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- Report code : CMI-2526
- Industry : Medical Devices
- Published On : Mar 2019
- Pages : 174 Pages
- Format :
Press Release: Minimally Invasive Surgical Instrument Market to Surpass US$ 21.1 Billion by 2026
Press Release: Minimally Invasive Surgical Instrument Market to Surpass US$ 21.1 Billion by 2026
Minimally Invasive Surgical Instrument Market – Insights
Minimally invasive surgical instruments are used in minimally invasive surgeries (MIS). These surgeries are performed to limit the size and number of cuts and incisions to lessen the wound healing time. These surgeries, reduce hospital stay with less pain and few complications. Minimally invasive surgeries are preferred by majority of people due to its benefits. Different type of instruments are used in minimally invasive such as small tubes, compact cameras, catheters, and others. Minimally invasive surgeries are widely conducted in cosmetology, as it involves minimum scarring and quick healing. Another type of minimally invasive surgery is robotic surgery. It provides a magnified, 3-D view of the surgical site and helps the surgeon to operate with precision, flexibility, and control.
The global minimally invasive surgical instruments market size was valued at US$ 12,878.3 million in 2017, and is expected to witness a CAGR of 6.1% over the forecast period (2018 – 2026).
Global Minimally Invasive Surgical Instrument Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2018)
Increasing numbers of minimally invasive surgeries is expected to drive growth of the minimally invasive surgical instrument market
Increasing number of minimally invasive surgeries is major driving factor for growth of the minimally invasive surgical instruments market revenue, as minimally invasive surgeries are less painful, cost effective, and reduces hospital stay. According to Healthcare Cost and Utilization Project (HCUP) in 2014, around 11.4 million outpatient surgeries were performed in the U.S. Most performed minimally invasive surgeries are cholecystectomy, colectomy, heart surgery, kidney surgery, etc.
Furthermore, minimally invasive surgical instruments are widely used in cosmetic surgeries. According to American Society of Plastic Surgeons (ASPS), around 15.7 million minimally invasive cosmetic procedures were performed in 2017.
Minimally Invasive Surgical Instrument Market – Restraints
Minimally invasive surgeries are very critical to perform and require specialized high end equipment to perform the surgery. Surgeons require specialized training to handle these instruments. For instance, electrosurgical units are often used in minimally invasive surgeries and handling electrosurgical units requires a lot of training and precision. Insulation Failure (IF) in electrosurgery instruments is the most common failure, which hampers the minimally invasive surgical instrument market growth. According to a study published in National Center for Biotechnology Information (NCBI) in 2014, around 489 minimally invasive surgical instruments were examined for operational efficiency. Many instruments failed in showing proper working. Overall rate of insulation failures was 24.1% with only visual inspection and 37.2 % with the insulation failure detector.
Minimally Invasive Surgical Instrument Market - Regional Insights
On the basis of region, the global minimally invasive surgical instruments market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global minimally invasive surgical instruments market during the forecast period, owing to high prevalence of chronic disorders such as heart disease, cancer, and diabetes, which require the minimally invasive surgery. According to American Association of Retired Persons Chronic Conditions 2018, reports around 45% or 133 million of American’s population suffer from at least one chronic disease.
Asia Pacific minimally invasive surgical instrument market size is the expected to witness fastest growth by 2026, owing to increasing geriatric population and presence of large patient pool undergoing surgical treatments for different medical condition. The countries such as Japan and China has majority of the geriatric population who are 60 year and over. According to World Population Prospects 2017 – United Nations, Japan’s and China’s 60 and above population is 27.8% and 17.3% respectively.
Global Minimally Invasive Surgical Instrument Market Share (%) Analysis, By Region, 2017
Source: Coherent Market Insights Analysis (2018)
Minimally Invasive Surgical Instrument Market - Competitive Landscape
Key players operating in the global minimally invasive surgical instrument market include Medtronic Plc, Ethicon Inc., Aesculap Inc., Stryker Corporation, B. Braun Melsungen Ag and Smith & Nephew Plc. Other players in this market include ConMed Corporation, Abbott Laboratories, Applied Biomedical Resources Corporation, Boston Scientific Corporation, Microline Surgical, Alcon Laboratories Inc., and Zimmer Biomet Holdings Inc.
Minimally invasive surgical instruments are thriving in surgical instrument market for decades, owing to advance technology, substantial benefits over conventional techniques for a number of surgical interventions. This rapid growth has been possible due to significant developments in medical technology, which partly solved some of the technical and clinical challenges associated with minimally invasive surgical techniques. Minimally Invasive Surgery (MIS) is performed without making a major incision, patients experience less trauma, shorter hospital stays, and quick recovery time. Conditions such as lungs tumors, cancer, emphysema, repair of heart valve, atrial fibrillation (AFib), gall bladder stones, kidney stones, kidney cysts, endometriosis, ovarian cysts, liver cancer, colon or rectal cancer, pancreatic cancer, gastro esophageal reflux disease (GERD) and etc., can be treated with minimally invasive surgeries.
Market Dynamics
Minimally invasive surgical instrument market size is expected to witness significant growth owing to increasing number of diseases, which can be treated with minimally invasive surgeries such as cancer and heart diseases. Minimally invasive surgical instruments are widely used for removal of cancerous tumors from brain, stomach, kidney, ovary, prostate, pancreas, etc. According to the National Cancer Institute (NCI) in 2016, there were an estimated 16.8 million people suffering cancer in the U.S., and around 595,690 deaths occurred from the disease. Moreover, the number of people suffering from cancer is expected to reach to 19 million by 2024.
However, the risks and complications associated with minimally invasive instruments such as punctures, perforations, surgical site infection, and anaesthesia problems hinder the minimally invasive surgical instrument market growth. According to International Journal of Clinical Anaesthesiology 2014 studies, Intestinal perforation and bleeding is most common complication of minimally invasive surgery. Overall prevalence of complications in laparoscopy is less ranges from 0.3% to 0.5%.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 26 market data tables and 24 figures on "Minimally Invasive Surgical Instrument Market” - Global forecast to 2026”
Asia Pacific Intelligence Center (India): 