Minimally Invasive Surgery Market to Surpass US$ 324.9 Bn by 2031

Minimally Invasive Surgery Market Outlook 2031

The global minimally invasive surgery market was valued at US$ 231.1 Bn in 2021

The global market is projected to advance at a CAGR of 3.2% from 2022 to 2031

The global minimally invasive surgery market is anticipated to cross US$ 324.9 Bn by the end of 2031

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Overview of Global Minimally Invasive Surgery Market

Minimally invasive procedures enable a surgeon to use techniques that limit the size and number of cuts, or incisions, that need to be made. Advancements in minimally invasive surgery devices have revolutionized these procedures. Using minimally invasive technology has improved patient outcomes and recovery all over the world. Minimally invasive and robotic procedures allow the surgeons to advance in video imaging by virtue of voice control over the networked operating room.

Robotic procedures represent the latest development in minimally invasive procedures, providing surgeons with precision devices that employ the same small incisions as conventional laparoscopy. A key difference is that the robotic system can offer broader visualization of the operative field and precision control of minimally invasive surgery devices.

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AI-enabled services, 3D printing, and new imaging methods are increasingly being utilized in surgery. These are some of the key factors that are boosting the minimally invasive surgery market.

Faster Recovery and Shorter Hospital Stay Propelling Demand for Minimally Invasive Surgeries

Less wound pain, faster functional recovery, and shorter hospital stay are the key advantages of minimally invasive surgery (MIS) over open surgery. Minimally invasive procedures are also linked to significantly less blood loss, lower analgesic consumption, a faster time to first flatus and a soft diet, and a shorter postoperative hospital stay as compared to open surgery. Awareness about the benefits of minimally invasive surgeries is increasing among patients. This is compelling healthcare companies to increase the manufacturing of minimally invasive surgery equipment.

According to Transparency Market Research (TMR) Healthcare Research findings, based on our pilot population study, we observed that most patients with renal calculi, prefer endoscopic procedures to manage the removal of kidney stones. They prefer a minimally invasive procedure instead of open surgery, owing to the high degree of awareness. Demand analysis of minimally invasive surgery suggests that endoscope technology and instrumentation have made it possible to convert many procedures in many surgical specialties from open surgeries to endoscopic ones.

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Surgical Robots Performing Complex Procedures Likely to Boost Market Growth

Robotic surgery is a modern technique that offers significant results in various types of surgical procedures. A rapid increase in the adoption of robotic surgery for minimally invasive procedures is attributed to a blend of technological improvements such as the use of more efficient motors, compact & light materials, power backup, sophisticated controls, and safety mechanisms, along with more cost-effective versions. The high precision of robot-assisted surgery helps in accurate implant positioning and reduces the risk of injury to adjacent tissues. Patients also benefit from less bleeding and post-operative pain, and fewer hospital readmissions.

Growth prospects for minimally invasive surgery market lie in innovations in surgical robotic systems. Robots are also becoming increasingly important in the field of minimally invasive surgery due to the growing complexity of procedures in order to treat difficult diseases. In 2020, more than 900,000 procedures were performed in the U.S., and about 5,000 robotic platforms were equipped in hospitals across the country.

According to a key opinion of Cleveland Clinic, on an average, around 35% of all colorectal surgery in the Atlanta area of the U.S. is being performed robotically for the last 2 to 3 years.

Increasing Adoption of Laparoscopic Surgery Creating Revenue Opportunities for Stakeholders

In terms of procedure, the global minimally invasive surgery market has been classified into laparoscopic surgery, robotic surgery, endoscopic mucosal resection, endoscopic submucosal dissection, and transcatheter.

The laparoscopic surgery segment led the market in 2020, and the trend is expected to continue during the forecast period due to the high rate of adoption of laparoscopy procedures to help diagnose different medical conditions that arise within the abdomen or pelvis.

Additionally, advanced laparoscopy devices are used to perform surgical procedures such as the removal of a diseased or damaged organ or a tissue sample for further testing (biopsy). Substantially low maintenance costs of laparoscopic handheld minimally invasive surgery devices and a rise in technological innovations in handheld instruments are likely to augment the laparoscopic surgery segment during the forecast period.

The market value of the minimally invasive surgery market is expected to grow since the transcatheter segment is likely to expand at a high CAGR from 2022 to 2031 due to a rise in transcatheter aortic valve implantation procedures. Demand for this procedure is predicted to increase exponentially owing to an aging population worldwide.

High Prevalence of Orthopedic Disorders Driving Minimally Invasive Surgery Market

The orthopedic segment held a significant share of the global market, in terms of revenue, in 2020. The trend is likely to continue during the forecast period since this segment is one of the fastest growing market for minimally invasive surgery.

An estimated 22 million orthopedic procedures were performed worldwide in 2017, and this number is only expected to grow. Therefore, a high number of cases of orthopedic disorders, such as the fracture of bones, bone cancer, etc., propels the demand for minimally invasive surgery across the globe.

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Favorable Reimbursement Policies Increasing Hospitals Visits of Patients, Contributing to Market Growth

In terms of end-user, the global minimally invasive surgery market has been divided into hospitals, clinics, ambulatory surgical centers, and others.

A rise in the number of operating rooms in developing countries in hospitals, an increase in the number of patient's preference to visit hospitals due to medical reimbursement, availability of advanced minimally invasive surgery devices, and the surgeons' capabilities to perform different types of minimally invasive surgery are expected to drive the segment during the forecast period. As of February 2019, there were a total of 33,000 hospitals in China, an increase of 1,866 in the same period of 2018.

Regional Outlook of Global Minimally Invasive Surgery Market

In terms of region, the global minimally invasive surgery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.

Europe accounted for a prominent share of the global minimally invasive surgery market in 2020. The trend is projected to continue during the forecast period due to an increase in the geriatric population in the region. According to the Eurostat, in 2017, around 19%, or one-fifth, of the European Union (EU) population was aged 65 and above.

The minimally invasive surgery market in Latin America is anticipated to grow at a prominent CAGR from 2022 to 2031. This is attributed to an increase in the popularity of minimally invasive procedures over traditional surgeries, a surge in the incidence of lifestyle-related and chronic illnesses, and technical developments in countries in Latin America.

Competitive Landscape of Global Minimally Invasive Surgery Market

The global minimally invasive surgery market is fragmented due to the presence of a large number of players. Key players operating in the global market include Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, CONMED Corporation, Johnson & Johnson Services, Inc., Medtronic plc, Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet.

Key hospitals that have been also profiled in the report include Apollo Hospitals Enterprise Limited, Huntington Hospital, Johns Hopkins Hospital, Massachusetts General Hospital, Rutland Medical Center, Saint Michael's Hospital, Singapore General Hospital, The Ottawa Hospital, and University of Pittsburgh Medical Center Washington Hospital Healthcare System.

Key players are adopting growth strategies such as new product development, product launches, product approval, agreement, partnerships, and mergers.

Each of these players has been profiled in the minimally invasive surgery market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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