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North America followed by APAC are expected to dominate the global minimally invasive surgery market during the forecast period.
As per our research report, the global minimally invasive surgery market size is forecasted to be worth USD 24.88 billion by 2026, registering a CAGR of 9.9% from 2021 to 2026.
The COVID-19 pandemic has created new challenges for hospitals, surgeons, and patients due to the number of infections. As a result, hospitals and healthcare systems have shunned elective surgeries such as endoscopy, biopsies, robot-assisted procedures, laparoscopy, and other minimally invasive procedures. However, as the world recovers from this COVID-19 pandemic, the demand for minimally invasive surgeries is anticipated to increase due to the high demand for healthcare services and unmet market need.
Currently, minimally invasive surgeries are gaining popularity due to their benefits over other procedures such as reduced postoperative pain, quick recovery, ease of performing the procedure by many surgeons, and decreased blood loss. In addition, these procedures use robotic technology, which allows precise control, thus resulting in a higher success rate with lesser complications. These factors, along with the growing number of physician-owned clinics, contribute significantly to this market's growth. Secondly, the ever-increasing geriatric population, who are more prone to increasing prevalence of chronic diseases such as arthritis, cancer, CNS, and cardiovascular diseases (CVD), is causing a rapidly growing demand across the globe. According to the World Health Organization, in 2021, various chronic conditions, such as CVD, cancer, respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths, respectively. From the same source, over 41 million people die each year from chronic diseases, equivalent to almost 71% of all deaths across the globe.
Other factors such as the rising disposable income, especially in emerging regions, improving healthcare infrastructure, growing demand for technologically developed instruments and devices, and continuous activities in research and development will be responsible for supporting the growth of the minimally invasive surgery market. As a result, manufacturers are introducing various technologically advanced products such as narrowband imaging endoscopes, potable instruments, smart and wireless devices, and HD cameras, creating a positive outlook for the market across the globe.
Increasing government spending to create patient awareness about early detection and the availability of various treatment modalities will contribute to the market's growth. Additionally, to meet growing consumer demand for improved surgical procedures, significant players focus on developing customized or precision devices that can work with robotic assistance for minimally invasive surgeries. Furthermore, certain developed nations such as the U.S, U.K, and Canada also provide grants and funds to support the latest technologies and the setting up of start-ups to increase the number of manufacturers and products in the market, and this is anticipated to influence the growth of the market over the forecast period significantly.
However, the high cost associated with procedures, instruments, and installation is anticipated to challenge the global minimally invasive surgery market. In addition, the presence of other surgical options will hamper the market growth during the forecast period.
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