Minimally Invasive Surgical (MIS) is a method that involves making small surgical cuts in order to reduce trauma to the body. Thin needles and an endoscope are used to perform the surgery. MIS is widely used in cancer diagnostics, knee and hip replacements, gallbladder problems, spinal disorders treatment, heart and lung operations, and other procedures.
Cancer is one of the main causes of death worldwide. According to GLOBOCAN 2020, the number of cancer cases increased to 19.3 million, and the total number of cancer fatalities reached a new high of 10 million worldwide.
In 2021, the market size of minimally invasive surgical instruments was worth $22.38 billion and is expected to be worth $43.76 billion by 2030, representing a CAGR of 7.214% from 2021 to 2030.
Minimally invasive surgery market dynamics
Driver:
- Minimally invasive surgeries (MIS) have experienced a significant change in technological advancements over the years, resulting in a fundamental change in how surgical procedures are performed in operating rooms. Because of their advantages over traditional open surgical techniques, most surgeons now prefer advanced minimally invasive surgical procedures such as laparo-endo single-incision surgery (LESS). These benefits include fewer scars and tissue injury, faster recovery times, shorter hospital stays, less blood loss and trauma, a lower risk of infection, and lower overall healthcare costs. According to the National Library of Medicine, approximately 310 million surgeries are performed worldwide each year, with nearly 40 to 50 million performed in the United States and 20 million performed in Europe.
- The increasing geriatric population worldwide is also boosting the market growth as older people are more prone to chronic disorders like cardiovascular, orthopaedic, and ophthalmic diseases. Apart from this, the increasing rate of various diseases like hiatal hernia, gastroesophageal reflux disease, benign prostatic hyperplasia, rectal cancer, atrial fibrillation, bladder cancer, kidney cancer, etc., are driving the market growth.
Restraints:
The high cost associated with the minimally invasive surgery process is a major factor restricting the market’s growth worldwide. Additionally, delays in FDA approvals for new product launches broadly restrict the overall market growth.
Opportunities
Because of its business-friendly environment and lenient regulatory policies, the Asia-Pacific region’s Minimally Invasive Surgical Instruments market is rapidly growing, attracting market leaders to invest in MIS surgical instruments in this region.
Minimally invasive surgery market segmentation
The market for minimally invasive surgery is divided into product, surgery type, end user, and region.
- By product, the market is segmented into handheld instruments, cutting instruments, inflation devices, electrosurgical & electrocautery instruments, guiding devices, and others. Handheld instruments ruled the market with a CAGR of 7.134% and total revenue of USD 4.683 billion in 2020. The increasing number of surgeries, lower cost of laparoscopic handheld surgical devices, and rising technical advances in handheld instruments are some of the key factors driving this segment’s growth.
- On the basis of surgery type, the market is segmented into cardiothoracic surgery, orthopaedic surgery, gastrointestinal surgery, cosmetic surgery, gynecological surgery, urological surgery, and others. Cardiothoracic surgery was the market leader in 2020, with a consistent CAGR. The overall growth of this segment is being driven by factors such as a rise in the number of cardiac diseases, rising awareness of minimally invasive surgery instruments, and an increase in coronary and percutaneous cardio interventions. According to iData Research, the total number of cardiac surgeries in the United States each year exceeds 9,00,000.
- Based on end-user, the market is segmented into hospitals & specialty clinics, ambulatory surgery centres, and others. In 2020, hospitals and specialty clinics ruled the minimally invasive surgical instruments market. The presence of highly skilled healthcare professionals, as well as the continuous increase in the number of MI surgeries in hospitals, is stimulating the growth of this segment.
- The region’s market is segmented into North America, Europe, Asia Pacific, and the Rest of Asia-Pacific. North America dominated the market with a CAGR of 7.732% and total revenue of $6.934 billion in 2020. A rise in chronic diseases developed healthcare infrastructure, and increased government spending in the healthcare sector are driving market growth in this region. As per a report by the Organization for Economic Co-operation and Development, the United States has the highest per capita healthcare expenditure of any other country in the world. Furthermore, patients in the United States can select treatment methods and providers. On the other hand, The Asia Pacific region is expected to be the fastest-growing regional market from 2022 to 2030.
Key industry players
- Medtronic
- Siemens
- Healthineer AG
- Ethicon
- Boston Scientific Corporation
- GE Healthcare
- Abbott Laboratories
- Stryker Corporation
- Johnson & Johnson
- Other Players