Wilmington, Delaware, United States, March 31, 2023 (GLOBE NEWSWIRE) -- The global minimally invasive surgical instruments market is forecast to expand at a value CAGR of 14.8% from 2022 to 2032. As per Transparency Market Research’s findings, global sales stood at USD 15.7 Bn as of 2021. By 2032, a valuation worth USD 71.6 Bn is anticipated for the market.
The growing market demand for minimally invasive surgical instruments can be attributed to technological advancements. Adoption of surgical robots and increased public awareness have also helped the market grow.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 15.7 Bn in 2021 | |
| Estimated Value | USD 71.6 Bn by 2032 | |
| Growth Rate | 14.8% | |
| Forecast Period | 2022–2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Application Type, Device Type, and Region Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Medtronic, Siemens Healthineers AG, Ethicon Inc. (Johnson & Johnson), DePuy Synthes, GE Healthcare | |
Procedures like laparoscopy, arthroscopy and endoscopy allow doctors to avoid complex open surgery. The small size of incisions made helps towards precision. This reduces patient trauma and speeds up recovery.
There has also been a noted increase in the prevalence and detection of chronic diseases in the geriatric population. Awareness regarding MIS procedures has helped this section of people since they are prone to long recovery times and less immunity.
Recent advancements in the healthcare industry have involved the development of complex programs and automations. Surgical robots have found use in scenarios that would otherwise make for complications and patient trauma. Manufacturers are thus presented with a key opportunity in this market, as the use of automation in healthcare continues to rise.
Key Findings of the Market Report
- From 2021 to 2032, the market for minimally invasive surgical instruments is likely to yield absolute dollar opportunity worth US$ 55.9 billion
- By device type, handheld instruments are likely to dominate, expected to grow at a CAGR of 16.9%
- Cardiac procedures are expected to make maximum use of minimally invasive surgical instruments
- From 2017-2021, the minimally invasive surgical instruments market expanded at over 12% CAGR
Global Minimally Invasive Surgical Instruments Market Trends
- The rising prevalence of chronic diseases like heart and lung disease, diabetes, and cancer has driven the need for MIS.
- They offer multiple benefits over traditional open surgeries, like shorter hospital stays, reduced bills and bearable pain. This has driven industry growth for minimally invasive surgical instruments.
- Advances in technology have enabled the development of sophisticated minimally invasive surgical instruments, like robots. These instruments offer greater precision, control, and safety, which has led to their increased adoption.
- Increased expenditure by governments and private organizations has led to advanced research and development in healthcare. This is a major factor that allows for a positive market outlook for minimally invasive surgical instruments during 2022 to 2032.
- Demand for MIS is expected to rise post-pandemic, 2021 onwards, when hospitals recover from the overburdening of their resources. This is expected to significantly push market demand for such instruments.
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Regional Landscape for the Market
- The North American market for minimally invasive surgical instruments is expected to grow at a CAGR of 14.6% from 2022 to 2032
- The United States market is expected to grow at a CAGR of 14.5% and cross US$ 26 billion by 2032
- The market in the U.K is expected to add US$ 2.8 billion in absolute dollars by the end of the 2022-2032 forecast period
- The Japanese market for minimally invasive surgical instruments is expected to grow at a CAGR of 17.3%
- The market in South Korea is expected to reach US$ 1.3 billion by the end of the forecast period.
Global Minimally Invasive Surgical Instruments Market: Key Players & Recent Developments
Some key players in this market would be Siemens Healthineers AG, GE Healthcare, Medtronic, Johnson & Johnson, Stryker Corporation etc. These companies invest heavily in research and development of novel technologies and products. Product launches and improvements in quality have helped them retain a competitive edge in the market. Some recent developments would include -
- In July 2022, Stryker Corporation announced the acquisition of Ziehm Imaging, a manufacturer of mobile C-arms for minimally invasive surgical procedures.
- In September 2022, Johnson & Johnson announced the launch of its new VISTASEAL™ Fibrin Sealant. This product is designed to help surgeons achieve better hemostasis in minimally invasive surgical procedures.
- In March 2022, GE Healthcare launched its new Omniflow™ IVUS Catheter, which provides high-resolution imaging of blood vessels during minimally invasive procedures.
- In January 2023, Medtronic launched its new StealthStation™ ENT Surgical Navigation System. This system is designed to improve accuracy and reduce surgical time in ear, nose, and throat procedures.
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Minimally Invasive Surgical Instruments Market Segmentation
By Application Type
- Orthopedic
- Cardiac
- Gastrointestinal
- Vascular
- Gynecological
- Urological
- Thoracic
- Cosmetic
- Dental
- Other Applications
By Device Type
- Handheld Instruments
- Inflation Devices
- Cutter Instruments
- Guiding Devices
- Electrosurgical Devices
- Auxiliary Device
- Monitoring & Visualization Devices
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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