A minimally invasive medical procedure refers to a method of performing surgery with the least amount of trauma to the body to minimize the wound. The use of minimally invasive surgical techniques reduces the time needed for wound recovery and post-operative pain, which is particularly advantageous for patients. Some of the most notable advantages of this type of surgery include improved precision, decreased pain, quicker discharge, a lower risk of wound infection, and lower operating costs.
The market worth of minimally invasive surgical instruments in 2021 was USD 22.38 billion, and it will be worth USD 43.76 billion by 2030, growing at a 7.21% CAGR during the forecast period.
Factors stimulating market expansion are the increasing R&D spending in the healthcare industry, the high rate of adoption of cutting-edge, new technology in healthcare, the rising prevalence of chronic diseases, and the growing burden of non-communicable diseases.
Market Dynamics
Drivers
The market demand is growing due to the advantages of these treatments, such as less major operating and postoperative complications and quicker recovery times. The market for minimally invasive surgical instruments is expanding due to the rising rate of chronic diseases. Therefore, the need for minimally invasive surgical procedures is being driven by the increased burden of non-communicable diseases. Over the projected period, this will directly impact the growth of the market for minimally invasive surgical instruments.
Restraints
The primary factor severely impeding market expansion is the increasing cost of MIS. The overall cost of healthcare (direct and indirect) related to MIS-TLIF is USD 40,000. Additionally, the enormous wait times for FDA clearances to introduce MIS equipment into the market severely impede the expansion of the total market.
Opportunity
The demand for minimally invasive surgical (MIS) tools, including new surgical robots (like the Da Vinci Surgical Robot) and highly advanced image guiding systems (like ultrasound medical imaging, MRI, and CT scan), is rising steadily around the world and will increase exponentially in the coming years.
Market Segmentation
Device Insights
In 2021, the handheld segment ruled the entire market, with the largest share of 22%. By using handheld equipment, MIS techniques aim to minimize harm to extraneous tissues during surgical procedures, accelerating patient recovery and minimizing pain and adverse effects. The majority of the tools on the MIS market are single-use items.
Application Insights
The orthopedic application segment led the market with a revenue share of more than 23.6% in 2021. No muscles need to be cut or severed during orthopedic MIS treatments. As a result, this strategy has enhanced patient satisfaction and accelerated the healing process. MIS is most frequently used during knee and hip replacement surgeries. Surgery that has fewer operational, postoperative, and hospitalization-related problems is sought after by hospitals and doctors.
End-use Insights
In 2021, the hospitals segment maintained the largest market position, with a share of 66.2% due to the growing number of hospitals globally. Additionally, governments worldwide are making efforts to develop healthcare facilities. Additionally, the market is expanding as a result of the increasing prevalence of chronic diseases.
The ambulatory surgical centers segment will grow at a rapid rate. The market for minimally invasive surgical instruments is expanding due to the increase of ambulatory surgery clinics.
Regional Insights
With the largest share of 44% North America ruled the entire market. The market for minimally invasive surgical instruments in this region is growing as a result of the rising incidence of various ailments. According to an updated report released by the Centers for Disease Control and Prevention in September 2021, heart disease remains the leading cause of death in the United States. In 2019, 360,900 persons in the United States died from coronary heart disease, while 18.2 million adults in the country aged 20 and older have coronary artery disease. The market for minimally invasive surgical instruments in the North American area is also expanding as a result of the adoption of cutting-edge technologies.
On the other hand, Asia-Pacific will experience the quickest growth during the projection period. The market for minimally invasive surgical instruments is expanding in this region due to factors such as rapid urbanization, an aging population, and a rising trend in medical tourism.
Key Players
- Johnson & Johnson
- Smith & Nephew plc
- Medtronic plc
- Stryker Corporation
- Abbott Laboratories, Inc.
- B. Braun Melsungen AG
- Zimmer Biomet Holdings, Inc.
- Becton, Dickinson, and Company
- CONMED Corporation
- Boston Scientific Corporation
- The Cooper Companies Inc.
- HOYA Corporation
- FUJIFILM Holdings Corporation
- KARL STORZ SE & Co. KG
- Surgical Innovations Group plc
- Koninklijke Philips N.V.
- Applied Medical Resources Corporation
- STRAUSS SURGICAL
- TROKAMED GmbH
- Wexler Surgical
- EndoMed Systems GmbH
- KLS Martin Group
- Scanlan International, Inc.
- AMNOTEC International Medical GmbH
- Surgical Holdings
The market worth of minimally invasive surgical instruments in 2021 was USD 22.38 billion, and it will be worth USD 43.76 billion by 2030, growing at a 7.21% CAGR during the forecast period. . The market demand will also be driven by an older population, increased aesthetic and physical beauty concerns, and supportive government policies and subsidies.
