Minimal Invasive Surgery Devices Market Definition And Segments
Minimally invasive surgery devices are surgical tools that require fewer incisions of a smaller size or have a quicker healing process. A minimally invasive medical device is implanted inside the patient during surgery.
The main product types of minimally invasive surgery devices are handheld instruments, inflation devices, cutter instruments, guiding devices, electrosurgical devices, auxiliary devices, and monitoring and visualization devices. Electrosurgical devices are used to destroy tissue, incise tissue, and control bleeding by coagulating blood. The various applications of minimal invasive surgery devices are laparoscopy, cardiovascular, cosmetic surgery, orthopedic surgery, obstetrics and gynecology, ophthalmology, neurosurgery, urology, and others that are used by end-users such as hospitals, ambulatory surgical centers (ASCS), and research institutes.
The minimal invasive surgery devices market covered in this report is segmented –
1) By Product Type: Handheld Instruments, Inflation Devices, Cutter Instruments, Guiding Devices, Electrosurgical Devices, Auxiliary Devices, Monitoring and Visualization Devices
2) By Application: Laparoscopy, Cardiovascular, Cosmetic Surgery, Orthopedic Surgery, Obstetrics And Gynecology, Ophthalmology, Neurosurgery, Urology, Other Applications
3) By End Users: Hospitals, Ambulatory Surgical Centers (ASCS), Research Institutes
The minimal invasive surgery devices market size has grown rapidly in recent years. It will grow from $36.6 billion in 2023 to $40.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, growing geriatric population, rising prevalence of obesity, growing demand for natural orifice transluminal endoscopic surgery.
The minimally invasive surgery devices market size is expected to see rapidly grown in the next few years. It will grow to $59.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to global expansion of healthcare, growing trend of patient-centric care, patient demand for less invasive procedures, surgeon training and experience. Major trends in the forecast period include robotics and AI integration, remote surgery and telesurgery, single-incision surgery, natural orifice surgery, 3d printing and custom devices.
Rising Patient Awareness Fuels Growth Of Minimally Invasive Surgery Devices Market
The increasing awareness for minimally invasive surgeries among people is driving the minimally invasive surgery devices market. The minimally invasive surgeries require less/tiny cuts in the skin as compared to traditional surgical methods and aid in lesser pain, short hospital stay, less scarring, minimized chances of bleeding and infections, and low tissue damage. According to the German Heart Surgery Report, the heart operations using ECC (extracorporeal circulation) declined due to achievement of established innovations in minimally invasive therapeutic options in heart surgeries. Furthermore, 51.1% of heart valve operations performed out of the total cardiac surgical procedures in Germany were through the single-valve procedure, out of which 38.5% of them were through minimal invasive heart surgeries. Thus, the growing demand for minimally invasive surgery (MIS) will increase the demand for the minimally invasive surgical devices market.
Increasing Demand For Robotic Surgical Procedures Fuels Growth In The Minimally Invasive Surgery Market
The increasing demand for robotic surgical procedures is expected to drive the minimally invasive surgery market going forward. Robotic surgical procedures are a type of minimally invasive surgery that allows doctors to perform complex procedures with more precision, flexibility, and control than is possible with conventional techniques. Robotic surgical procedures are increasingly utilized in minimally invasive surgery across various medical specialties such as urological surgery, cardiothoracic surgery, head and neck surgery, and various other types of surgeries. For instance, in September 2022, according to SienceDirect, a Netherland-based website that provides access to a large bibliographic database of scientific and medical publications, the number of installed da Vinci surgical systems in the Chinese mainland had exceeded 260, and more than 89,000 robotic procedures were performed in 2021, an 87.8% increase compared with that of the previous year 2020. The da Vinci Surgical System is a surgical robotic system approved by the US Food and Drug Administration (FDA). Therefore, an increase in demand for robotic surgical procedures is driving the minimally invasive surgery market in the forecast period.
Major companies operating in the minimal invasive surgery devices market include Abbott Laboratories, GE Healthcare, Medtronic PLC, Siemens Healthineers, Smith & Nephew Plc., Stryker Corporation, Boston Scientific Corporation, EthiconInc., B. Braun Melsungen Ag, Conmed Corporation, Microline SurgicalInc., Zimmer Biomet HoldingsInc., Aesculap Inc., Koninklijke Philips NV, Intuitive Surgical Inc., F. Hoffmann-La Roche AG, Cardinal Health inc., Baxter International Inc., Philips, Danaher Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, Cook Medical, Intuitive Surgical, Inc., Smiths Medical, Teleflex Incorporated, Terumo Corporation, Merit Medical Systems, AngioDynamics, MicroPort Scientific Corporation, Lumenis
Trade Barriers Impede Minimally Invasive Surgery Devices Market Growth
The rising trade barriers are expected to have a negative impact on the minimally invasive surgery devices market growth. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US government imposed an additional 25% tariff on approximately $16 billion worth of imports from China, including minimally invasive surgical devices and equipment and supplies. These trade restrictions are likely to limit the growth of demand going forward by leading to raised prices.
Technological Advancements Driving Minimally Invasive Surgery Device Adoption
Technologically advanced minimally invasive surgery (MIS) devices with improvements in image guidance, fiber-optics, mini dental implants, and robotic control systems are increasingly opted by patients to treat medical conditions such as aneurysms, cardiac procedures, dental and spinal procedures. Less-invasive surgical procedures with enhanced capabilities in the areas of imaging, micromachining, robotic equipment and components, software systems, and others are becoming popular in the healthcare industry. For instance, video-assisted thoracoscopic surgery (VATS), is a minimally invasive surgical procedure performed to completely remove an organ of the human body to treat traumatic injury, infection, or cancer in the lungs. VATS is performed using a video camera where a small tube called a thoracoscope to which the camera is connected, is inserted through a small incision between the ribs. Furthermore, imaging technology involved in MIS, and virtual reality (VR) is becoming a significant area of development. Other MIS techniques are applied to perform surgeries such as single-site laparoscopic surgery, robotic surgeries, needlescopic surgery, cardiac and spinal surgeries, and others.
Innovative Products Transform The Landscape Of Minimally Invasive Surgery
Major companies operating in the minimally invasive surgery market are focused on developing innovative products such as microrobotic tool to strengthen their position and gain a competitive advantage. The microrobotic tool is a robotic hand that acts as a surgeon’s hand while performing surgeries. For instance, in June 2023, according to Technology Org, a Germany-based website that provides science and technology news, a team of University of Toronto researchers developed a tiny robotic hand for minimally invasive brain surgery. The microrobotic tool is operated by an electromagnetic system. The microrobotic device enables surgeons to access hard-to-reach areas of the brain with minimal invasiveness, promising faster treatment and recovery for patients.
FDA Regulations On Robotic Minimally Invasive Surgical Devices
Food and Drug Administration Act (FDA) regulates the minimally invasive surgical devices market in the United States of America. The firms manufacturing robotic minimally invasive surgical devices have to list down any possible risks to health and measures taken by them so that the device addresses health hazards if any stated by FDA. However, the FDA is concerned about the health care providers and patients for not being aware of the safety and effectiveness of these devices as they should not be used in mastectomy procedures or prevention or treatment of cancer.
North America was the largest region in the minimally invasive surgery devices market in 2023. Western Europe was the second-largest region in the global minimally invasive surgery devices market analysis. The regions covered in the minimal invasive surgery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the minimal invasive surgery devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The minimally invasive surgery devices market consists of sales of graspers, retractors/elevators, dilators, suturing instruments, laparoscopes, gastroscope, cystoscope, and ureteroscop. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The minimally invasive surgery devices market research report is one of a series of new reports from The Business Research Company that provides minimally invasive surgery devices market statistics, including minimally invasive surgery devices industry global market size, regional shares, competitors with a minimally invasive surgery devices market share, detailed minimally invasive surgery devices market segments, market trends and opportunities, and any further data you may need to thrive in the minimally invasive surgery devices industry. This minimally invasive surgery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.