Surging demand for minimally invasive surgeries is driving the growth in Global Minimally Invasive Surgical Devices Market in the forecast period, 2022-2026.
According to TechSci Research report, “Minimally Invasive Surgical Devices Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, the global minimally invasive surgical devices market stood at USD20931.40 million in 2020 and is expected to grow at a steady rate of 5.56% during the forecast period. This can be ascribed to the growing geriatric population suffering from various diseases. Additionally, growing surgical volume worldwide is further expected to support the market growth over the next few years.
Furthermore, flourishing medical tourism is expected to create lucrative opportunities for the overall market growth especially in countries where the cost of surgeries is less. However, stringent regulatory landscape for launching and marketing minimally invasive surgical devices is expected to hamper market growth significantly.
The US Food and Drug Administration (FDA) recommends submitting a 510 (k) premarket approval application to the FDA to demonstrate that the device to be marketed is safe and effective and is substantially equivalent to a legally marketed device.
Browse over 213 market data Figures and 2 market data Tables spread through 287 Pages and an in-depth TOC on “Global Minimally Invasive Surgical Devices Market”
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It has been observed that over the years, the average time taken to approve 510 (k) application by FDA and time required to obtain premarket approval has significantly increased. The FDA demands more clinical data for the clinical safety and efficacy of a product, thereby slowing down the new product launches.
The global minimally invasive surgical devices market segmentation is based on type, surgery type, end user, regional distribution, and company. Based on surgery type, the market is further fragmented into cardiovascular, gastrointestinal, gynecology, urology, and others.
The cardiovascular surgery type dominated the market with an overall share of 29.21% in 2020 on account of growing prevalence of cardiovascular diseases. Furthermore, minimally invasive procedures are less traumatic than open surgery procedures. Also, a small incision is made during minimally invasive surgeries, thereby reducing blood loss associated with the surgery.
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Furthermore, this reduces the overall recovery time and hospital stay duration. All these factors have significantly increased the demand for cardiovascular minimally invasive surgical procedures, thereby increasing the demand for minimally invasive surgical device market.
A partial list of leading market players, includes:
- Medtronic Plc
- Stryker Corporation
- B. Braun Melsungen AG
- Olympus Corporation
- Boston Scientific Corporation
- Zimmer Biomet Holdings, Inc
- Johnson & Johnson
- Karl Storz SE & Co. KG
- Abbott Laboratories, Inc.
- Koninklijke Philips N.V.
- Applied Medical Resources Corporation
- Conmed Corporation
- The Cooper Companies Inc.
- Biolitec AG
- FUJIFILM Holdings Corporation
- Smith & Nephew Plc
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“Asia Pacific region is expected to register the fastest growth during the forecast period. This can be attributed to the large and growing geriatric population in the region, which is susceptible to different kinds of chronic diseases such as cancer, cardiovascular diseases, neurological disorders, etc., especially in countries like China, India, and Japan. Additionally, growing healthcare awareness among the population in the region is further expected to support market growth. The population in the region is becoming aware of different diseases and about the benefits of early diagnosis of diseases. This in turn has increased the number of people going for regular diagnostic checks, thereby supporting the market growth through 2026.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Minimally Invasive Surgical Devices Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Type ((Handheld Instruments {Graspers, Retractors/Elevators, Dilators, Suturing Instruments, Others}, Surgical Scopes {Laparoscopes, Gastroscope, Cystoscope, Ureteroscope, Others}, Cutting Instruments {Trocar’s v/s other MIS instruments}, Guiding Devices {Guiding Catheters, Guidewires}, Electrosurgical Devices {Electrosurgery Instruments & Accessories, Electrosurgery Generators, Patient Return Electrodes}, Others), By Surgery Type (Cardiovascular, Gastrointestinal, Gynecology, Urology, Others), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Others), By Region”, has evaluated the future growth potential of global minimally invasive surgical devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global minimally invasive surgical devices market.
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