Global Minimally Invasive Surgical Instruments Market- Industry Trends & Forecast Report - PDF document

Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Global Minimally Invasive Surgical Instruments Market - Industry Trends & Forecast Report 2027 Summary Global Min imally Invasive Surgical Instruments Market, By Product (Handheld Instruments, Inflation Devices, Surgical Scopes, Cutting Instruments, Guiding Devices, Electrosurgical & Electrocautery Instruments), By Type of Surgery (Cardiothoracic Surgery, Cosmetic & B ariatric Surgery, Gynecological Surgery, Gastrointestinal Surgery, Other Surgeries, Urological Surgery, Orthopedic Surgery), By End User (Hospitals, Ambulatory Surgery Centers & Clinics), By Region (North America, Europe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 . A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that the global minimally invasive surgical instruments market was worth USD 21.7 billion in the year 2020. The market is estimated to grow at a CAGR of 7.6%, earning revenue of around USD 36.0 billion by the end of 2027. The increasing demand for minimally invasive surgical instruments is propelled by the rising prev alence of various chronic and lifestyle diseases and patients’ growing preference for minimally invasive surgeries. Furthermore, the surging geriatric population is also a crucial factor for the growth of the overall market. However, the shortage of skille d surgeons in emerging economies may hamper the growth of the global minimally invasive surgical instruments market in the long run . View report Press release Sample report Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Global Minimally Invasive Surgical Instruments Market - Industry Trends & Forecast Report 2027 The global minimally invasi ve surgical instruments market was worth USD 21.7 billion in 2020. The market is growing substantially and is further projected to reach USD 36.0 billion by the year 2027, growing at the CAGR of 7.6% during the forecast period. The burgeoning need for mini mally invasive surgical procedures as a result of their numerous benefits such as faster recovery time and reduced pain is a major factor influencing the demand for minimally invasive surgical instruments. Moreover, the cost - effectiveness of minimally inva sive surgeries as compared to open surgeries also contributes to the growth of the minimally invasive surgical instruments market. Global Minimally Invasive Surgical Instruments Market - Overview Laparoscopic surgery, also kno wn as minimally invasive surgery, is a procedure that involves making small incisions in the body. Tiny cameras and instruments are utilized to perform the procedure. There has been an explosion in the popularity of minimally invasive surgeries in operatio n theaters since they minimize the amount of damage caused to the body, something that can be a concern with open surgeries. Additionally, minimally invasive surgeries result in shorter hospital stays due to shorter operating times, fewer post - operative co mplications, and less post - operative pain. Global Minimally Invasive Surgical Instruments Market Forecast and Trends Growth Drivers Ever - Increasing Demand for Minimally Invasive Surgeries The preference of patients for minimally invasive surgery over tradi tional open surgery is rapidly shifting and driving the growth of the minimally invasive surgical instruments market. The reason for this is that these procedures provide the same results as traditional open surgery, while also offering other advantages su ch as less pain, less blood loss, minimal to no scar, and so on. A minimally invasive surgery has fewer postoperative complications and is less painful on the patient's body because it uses smaller incisions. Their recovery time is thus much faster, and th ey may require only small amounts of pain relievers. This is why the global minimally invasive surgical instruments market is flourishing at such a high rate. Increasing Prevalence of Various Chronic Diseases The use of minimally invasive surgery is increasing due to numerous chronic diseases such as appendicitis, pancreatitis, thyroid problems, and irritable bowel syndrome. Surgery involving minimally invasive techniques is available in many Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 fields such as col orectal surgery, heart surgery, kidney surgery, neurosurgery, and urology. According to the WHO, sixteen million people die each year from non - communicable diseases before the age of 70. Due to such a high prevalence of chronic diseases across the globe, t he demand for minimally invasive surgical instruments is gaining significant traction worldwide. Restraints Limited Skilled Surgeons in The Emerging Economies A shortage of skilled surgeons makes minimally invasive surgeries much more common in developed c ountries than in developing countries. Minimally invasive surgeries require a keen degree of precision and proficiency with medical instruments like surgical scopes and inflation devices. However, the migration of skilled doctors from emerging economies to developed countries like the US or UK, or Germany for better pay is limiting the growth of the global minimally invasive surgical instruments market in the emerging economies. Impact of COVID - 19 on Global Minimally Invasive Surgical Instruments Market In the wake of the COVID - 19 pandemic, several industries, including surgical procedures and minimally invasive surgery have suffered a blow. Due to the highly contagious nature of the virus, which may affect both patients and hospital staff, the regulatory bo dies across the globe immediately postponed all elective surgeries. Furthermore, the surging cases of COVID - 19 had burdened healthcare facilities. Because of this, the minimally invasive procedures were delayed in order to control the hospital visits of pe ople and to maximize the quality of care offered to COVID - 19 - infected patients. Consequently, the demand for minimally invasive surgical instruments witnessed a sharp decline, which in turn affected the market revenue negatively. Global Minimally Invasive Surgical Instruments Market - By Product Based on products, the global minimally invasive surgical instruments market is segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, and electrosurgical & el ectrocautery instruments. Among these, the handheld instruments segment captured the largest market share. Among the factors driving the demand for handheld instruments are the cost advantages they offer. This segment is further classified into graspers, r etractors/elevators, suturing instruments, and dilators. These single - use products are mainly utilized for making small incisions which speed up the recovery time. Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Global Minimally Invasive Surgical Instruments Market - By Type of Surgery Based on the type s of surgery, the global minimally invasive surgical instruments market is categorized into cardiothoracic surgery, cosmetic & bariatric surgery, gynecological surgery, gastrointestinal surgery, other surgeries, urological surgery, and orthopedic surgery. Cardiothoracic surgery received the largest market share because of the large geriatric population and high prevalence of cardiovascular diseases worldwide. Furthermore, the increasing prevalence of cardiovascular diseases, such as cardiomyopathy, congenit al heart, and hypertension in young adults is also driving the demand for minimally invasive surgeries, thereby driving the growth of the minimally invasive surgical instruments market. Global Minimally Invasive Surgical Instruments Market - Regional Insig hts Geographically, the global minimally invasive surgical instruments market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. Among these regions, North America dominates this market because of the high demand fo r various surgical procedures. It is estimated that minimally invasive surgeries saw a growth of over 50% in the United States alone. Furthermore, the United States leads the world in plastic surgery procedures performed each year, with over 17.7 million s urgical and minimally invasive cosmetic procedures performed in 2018. As a result, the demand for minimally invasive surgical instruments is also flourishing. Competitive Landscape The leading market players in the global min imally invasive surgical instruments market are Zimmer Biomet Holdings Inc, Boston Scientific Corporation, Abbott Laboratories, B. Braun Melsungen AG, Stryker Corporation, Johnson & Johnson, GE Company, HOYA Corporation, Smith & Nephew, Becton, Dickinson a nd Company, Intuitive Surgical Inc., Surgical Innovations Group PLC, Siemens Healthineers, Applied Medical Resources Corporation, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Olympus Corporation, Karl Storz, Medtronic PLC, and other prominent pla yers. The global minimally invasive surgical instrument market is considered highly dense with the presence of several global as well as regional industry players who cover substantial shares in the market. The market players offer a wide range of products to st ay ahead in the competition. Additionally, they often indulge in product approvals and launches in different geographies. Furthermore, these companies are also adopting competitive strategies like partnerships, mergers, Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 acquisitions, collaborations, etc. t o increase their market presence and penetration. Recent Developments  In July 2021, Anchora Medical, an Israeli medical device company, announced to have received the 510(K) clearance from the US Food and Drug Administration (FDA) to market its Su2ura a pproximation device, an automated suturing device used in laparoscopic surgery in the US market.  In June 2021, New View Surgical Inc., a medical device company, announced to have received 510(K) clearance from the US Food and Drug Administration for its Vision Port System. Scope of the Report Attributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia Product Service/Segmentation By Product, By Type of Surgery, By End User, By Region Key Players Zimmer Biomet Holdings Inc, Boston Scientific Corporation, Abbott Laboratories, B. Braun Melsungen AG, Stryker Corporation, Johnson & Johnson, GE Company, HOYA Corporation, Smith & Nephew, Becton, Dickinson and Company, Intuitive Surgical Inc., Surgical In novations Group PLC, Siemens Healthineers, Applied Medical Resources Corporation, Koninklijke Philips NV, FUJIFILM Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Holdings Corporation, Olympus Corporation, Karl Storz, Medtronic PLC, and other prominent players. By Product  Handheld Instruments Graspers Retractors/Elevators Suturing Instruments Dilators  Inflation Devices Balloons Balloon Inflation Devices  Surgical Scopes  Cutting Instruments Trocars Other Cutting Instruments  Guiding Devices Guiding Catheters Guidewires  Electrosurgical & Electrocautery Instruments Electrosurgical Instruments Electrocautery Devices By Type of Surgery  Cardiothoracic Surgery  Cosmetic & Bariatric Surgery  Gynecological Surgery  Gastrointestinal Surgery  Other Surgeries Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027  Urologic al Surgery  Orthopedic Surgery By End User  Hospitals  Ambulatory Surgery Centers & Clinics By Region  North America  Europe  Asia - Pacific (APAC)  Latin America (LATAM)  Middle - East & Africa (MEA) FAQs: 1. What is the current size of the global minimally invasive surgical instruments market? Answer: The global minimally invasive surgical instruments market reached USD 21.7 billion in 2020. 2. What are the major factors driving the growth of the global min imally invasive surgical instruments market? Answer: A growing demand for minimally invasive and surgical procedures, as well as the rising prevalence of chronic diseases, are the major factors driving the growth of the global minimally invasive surgical instruments market. 3. Who are the key players in the global minimally invasive surgical instruments market? Answer: The key players in the global minimally invasive surgical instruments market are Zimmer Biomet Holdings Inc, Boston Scientific Corporation, Abbott Laboratories, B. Braun Melsungen AG, Stryker C orporation, Johnson & Johnson, GE Company, HOYA Corporation, Smith & Nephew, Becton, Dickinson and Company, Intuitive Surgical Inc., Surgical Innovations Group PLC, Siemens Healthineers, Applied Medical Resources Corporation, Koninklijke Philips NV, FUJIFI LM Holdings Corporation, Olympus Corporation, Karl Storz, Medtronic PLC, and other prominent players. 4. Which end - user segment accounted for the largest share in the global minimally invasive surgical instruments market? Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Answer: The hospital segment accou nted for the largest share in the global minimally invasive surgical instruments market. 5. Which region is at the highest growth rate in the global minimally invasive surgical instruments market? Answer: North America has the largest share in the global m inimally invasive surgical instruments market. 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For more information, kindly visit our Website www.blueweaveconsulting.com contact us nfo@blueweaveconsulting.com Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027 Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth - Projected to reach USD 36.0 billion by 2027