Minimally Invasive Surgical Instruments Market

Minimally Invasive Surgical Instruments Market Size (2023 to 2028)

As per our report, the global minimally invasive surgical instruments market size is expected to reach USD 43.47 billion by 2028 from USD 26.76 billion in 2023, growing at a CAGR of 10.19% during the forecast period.

Minimally invasive surgery reduces the number of incisions made during surgery, resulting in less stress on the body. As a result, this procedure is less painful, leaves fewer scars, and requires less time in the hospital. Constant technological advancements, a growth in chronic diseases, and increased medical tourism in poorer nations are all factors to consider. In contrast to traditional open surgery, surgeons in minimally invasive surgery employ various procedures to operate with the least amount of damage to the body. Minimally invasive techniques are beginning to replace traditional surgical care in different medical settings due to the development of real integrated solutions. The market's primary strategic initiatives include new product launches based on developing technologies, collaboration, mergers and acquisitions, and regional expansion. Conventional open operations are far more traumatic than minimally invasive surgeries. Surgical treatments using typical laparoscopic equipment can be painful and time-consuming. The operation is performed using minimally invasive laparoscopic cameras placed through smaller incisions and specialized smaller equipment. The market for minimally invasive surgical (MIS) devices is continually evolving due to technological advances, particularly in the sectors of cardiac, orthopedic, ophthalmology, neurological, and oral surgical procedures. To visualize tissue handling in inaccessible internal places, optical engineering and imaging technologies are applied. In the discipline of MIS, virtual reality (VR) is an important area of research in imaging technology. Before the real treatment approach is conducted in a care setting, VR can evaluate various problems and treatment options on virtual patients.

MARKET DRIVERS:

The growth of the global minimally invasive instruments market is primarily driven by the factors such as the proliferation of the senior population, increasing demand for surgical instruments, and technological advancements in minimally invasive procedures.

Compared to conventional open surgical, minimally invasive procedures are cost-effective, and expected to accelerate the market’s growth. In addition, minimally invasive surgery reduces the number of incisions performed in surgery to minimize trauma inflicted on the body. Furthermore, other factors such as medical tourism in emerging countries create awareness and offer multiple opportunities in the medical invasive instruments market. Moreover, the minimally invasive procedure requires less hospital stay and causes less pain and scarring.

On the other hand, growing government investments in the healthcare sector and improving healthcare infrastructure further boost the market. Furthermore, the benefits of traditional procedures over open surgeries and the proliferation of minimally invasive procedures worldwide ensure better market growth for the minimally invasive surgical instruments market. In addition, technological advancements in surgical procedures creating multiple market players opportunities to introduce innovative products will encourage market growth. 

MARKET RESTRAINTS:

However, questions arise about the surgeries' quality; performing this method can reduce the minimally invasive surgical instruments market. Improper sterilization procedures and poor-quality assurance is the primary concern for the market growth. In addition, an uncertain framework in the medical device industry is another growth restraint factor to the minimally invasive surgical instruments market growth.  

Impact of COVID-19 on the global minimally invasive surgical instruments market:

COVID-19 originated in Wuhan, China, in 2020. World health organization (WHO) announced a nationwide lockdown and prohibited flights. The pandemic has negatively impacted the manufacturing and life sciences market. The impact of COVID-19 has disrupted all sectors of the economy. The sudden outbreak of the COVID-19 pandemic and worldwide lockdown reduced the demand for minimally invasive surgical instruments as no surgeries were performed during the first quarter of 2020. Over the crisis period, the minimally invasive surgeries' postponement resulted from the hospital bed shortage. The virus's spread has disrupted surgical instrument manufacturing due to the stringent government guidelines, social distancing, and lack of man force. However, after the pandemic downfall, the market has gained momentum. Several minimally invasive procedures are being performed after the uplift of the lockdown; the market has recorded significant growth. Many hospitals have started treating minimally invasive surgeries; hence, the demand for invasive surgical instruments has rapidly increased. However, instrument manufacturing has been resumed due to the growing demand. Manufacturers ensure the availability of surgical instruments in the market as required. Hence, the market is estimated to have better growth in future years.

REPORT COVERAGE:

This research report on the global minimally invasive surgical instruments market has been segmented and sub-segmented based on the product, application, end-user, and region.

Minimally Invasive Surgical Instruments Market - By Product:

• Handheld Instruments                   
  • Stents    
  • Visualizing Scopes            
  • Graspers              
  • Retractors/Elevators       
  • Sutures 
  • Dilators 
  • Forceps and Spatulas      
  • Other Handheld Instruments    
• Electrosurgical Devices                       
  • Electrosurgical Generators           
  • Electrosurgical Instruments          
  • Electrocautery Devices   
• Inflation Systems                
  • Balloons
  • Balloon Inflation Devices               
  • Other Inflation Systems 
• Guiding Devices                   
  • Guiding Catheters            
  • Guidewires         
• Cutter Instruments                            
  • Trocars  
  • Rasps     
  • Other Cutter Instruments             
• Auxiliary Instruments                     
  • Cannulas              
  • Staplers
  • Clamps  
  • Closures

Based on product type, the Minimally Invasive Surgical Instruments market is segmented into Handheld Instruments, Electro-Surgical Devices, Inflation Systems, Guiding Devices, Cutter Instruments, and Auxiliary Instruments. The handheld instrument segment reported the world market's highest share for minimally invasive surgical instruments by product last year among the mentioned segments. Furthermore, the segment of electrosurgical devices is projected to grow at the highest CAGR throughout the forecast period.

Minimally Invasive Surgical Instruments Market - By Application:

• Orthopedic Surgery                            
• Gastrointestinal Surgery                   
• Cardiothoracic Surgery                       
• Urological Surgery                               
• Cosmetic/Bariatric Surgery                               
• Gynecological Surgery                       
• Vascular Surgery                   
• Other Applications                    

The orthopedic segment is estimated to show the global market's highest share for minimally invasive surgical instruments among the mentioned applications.

Minimally Invasive Surgical Instruments Market - By End Users:

• Private Hospitals and Surgical Clinics
• Government Hospitals                       
• Academic and Research Institutes     

Based on the end-users, the segment of private hospitals & surgical clinics is projected to account for the global market's largest proportion for the end-users section.

Minimally Invasive Surgical Instruments Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East and Africa

Regionally, North America is projected to account for the most considerable portion of 34.2% of the global market for minimally invasive surgical devices in 2018. However, Asia-Pacific is estimated to rise at the most significant CAGR of 12.20% throughout the forecast period.

The rising geriatric population in Japan and China, road crashes, and emerging economies will foster the Asia Pacific Minimally Invasive Surgical Instruments market.

KEY MARKET PARTICIPANTS:

The most promising companies operating in the global minimally invasive surgical instruments market profiled in this report are Medtronic plc, Ethicon, Inc., Aesculap, Inc., Stryker Corporation, Smith & Nephew, ConMed Corporation, Abbott Laboratories, Applied Biomedical Resources Corporation, Microline Surgical, and Zimmer Biomet.

Last year, in terms of market presence, Medtronic was the global leader. Medtronic offers many coronary artery disease MIS technologies. The company has also established a spinal surgical method and a method of stabilization based on MIS procedures. In the last couple of years, the revenue growth rate of Medtronic was around 7 percent.