Minimally Invasive Surgery Devices Market Analysis, Demand Overview, Prediction Prosthetics and Industry Forecast to 2024
Market Overview:
These surgeries are increasingly evolving in the field of ophthalmic, orthopedic, cardiac, oral surgical, and neurological procedures. Thanks to the continuous advancements in the surgical procedures makes it the more efficient and accurate, which boosts their adoption substantially. Thus, the Minimally Invasive Surgery Devices Market valued at USD 20093.4 million and is estimated to expand at a CAGR of 9.8% over the forecast period.
The minimally invasive surgery devices market is getting traction due to increasing geriatric population and increasing prevalence life-threating and chronic diseases. The minimally invasive surgeries are less traumatic and comparatively safer, which makes the healing process faster and less painful. As per the World Health Organization (WHO), the prevalence of chronic diseases is estimated to escalate by 60% by the end of 2020 and 79% of the deaths are caused due to these diseases especially in developing countries.
Additionally, increasing awareness about benefits of the minimally invasive procedures is creating demand and is estimated to remain same in coming years. Further, rising popularity of robotic and non-robotic minimally invasive surgeries are fueling growth of the global minimally invasive surgery devices market.
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Competitive Analysis:
- Abbott
- Medtronic
- GE Healthcare
- Ethicon
- Siemens Healthcare GmbH
- Intuitive Surgical
- ArthroCare Corporation
- NuVasive
- DePuy Synthes
- Biomet
- KEBOMED Europe AG
- Norwood Medical
Segmentation:
- The minimally invasive surgery devices market is segmented based on type, application, end-user, and region.
- In terms of type, the global minimally invasive surgery devices market is categorized into handheld instruments, cutter instruments, inflation devices, guiding devices, auxiliary devices, electrosurgical devices, and others.
- In terms of application, the minimally invasive surgery devices market is segmented into cardiac surgery, orthopedic surgery, gastrointestinal surgery, vascular surgery, urological surgery, gynecological surgery, thoracic surgery, dental surgery, cosmetic surgery, and others.
- In terms of end-user, the minimally invasive surgery devices market is segmented into ambulatory surgical centers, hospitals & clinics, and others.
- As per the region, the minimally invasive surgery devices market is segmented into Americas, Asia-Pacific, Europe, and the Middle East & Africa.
Regional Analysis:
Regionally, the Americas is estimated to dominate the global minimally invasive surgery devices market owing to large patient pool, high healthcare investment, and well-developed infrastructure. Additionally, growing government funding backing for adoption of advanced healthcare facilities for the several life-threating diseases are benefiting growth of the global minimally invasive surgery market. The market in Europe is estimated to secure second leading position in terms of revenue.
However, Asia Pacific is predicted to expand at a highest CAGR in coming future due to substantial rise in patient pool, presence of large population, growth in government investments. Rise in geriatric population which is prone for several diseases which creates need for development of better facilities in the region. Additionally, emerging economies in the region are investing more for improvement in healthcare infrastructure and adoption of advanced surgical devices.
Industry News:
Increasing approvals and accreditation from the U.S. Food and Drug Administration (FDA) for newer devices is benefiting growth of the market. For instance, Active Implants, LLC received Breakthrough Device Designation from the FDA for its meniscus replacement device.
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