The global minimally invasive surgical instruments market size is estimated to reach USD 51.49 billion by 2028, registering a CAGR of 14.5% over the forecast period, according to a new report by Grand View Research, Inc. The cost of these instruments is significantly lower than in-patient and open surgeries. Thus, it is beneficial for patients and payers as well. Factors, such as reduction in healing time, smaller incisions, reduced anastatic use, decreased hospital stays, and increased accuracy, have also improved product adoption by most surgeons across the globe.
Key Insights & Findings from the report:
- The handheld instrument segment accounted for the largest revenue share in 2020 due to high demand on account of benefits, such as improved recovery time and reduced side effects
- The orthopedic application segment held the largest market share in 2020. However, the cosmetic application segment will register the fastest CAGR from 2021 to 2028
- The Ambulatory Surgery Centers (ASCs) segment is estimated to register the fastest CAGR from 2021 to 2028
- ASCs offer low-cost surgeries and provide greater flexibility of scheduling as compared to hospitals
- North America dominated the global in 2020 due to the high rate of unintentional injuries and increasing geriatric population
Read 163 page market research report, “Minimally Invasive Surgical Instruments Market Size, Share & Trends Analysis Report By Application (Orthopedic, Cosmetic), By Device (Handheld Instruments, Electrosurgical Devices), By End-use, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Furthermore, an increase in investments by several organizations and hospitals to improve healthcare infrastructure is expected to create opportunities for manufacturers. To deliver a high standard of medical care, surgical wards in newly built hospitals are expected to be equipped with advanced surgical equipment, which is likely to propel market growth over the forecast period.
According to a research article published in the medical journal, JAMA Surgery, in March 2015, the use of Minimally Invasive Surgeries (MIS) for routine operations of the colon, lungs, and appendix can result in the reduction of postoperative complications, thereby saving nearly USD 280 million to USD 340 million per year. Investments in MIS instruments are gradually rising in hospitals, thereby driving the market. Collaborative strategies undertaken by leaders in the market and constant updates & launches of new products have improved the market. The market saw a dip during 2020 due to the COVID-19 pandemic. Reduction in elective and planned surgeries by nearly 50% has declined the market dramatically. In addition, restrictions on logistic movement, disturbed raw material supplies, and economic instability of hospitals led to a dip in the market. However, it is said to stabilize by early 2022.
Grand View Research has segmented the global minimally invasive surgical instruments market on the basis of device, application, end-use, and region:
- Minimally Invasive Surgical Instruments Device Outlook (Revenue, USD Million, 2016 – 2028)
- Handheld Instruments
- Inflation Devices
- Cutter Instruments
- Guiding Devices
- Electrosurgical Devices
- Auxiliary Devices
- Monitoring & Visualization Devices
- Minimally Invasive Surgical Instruments Application Outlook (Revenue, USD Million, 2016 – 2028)
- Minimally Invasive Surgical Instruments End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers (ASCs)
- Minimally Invasive Surgical Instruments Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
List of Key Players of Minimally Invasive Surgical Instruments Market
- Siemens Healthineer AG
- Ethicon, Inc. (Johnson & Johnson)
- Depuy Synthes
- GE Healthcare
- Abbott Laboratories
- Intutive Surgical, Inc.
- Nuvasive, Inc.
- Zimmer Biomet
Check out more studies related to minimally invasive surgery, published by Grand View Research:
- Minimally Invasive Surgery Market – The minimally invasive surgery market is anticipated to witness growth over the forecast period. Minimally invasive surgery has evolved to be the gold standard for low risk and highly efficient surgical interventions. Minimally invasive surgeries are capturing more market share as compared to the conventional surgeries owing to the satisfaction of patients in terms of quick recovery and reduced post-operative pain.
- Minimally Invasive Thoracic Surgery Market – The global minimally invasive thoracic surgery market size was valued at USD 2.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028. This can be attributed to the increasing prevalence of chronic diseases, such as lung cancer, that demands better, quicker, and patient-friendly diagnostic and therapeutic facilities, growing preference for minimally invasive procedures, and the technological advancements meeting patient needs.
- Chile Minimally Invasive Surgical Instruments Market – The Chile minimally invasive surgical instruments market size was valued at USD 51.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. The market growth can be attributed to the improving healthcare infrastructure in the country, coupled with the easy access to the market.