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Press Release: Minimally Invasive Surgery Market to Reach US$ 113,866.8 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Minimally invasive surgeries are characterized by smaller incisions made in the patient’s body for surgical treatment of a disease or condition, causing less trauma to the patient and faster recovery time. Types of minimally invasive surgery include, robotic surgery and non-robotic minimally invasive surgery (endoscopic).
Statistics:
The global minimally invasive surgery market is estimated to account for US$ 113,866.8 Mn in terms of value by the end of 2027.
Global Minimally Invasive Surgery Market: Drivers
Increasing prevalence of chronic disorders is expected to propel growth of the global minimally invasive surgery market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, increase geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global minimally invasive surgery market in 2019, accounting for 45.0% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Minimally Invasive Surgery Market Share (%) Value, By Region, 2019
Global Minimally Invasive Surgery Market: Restraints
Lack of reimbursement is expected to hinder growth of the market. Currently, a small number of minimally invasive surgeries such as cryosurgery of prostate cancer are reimbursed by various governments. Various minimally invasive surgeries such as cardiovascular, gynecological, cosmetic and urological surgeries are not reimbursed by private and government insurance players in various nations. Lack of reimbursement for these surgeries may hamper growth of the market.
Moreover, high cost of minimally invasive surgeries is also expected to limit growth of the market. For instance, the purchase and installation cost of the da Vinci system ranges between US$ 1.5 million to US$ 2.5 million and the procedure cost ranges between US$ 3,000 to US$ 8,000. Similarly, the price of an endoscope ranges between US$ 30,000 to US$ 40,000 and the procedure cost for the same ranges between US$ 2,000 to US$ 3,000.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 50,599.8 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 10.7% | 2027 Value Projection: | US$ 113,866.8 Mn |
| Geographies covered: |
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| Companies covered: |
Abbott Laboratories, Inc., ArthroCare Corporation, Integer Holdings Corporation, Biomet, Inc., DePuy Synthes, Inc., GE Healthcare, Given Imaging Ltd., Intuitive Surgical, Inc., Medtronic, plc., NuVasive, Inc., Philips Healthcare, InMode Ltd., Titan Medical Inc., Fractyl Inc., and Biom’up SA. |
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Global Minimally Invasive Surgery Market: Opportunities
Increasing public hospital expenditure is expected to offer lucrative growth opportunities for players in the global minimally invasive surgery market. For instance, in August 2019, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, public hospital expenditure increased by 3.3% between 2016-2017 and 2017-2018.
Moreover, R&D in polymeric microarray patches is also expected to aid in growth of the market. For instance, in May 2020, researchers from Medical Biology Center, U.K., reported comparing the performance of hydrogel-forming microarray patches cast using novel industrially manufactured micromoulds with a high needle density to that of microarray patches obtained using conventional moulds with a lower density.
Statistics:
The global minimally invasive surgery market was valued at US$ 50,599.8 Mn in 2019 and is forecast to reach a value of US$ 113,866.8 Mn by 2027 at a CAGR of 10.7% between 2020 and 2027.
Figure 2: Global Minimally Invasive Surgery Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
The market is witnessing increasing M&A activities. For instance, in September 2019, Integra LifeSciences Holdings Corporation acquired Rebound Therapeutics, a developer of single-use medical devices that enable minimally invasive access in neurosurgery.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in November 2018, Medtronic plc received CE Mark approval for the Valiant Navion thoracic stent graft system for the minimally invasive repair of blunt traumatic aortic injuries, penetrating atherosclerotic ulcers, and others.
Global Minimally Invasive Surgery Market: Competitive Landscape
Major players operating in the global minimally invasive surgery market include, Abbott Laboratories, Inc., ArthroCare Corporation, Integer Holdings Corporation, Biomet, Inc., DePuy Synthes, Inc., GE Healthcare, Given Imaging Ltd., Intuitive Surgical, Inc., Medtronic, plc., NuVasive, Inc., Philips Healthcare, InMode Ltd., Titan Medical Inc., Fractyl Inc., and Biom’up SA.
Global Minimally Invasive Surgery Market: Key Developments
Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in June 2020, Titan Medical Inc. entered into a development and license agreement with Medtronic plc for R&D in robotic assisted surgical technologies.
Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in October 2019, InMode Ltd. received Health Canada Certification for AccuTite, a minimally invasive technology that delivers RF heating.
Minimally Invasive Surgery are performed using smaller incisions made in the patient’s body for surgical treatment of a disease or condition, causing less trauma to the patient and faster recovery time. Minimally invasive surgery include, robotic surgery and non-robotic minimally invasive surgery. Increasing prevalence of chronic disorders, and increasing demand for minimally invasive procedures is expected to drive the market growth during the forecast period. Furthermore, new product approval and increasing incidences of chronic diseases is also expected to assist the market growth.
Key features of the study:
Detailed Segmentation:
*Browse 28 market data tables and 18 figures on “Minimally Invasive Surgery Market - Global forecast to 2027”.
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