest share, attributed to the lower risk and affordability compared to robotic surgeries. However, the growth rate of robotic surgeries is expected to be higher due to increased adoption of minimally invasive surgical (MIS) procedures.
Cardiothoracic Surgery Leads Type of Surgery Segment in Minimally Invasive Surgical Instruments Market
By type of surgery, the market is segmented into cardiothoracic surgery, gastrointestinal surgery, orthopedic surgery, gynecological surgery, cosmetic & bariatric surgery, urological surgery, and other surgeries. The cardiothoracic surgery segment accounted for the largest share in 2023, driven by the increasing incidence of cardiac ailments, a surge in coronary and percutaneous cardiology interventions, and the expanding use of MIS instruments in these procedures.
Hospitals and Specialty Clinics Dominate End User Segment in Minimally Invasive Surgical Instruments Market
By end user, the market is segmented into hospitals and specialty clinics and ambulatory surgery centers. The hospitals and specialty clinics segment held the largest share in 2023, due to the significant volume of minimally invasive surgical procedures conducted in hospitals and the presence of proficient healthcare professionals.
North America Leads Minimally Invasive Surgical Instruments Market by Region
The minimally invasive surgical instruments market is segmented into North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. North America is the largest regional market, with its significant share attributed to the rising incidence of chronic conditions, escalating healthcare expenditures, and advanced healthcare infrastructure in the US and Canada.
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