Increasing prevalence of chronic diseases, rising number of surgical procedures, and growing preference for minimally invasive surgeries are some key factors expected to drive global market growth.
Increasing prevalence of chronic diseases, rising number of surgical procedures, and growing preference for minimally invasive surgeries are some key factors expected to drive global market growth
According to Emergen Research, the global minimally invasive surgical systems market size was USD 21.98 billion in 2020 and is expected to reach USD 41.16 billion in 2028 and register a steady revenue CAGR of 8.1% during the forecast period, 2021-2028.
Market Dynamics:
Minimally invasive surgery (MIS) refers to surgical procedures and techniques used to minimize the amount of soft tissue damage during injury. Various MIS tools are used for making small incisions in specific areas instead of large openings. Medical instrument manufacturers are heavily investing in research and development activities to develop advanced systems and devices used for performing minimally invasive surgical procedures. Factors such as high prevalence of cardiovascular, neurological, gynecological, and urological diseases, rapid advancements in minimally invasive surgical procedures and devices, growing adoption of robotic assistance for surgeries, and rising geriatric population are expected to drive global market revenue growth during the forecast period.
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Other factors such as increasing number of complicated surgeries, rising FDA product approvals, government funds for improving healthcare infrastructure, and increasing number of hospitals and ambulatory care centers across the globe are expected to further fuel global market growth going ahead. However, high costs associated with these devices, dearth of skilled healthcare professionals for operating advanced instruments, and inaccessibility to latest healthcare facilities due to budget constraints in many hospitals in developing countries can hamper overall market growth to a certain limit during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Ambulatory Surgical Centers Segment To Register Rapid Revenue CAGR:
The ambulatory surgical centers segment revenue is expected to expand at a rapid CAGR over the forecast period. Factors such as high preference for ambulatory care services due to low cost of outpatient services, large patient pool, increasing adoption of latest devices used in minimally invasive procedures, and improvements in ambulatory care infrastructure are expected to drive revenue growth of the segment over the forecast period.
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Handheld Devices Segment to Account for Largest Revenue Share:
The handheld devices segment is expected to account for largest revenue share during the forecast period. Revenue growth of the segment can be attributed to increasing number of minimally invasive surgical processes, and rapid adoption of handheld devices of robotic and semi-automated handheld devices in minimally invasive surgeries to reduce damage to extraneous tissue.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period. Revenue growth can be attributed to factors such as increasing prevalence of chronic diseases, increasing demand for minimally invasive surgeries, rapid technological advancements, and high disposable income. In addition, rapid adoption of advanced products, high healthcare spending, and increasing investments in developing advanced products are other factors expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- Stryker Corporation
- Abbott Laboratories
- Medtronic PLC
- Boston Scientific Corporation
- Johnson & Johnson
- OmniGuide Holdings Inc.
- B. Braun Melsungen AG
- Becton, Dickinson and Company
- CONMED Corporation
- Hoya Corporation
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For the purpose of this, Emergen Research has segmented the global minimally invasive surgical systems market on the basis of device type, surgery type, end-use, and region:
Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Handheld Devices
- Cutter Devices
- Inflation Devices
- Electrosurgical Devices
- Monitoring and Visual Devices
- Guiding Devices
- Auxiliary Devices
Surgery Type Outlook (Revenue, USD Billion; 2018–2028)
- Gastrointestinal Surgery
- Cardiovascular Surgery
- Orthopedic Surgery
- Urological Surgery
- Cosmetic Surgery
- Neurological Surgery
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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