New York, United States, May 21, 2024 (GLOBE NEWSWIRE) -- The Global Minimally Invasive Surgical Instrument Market Size is to Grow from USD 30.5 Billion in 2023 to USD 70.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.74% during projected period.
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Minimally invasive surgical instruments are specialized tools and devices designed to perform surgical procedures through small incisions or natural body openings, minimizing the damage to surrounding tissue. It aims to minimize patient trauma, decrease recovery time, and reduce the risk of complications. With the use of advanced technologies, surgery is performed with greater accuracy and efficiency. Laparoscopy, endoscopy, and robotic surgery are the various minimally invasive surgeries that are redefining the field of surgery. The advancement including robotic-assisted surgery, artificial intelligence (AI)-guided surgery, and imaging technologies appears to be promising in the future of minimally invasive surgical instruments. Minimally invasive surgical instruments are likely to become the preferred choice with the emerging cost-effective solutions in the healthcare systems. The increasing prevalence of chronic diseases, obesity, and the geriatric population are responsible for driving the market demand owing to the safety and tolerability of minimally invasive procedures. Further, the advancement in minimally invasive surgeries and the increasing number of product launches and approvals are anticipated to propel the market growth. In addition, the growing investments in healthcare infrastructure with the rising awareness among patients contribute to market growth. On the contrary, the high cost of surgical instruments and limited access to trained professionals are responsible for restraining the global minimally invasive surgical instrument market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Minimally Invasive Surgical Instrument Market Size, Share, and COVID-19 Impact Analysis, By Device (Handheld Instruments, Inflation Devices, Surgical Scopes, Cutting Instruments, Guiding Devices, Electrosurgical & Electrocautery Instruments, and Others), By Type of Surgery (Cardiothoracic Surgery, Gastrointestinal Surgery, Orthopedic Surgery, Gynecological Surgery, Cosmetic & Bariatric Surgery, Urological Surgery, and Others), By End User (Hospitals & Specialty Clinics and Ambulatory Surgery Centers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The handheld instruments segment dominates the market with the largest revenue share through the forecast period.
Based on device, the global minimally invasive surgical instrument market is segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, and others. Among these, the handheld instruments segment dominates the market with the largest revenue share through the forecast period. Grasper, retractors/elevators, suturing instruments, and dilators are the various surgical instruments that assist surgeons in performing minimally invasive procedures with precision and control. Further, the rising technological advancement with the increasing number of surgical procedures leads to drive the market growth.
The cardiothoracic surgery segment is anticipated to hold the largest market share through the forecast period.
Based on the type of surgery, the global minimally invasive surgical instrument market is segmented into cardiothoracic surgery, gastrointestinal surgery, orthopedic surgery, gynecological surgery, cosmetic & bariatric surgery, urological surgery, and others. Among these, the cardiothoracic surgery segment is anticipated to hold the largest market share through the forecast period. The minimally invasive cardiothoracic surgery requires precise surgical procedures to be performed inside the thoracic cavity, related to heart, lung, and pleural or mediastinal structures. The increasing cases of cardiac disorders lead to drive the market demand in the cardiothoracic surgery segment.
The hospitals and specialty clinics segment dominated the global minimally invasive surgical instrument market in 2023.
Based on the end user, the global minimally invasive surgical instrument market is segmented into hospitals & specialty clinics, and ambulatory surgery centers. Among these, the hospitals and specialty clinics segment dominated the global minimally invasive surgical instrument market in 2023. The rising adoption of minimally invasive surgical instruments owing to the availability of highly skilled healthcare providers and technologically advanced surgical facilities in hospitals and clinics is anticipated to enhance the market growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing prevalence of chronic diseases with the availability of well-established healthcare infrastructure leads to the adoption of minimally invasive surgeries resulting in driving the market growth in the region. Further, favorable government reimbursement policies are contributing to driving the market. The increasing number of collaborations among the companies is creating lucrative market opportunities in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The presence of hospitals and clinics and the availability of doctors for performing minimally invasive surgeries are contributing to the market growth of the minimally invasive surgical instrument market. The rising prevalence of chronic diseases in the region necessitates surgical treatment which leads to rising market demand in the region. The growing adaptability of regulatory policies and favorable government policies are significantly contributing to market growth. Additionally, the presence of key market players in the region is driving the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global minimally invasive surgical instrument market are Johnson & Johnson, Medtronic, Intuitive Syrgical, Abbott Laboratories, Koninklijke Philips, Stryker Corporation, Boston Scientific Corporation, Siemens Healthineer AG, GE Healthcare, Nuvasive, Inc., Zimmer Biomet, and Other Key Players.
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Recent Developments
- In June 2022, Ethicon, part of Johnson & Johnson MedTech, announced the U.S. launch of the ECHELON 3000 Stapler, a digitally enabled device that provides surgeons with simple, one-handed powered articulation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global minimally invasive surgical instrument market based on the below-mentioned segments:
Global Minimally Invasive Surgical Instrument Market, Device Analysis
- Handheld Instruments
- Inflation Devices
- Surgical Scopes
- Cutting Instruments
- Guiding Devices
- Electrosurgical & Electrocautery Instruments
- Others
Global Minimally Invasive Surgical Instrument Market, Type of Surgery Analysis
- Cardiothoracic Surgery
- Gastrointestinal Surgery
- Orthopedic Surgery
- Gynecological Surgery
- Cosmetic & Bariatric Surgery
- Urological Surgery
- Others
Global Minimally Invasive Surgical Instrument Market, End User Analysis
- Hospitals & Specialty Clinics
- Ambulatory Surgery Centers
Global Minimally Invasive Surgical Instrument Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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