Minimally Invasive Surgery Devices Market Was Valued at USD 13,951.2 million in 2021 Owing to Increased Prevalence of Chronic Diseases

According to Precision Business Insights (PBI) latest report the global minimally invasive surgery devices market is valued at USD 13,951.2 million in 2021. Global minimally invasive surgery devices market segmented into following types: By Product Type (Auxiliary Devices, Cutter Instruments, Electrosurgical Devices, Guiding Devices, Handheld Instruments, Inflation Devices, Monitoring & Visualization Devices, Surgical Staplers, Sutures, and Others), By Application (Gynecological Surgery, Gastrointestinal Surgery, Orthopedic Surgery, Cardiothoracic Surgery, Cosmetic Surgery, Bariatric Surgery, Urological Surgery, and Others), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, Latin America, and MEA ) Forecast to 2028. Key player's profiles in the minimally invasive surgery devices market report are Medtronic, Boston Scientific Corporation, B. Braun Melsungen AG, Koninklijke Philips N.V., Stryker, Olympus Corporation, Smith+Nephew, Zimmer Biomet, and Abbott. The rise in public and private sector R&D efforts and fundraising to develop technologically sophisticated minimally invasive surgery equipment may boost the market's revenue. The cost of minimally invasive surgery equipment is higher, and special training is required to use these devices, limiting market expansion. The prevalence of gastrointestinal and gynecology diseases gradually increases in the Latin American region. Currently, there is a limited number of existing products available in the market for gastrointestinal, gynecology, and other surgical procedures. The development of technologically advanced endoscopes and laparoscopic surgery devices may create a lucrative opportunity for the market.

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Hospitals Segment Dominates the Minimally Invasive Surgery Devices Market:
The hospital's segment had the most significant revenue share of around 60 percent in 2021. It is anticipated to continue to dominate the market during the forecast period, reaching USD 11,295.3 Mn by 2028. An increase in the number of hospitals with highly skilled professionals and an increase in the number of procedures due to the rise in diseases are both significant drivers driving the segment's growth. The market's key growth drivers are the rising number of operations due to chronic disorders such gastrointestinal, kidney, and heart diseases, as well as the aging population.

North America Leads Minimally Invasive Surgery Devices Market:
In 2020, North America had the greatest market share. Increased frequency of chronic diseases, rising healthcare spending, and a rise in surgeries are all boosting demand for minimally invasive surgery equipment in North America. The demand for minimally invasive procedures is also boosting the market in this region. Asia-Pacific is predicted to grow at the fastest rate over the forecast period, due to a rising economy and the introduction of minimally invasive surgical therapies.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global minimally invasive surgery devices market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In December 2021, Royal Philips, a global leader in health technology, announced that it has signed an agreement to acquire Vesper Medical Inc., a US-based medical technology company that develops minimally invasive peripheral vascular devices. Vesper Medical will further expand Philips' portfolio of diagnostic and therapeutic devices with an advanced venous stent portfolio for the treatment of deep venous disease.

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The minimally invasive surgery devices market detailed segmentation:
Based on the Product Type, the market is segmented into the following:
• Auxiliary Devices
• Cutter Instruments
• Electrosurgical Devices
• Guiding Devices
• Handheld Instruments
• Inflation Devices
• Monitoring & Visualization Devices
• Surgical Staplers
• Sutures
• Others

Based on the Application, the market is segmented into the following:
• Gynecological Surgery
• Gastrointestinal Surgery
• Orthopedic Surgery
• Cardiothoracic Surgery
• Cosmetic Surgery
• Bariatric Surgery
• Urological Surgery
• Others

Based on the End User, the market is segmented into the following:
• Hospitals
• Clinics
• Ambulatory Surgical Centers

Based on the geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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