Minimally Invasive Surgical Instruments Market Size is Expected to Reach at USD 59,249 Million by 2030, Registering a CAGR of 9.6%, Owing to Aging Population and Rise in Chronic Diseases
The Global Minimally Invasive Surgical Instruments Market Size is predicted to reach USD 59,249 Million by 2030 from USD 26,486 Million in 2021, at a CAGR of 9.6% between 2022 and 2030, as per the Acumen Research and Consulting
The minimally invasive surgical instruments market is expected to experience significant growth in the coming years. Advances in technology have led to the development of new, more efficient instruments and techniques, which are driving demand for minimally invasive surgeries. Additionally, the benefits of minimally invasive surgery, such as faster recovery times and fewer complications, are also contributing to the market's growth. This is leading to increased adoption of these instruments by hospitals and clinics, which is driving the overall market growth. Factors such as the increasing geriatric population and rise in chronic diseases are also driving the market growth. However, the high cost of these instruments and the lack of skilled professionals are some of the major challenges faced by the market.
Minimally Invasive Surgical Instruments Market Statistics
- Global minimally invasive surgical instruments market revenue collected USD 26,486 Million in 2021, with a 9.6% CAGR between 2022 and 2030
- North America minimally invasive surgical instruments market value gathered more than USD 11,124 Million in 2021
- According to the American College of Surgeons, around 80% of surgical procedures are currently conducted utilizing minimally invasive techniques
- Among application, the orthopedic category capture over 24% of total market share in 2021
- Rise in chronic diseases such as obesity and diabetes, fuels the minimally invasive surgical instruments market size
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Minimally Invasive Surgical Instruments Market Trends
The minimally invasive surgical instruments market has evolved significantly over the past few decades. Initially, minimally invasive surgery was primarily limited to laparoscopic procedures, but it has since expanded to include a wide range of procedures such as endoscopic, robotic, and natural orifice surgery. Advances in technology have led to the development of new instruments, such as single-incision laparoscopic instruments and natural orifice transluminal endoscopic surgery (NOTES) instruments, which have further expanded the capabilities of minimally invasive surgery. Additionally, the use of robotics in minimally invasive surgery has also grown in popularity. Robotic systems, such as the da Vinci surgical system, provide surgeons with greater precision and control during procedures, which has led to an increase in the adoption of robotic-assisted surgery.
In terms of market growth, the market is projected to grow at a CAGR of 9.6% during the forecast period (2022-2030). Increasing adoption of minimally invasive surgery, technological advancements, and the benefits of minimally invasive surgery are the major factors driving the minimally invasive surgical instruments market growth. In the future, the market is predicted to continue growing as more procedures are performed using minimally invasive surgical instruments, and as technology continues to advance, allowing for even more complex procedures to be performed using minimally invasive techniques.
Minimally Invasive Surgical Instruments Market Segmentation
Acumen Research and Consulting has segmented the global minimally invasive surgical instruments market by application, device, and end-user.
- By application, the industry is categorized into urological, vascular, cardiac, cosmetic, gastrointestinal, dental, orthopedic, gynecological, thoracic, and others.
- By device, the market is divided into monitoring & visualization devices, handheld instruments, electrosurgical devices, cutter instruments, auxiliary devices, inflation devices, and guiding devices.
- By end-user, the market is classified into ambulatory surgical centers, and hospitals & clinics.
Minimally Invasive Surgical Instruments Market Regional Overview
The minimally invasive surgical instruments market is divided into five geographic segments: North America, Europe, Asia-Pacific, Latin America, and the MEA. As per the minimally invasive surgical instruments industry analysis, North America is currently dominating the market. This growth is due to factors such as the presence of a large number of key players in the region, the high adoption of advanced technologies, and the availability of reimbursement for minimally invasive surgeries. North America is projected to continue to dominate the market in the coming years, with the United States being the major contributor to the region's market share. The high adoption of technologically advanced instruments and the increasing number of minimally invasive procedures performed in the country are some of the major factors driving the minimally invasive surgical instruments market share in the United States.
Minimally Invasive Surgical Instruments Market Players
Some of the major minimally invasive surgical instruments market companies are Smith & Nephew, Medtronic, Stryker, Abbott, CONMED, Siemens, Zimmer Biomet, Intuitive Surgical, NuVasive, Inc., and GE Healthcare. In recent years, there have been several developments in the minimally invasive surgical instruments market by companies. One of the major developments has been the increasing use of robotics in minimally invasive surgery. Companies such as Intuitive Surgical, Stryker, and Medtronic have developed advanced robotic systems that provide surgeons with greater precision and control during procedures, which has led to an increase in the adoption of robotic-assisted surgery. Moreover, there have been several mergers and acquisitions transactions in the recent past, such as the merger of Medtronic and Covidien in 2015, and the acquisition of Hansen Medical by Auris Health in 2018. These transactions have helped companies to expand their product portfolios and increase their market share.
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