The size of the minimally invasive surgical instruments market in Europe is expected to be worth USD 6.78 billion by 2027 from USD 4.25 billion in 2022, growing at a CAGR of 9.80% between 2022 to 2027.
The expansion of the European minimally invasive tools market is fuelled by the aging population, rising demand for surgical equipment, and technological advancements in minimally invasive therapies. Because minimally invasive procedures are less expensive than traditional open surgery, the market is expected to grow. Furthermore, by minimizing the number of incisions performed during surgery, minimally invasive surgery reduces physical stress. Other causes, such as medical tourism in underdeveloped countries, promote awareness and offer a variety of options in the market for medical intrusive devices.
Following minimally invasive operations, patients require fewer pain medicines (MIS). Because there are few incisions or sutures, and patients do not need to return to the hospital frequently, the hospital stay is quite short.
Growing government investments in the healthcare industry and improved healthcare infrastructure, on the other hand, are boosting the market. Furthermore, the advantages of traditional treatments over open operations, as well as the global spread of minimally invasive procedures, ensure that the market for minimally invasive surgical tools grows at a faster rate. Furthermore, technological improvements in surgical procedures would boost market expansion by providing multiple market competitors with possibilities to introduce innovative goods. The above-mentioned factors are predicted to boost the growth rate of the minimally invasive surgical instruments market in the European region.
There are concerns regarding surgical quality, and this technology could help to reduce the adoption of minimally invasive surgical devices. Improper sterilizing processes and insufficient quality assurance are the primary threats to the market's growth. In addition, the medical device industry's hazy regulatory environment limits the growth of minimally invasive surgical equipment.
The COVID-19 started in Wuhan, China, in 2020. The World Health Organization (WHO) has declared a national emergency and has ordered a complete embargo on all flights. The pandemic has had a major impact on the pharmaceutical and manufacturing industries. In every way, COVID-19 has caused havoc on the economy. Due to the quick emergence of the COVID-19 pandemic and global lockdown in the first quarter of 2020, demand for minimally invasive surgical devices was diminished.
This research report on the European minimally invasive surgical instruments market has been segmented and sub-segmented into the following categories:
By End Users:
Geographically, the European region accounted for the second-largest share in the global market in 2020. The increasing frequency of lifestyle-related and chronic ailments, technical improvements, and a greater acceptance rate of minimally invasive operations over traditional surgeries are all contributing to the growth of the European minimally invasive surgical devices market.
Furthermore, according to the European Society of Cardiology's 2019 report, more than 11 million people in Europe suffer from cardiovascular disorders each year (CVD). With about 49 million people in Europe suffering from cardiovascular disease, the cost to the European economies is considerable, amounting to EURO 210 billion each year. As a result of the advantages associated with minimally invasive operations, as well as the rising prevalence of chronic diseases, the market is expected to rise at a faster rate throughout the forecast period.
The major strategic actions of market participants include new product launches based on emerging technologies, partnerships, mergers, and acquisitions, and regional expansion. The introduction of new solutions is expected to boost market growth steadily.
A trend towards the UK dominating the Europe Minimally Invasive Surgical Instruments market is set to continue in the coming years due to chronic diseases on the rise, the presence of key players, the development of the healthcare sector, and technological advances in diagnostic instruments.
France, along with the United Kingdom, is the market leader in Europe for minimally invasive surgical tools. Rising healthcare costs and a growth in lifestyle-related ailments such as cancer, CVD, CHD, disability, and other heart diseases are also influencing the minimally invasive/non-invasive instrument and device market.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in Europe minimally invasive surgical instruments market profiled in this report are Medtronic plc (Ireland), Ethicon, Inc. (U.S.), Aesculap, Inc. (Germany), Stryker Corporation (U.S.), Smith & Nephew (U.K.), ConMed Corporation (U.S.), Abbott Laboratories (U.S.), Applied Biomedical Resources Corporation (U.S.), Microline Surgical (Japan) and Zimmer Biomet (U.S.).
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