DUBLIN, July 27, 2023 /PRNewswire/ — The “Market for Minimally Invasive Medical Devices” report has been added to ResearchAndMarkets.com’s offering.
The global market for minimally invasive medical devices was valued at $26.4 billion in 2022. The market is forecast to grow at a compound annual growth rate (CAGR) of 7.6% to reach $41.0 billion in 2028. In this report, the global market is segmented by type and region. By type, the market is segmented into equipment, applications and end users.
The benefits of minimally invasive surgical procedures, such as fewer severe operative and post-operative problems and quicker recovery times, drive the demand for minimally invasive surgical instruments in the global market. In addition, the growing prevalence of chronic disorders is also driving the growth of the international minimally invasive surgical instruments market. As per the World Health Organization (WHO), statistics report for 2021, non-communicable disorders, often known as chronic disorders, kill around 41 million people yearly, accounting for roughly 71% of all deaths worldwide. According to the same source, non-communicable infections claim the lives of nearly 15 million people aged 30 to 69 years old every year around the globe. Thus, the rising burden of non-communicable diseases drives the demand for minimally invasive surgical operations. This directly impacts the global minimally invasive surgical instruments market expansion over the forecast period.
Minimally invasive surgeries (MIS) are considered less traumatic than conventional open surgeries because these open surgeries are performed with traditional laparoscopic instruments, which makes them complex. Minimally invasive laparoscopic cameras are generally inserted with small, specialized tools through small incisions. Patients tend to recover faster after these procedures with lesser pain when compared with another form of surgery.
The significantly lower cost of minimally invasive surgical procedures, compared with in-patient and conventional open surgeries resulting in equal outcomes, is one of the major factors driving the growth of the minimally invasive surgical instruments market. Technological developments – especially in cardiac, ophthalmic, neurological, orthopedic and oral surgical procedures – result in higher-quality instruments offering better efficiency, accelerating the minimally invasive surgical instruments market growth. The introduction of surgical robots and their acceptance by surgeons across the globe further influence this market. Additionally, growth in the aging population, rising awareness among the people regarding the benefits of minimally invasive surgeries over traditional open surgeries, surge in healthcare expenditure and increase in demand for the surgery positively affect the minimally invasive surgical instruments market. Furthermore, enhanced product designs provide control and accuracy in the operating room, and the rise in public-private initiatives to support research activities extend profitable opportunities to market players in the forecast period.
This report on minimally invasive medical devices is segmented based on equipment types, application types and end users. A detailed analysis illustrating market dynamics and market structure is incorporated in the report. A Porter’s Five Forces analysis and the supply and distribution chain are discussed in detail for an in-depth market understanding. The report covers the current regulations and guidelines for minimally invasive medical devices. The report includes top market players detailing their business operations, segment focus, revenue, and strategy analysis. Market share analysis of leading market players, product launches, and pipeline products are also captured in the information.
Regarding geography, the reports analyze the market across North America, Europe, and Asia-Pacific. Key countries like the U.S., Canada, Mexico, Europe (top five countries), China, India, and Japan are discussed due to the high concentration of minimally invasive medical device manufacturing companies and contract manufacturing organizations in these countries.
Key Report Highlights:
- An up-to-date overview and industry analysis of the global markets for minimally invasive medical surgical devices and instruments within the industry
- Analyses of the global market trends, with historical market revenue data (sales figures) for 2020-2022, estimates for 2023, and projections of compound annual growth rates (CAGRs) through 2028
- Estimation of the current market size and revenue growth forecast for the global minimally invasive medical devices market in USD million values, and corresponding market share analysis based on equipment type, application, end user, and region
- Identification of the segments of main types of minimally invasive devices and instruments that have been commercialized till date
- Analysis of historical and current volume and value of shipments of each of these product segments in specified end user and geographic markets
- Updated information on key market drivers and opportunities, industry shifts and regulations, and other region and industry specific macroeconomic variables that will influence this market in the coming years (2023-2028)
- Identification of promising new surgical procedures and products still in the development and testing stage and assess their probability of successful commercialization in the next 5 years
- A look at the leading device manufacturers and analyze the structure of the minimally invasive surgical devices industry
- Discussion of the current state of minimally invasive medical surgical devices and instruments, commercialized and pipeline products, regulations and standards, as well as key industry aspects
- Review of the key patent grants and patent applications on minimally invasive medical surgical devices and instruments
- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Descriptive company profiles of the leading global players of the industry, including 3M, Abbott, Danaher Corp., Johnson & Johnson and Olympus Corp.
Market Dynamics
- Market Drivers
- Increasing Prevalence of Surgery
- Increase in Minimally Invasive Surgeries
- Increasing Expenditures for Healthcare
- Increasing Geriatric Population
- Market Restraints
- High Cost of Surgical Navigation Systems
- Regulatory Guidelines and Product Recall
- Increased Time for the Overall Procedure Using Navigation Systems Impacting Penetration
- Opportunities
- Technological Advancements
- Medical Tourism Aiding Market Penetration in Emerging Markets
Company Profiles
- 3M
- Abbott
- B. Braun Melsungen AG
- Baxter
- Becton, Dickinson and Co.
- Bio-Rad Laboratories Inc.
- Boston Scientific Corp.
- Cardinal Health
- Danaher Corp.
- Dragerwerk AG & Co. Kgaa
- F. Hoffmann-La Roche Ltd.
- Integra Lifesciences Holdings Corp.
- Johnson & Johnson Services Inc.
- Medtronic
- Olympus Corp.
- Zimmer Biomet
For more information about this report visit https://www.researchandmarkets.com/r/g7lcou
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