Minimally invasive surgical systems market to reach $55,716m by 2031

Minimally Invasive Surgical Systems Market Overview

https://www.marketresearchdirect.com/report/global-minimally-invasive-surgical-systems-market-focus-on-product-type-application-end-users-25-countries-data-patent-scenario-and-competitive-landscape-analysis-and-forecast-2021-2/

As per the National Cancer Institute, minimally invasive surgery is defined as, "surgery that is done using small incisions (cuts) and few stitches. During minimally invasive surgery, one or more small incisions may be made in the body. A laparoscope (thin, tube-like instrument with a light and a lens for viewing) is inserted through one opening to guide the surgery. Tiny surgical instruments are inserted through other openings to do the surgery. Minimally invasive surgery may cause less pain, scarring, and damage to healthy tissue, and the patient may have a faster recovery than with traditional surgery."

As per the U.S. Food and Drug Administration (FDA), "Different types of computer-assisted surgical systems can be used for pre-operative planning, surgical navigation, and to assist in performing surgical procedures. Robotically assisted surgical (RAS) devices are one type of computer-assisted surgical system. Sometimes referred to as robotic surgery, RAS devices enable the surgeon to use computer and software technology to control and move surgical instruments through one or more tiny incisions in the patient's body (minimally invasive) for a variety of surgical procedures."

The global minimally invasive surgical systems market is estimated to be valued at $27,882.8 million in 2020 and is anticipated to reach $55,716.7 million by the end of 2031, growing at a CAGR of 6.3% during 2021-2031.

Market Drivers

Presently, the factors driving the growth of the market as per the minimally invasive surgical systems report include rising incidence of chronic diseases, increase in global geriatric population, advantages of MIS over open surgeries, increasing healthcare costs, technological advancements in surgical procedures and technologies.

Market Challenges

The challenges that are restricting the growth of the market include high cost of surgical robotics systems, shortage of skilled professionals, and restrictive reimbursement landscape.

High cost of the surgical robotic system is among the most challenging factors for the end-user to buy and treatment for patients. It has been observed that many patients prefer international travel for their surgeries to take the advantage of currency rate. Also, due to the shortage of skilled professionals have led a slight increasing the expense of the robotic surgery. Restrictive reimbursement landscape is another factor affecting the growth of the global minimally invasive surgical systems market.

Market Opportunities

Potential opportunities that is likely to boost the growth of the market include development of low-cost surgical robotic systems, development of surgical simulators for the training of professionals, and engagement in mergers and acquisitions to diversify the endoscopic portfolio.

The current radiation therapy systems have a price of around $2 million, therefore many companies are working in developing cost-effective system and even working towards the development of a low-cost surgical robotic platform. And with time, technologically advanced products are being working, researched to get an upgraded product.

Impact of COVID-19

The COVID-19 pandemic had a huge impact on elective surgical procedures in the first half of 2020. The COVID-19 pandemic has drastically impacted the daily hospital routine services on the global level. During the initial phase of the pandemic, hospitals greatly reduced or cancelled conducting elective surgical procedures for patient safety and to prioritize the care treatments for patients with COVID?19.

The reduction in the volume of elective surgical procedures on a large scale had a substantial impact on patients as well as a financial impact on the medical device manufacturers. This resulted in the decreased sales of the minimally invasive surgical systems.

Market Segmentation

Minimally Invasive Surgical Systems Market (by Product Type)

Under this segmentation, the market in divided into conventional technologies and surgical robotics.

The conventional technologies segment dominates the market with a share of 80.4% of global minimally invasive surgical systems market mainly due to the increase in the number of minimally invasive surgical procedures.

The surgical robotics segment is expected to register a higher CAGR then external beam radiation segment, the CAGR is 10.2% during the forecast period.

Minimally Invasive Surgical Systems Market (by Application)

Under this segmentation, the market in divided into general surgery, urology surgery, orthopedic surgery, cardiovascular surgery, neurosurgery, others (cosmetic and bariatric surgery)

These above-mentioned applications are based on conventional technologies and surgical robotics segment.

Orthopedic surgery under the conventional technology segment is expected to register the highest CAGR of 7.0% during the forecast period.

Minimally Invasive Surgical Systems Market (by End-User)

Under this segmentation, the market in divided into hospitals, ambulatory surgical centers (ASCs), specialty clinics.

The hospitals segment dominates the minimally invasive surgical systems market with a share of 73.3% of global market mainly due to the number of hospitals providing access to the surgical treatments for the patients.

Ambulatory surgical centers (ASCs) segment is expected to register the highest CAGR of 8.0% during the forecast period.

Minimally Invasive Surgical Systems Market (by Region)

The different regions covered under the market report includes North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

North America dominates the market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and many companies being located in the U.S.

Latin America, and Middle East and Africa market is expected to grow with the highest CAGR of 7.8% during the forecast period.

Key Market Players and Competition Synopsis

Some of the key players operating in the market, include Arthrex Inc., Asensus Surgical, Inc., Boston Scientific Corporation, Conmed Corporation, Fujifilm Holdings Corporation, Intuitive Surgical, Inc., Karl Storz SE & Co. KG, Medtronic plc, Olympus Corporation, Hoya Corporation (Pentax Medical), Siemens Healthineers AG, Smith & Nephew plc, Sony Corporation, Stryker Corporation, and Zimmer Biomet Holdings, Inc.

The minimally invasive surgical systems market market has witnessed several strategic and technological developments from January 2017- July 2021, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and upgradations, partnerships, collaborations, business expansions, funding activities, regulatory approvals, mergers, and acquisitions. The preferred strategy for companies has been partnerships, collaborations, and business expansions.

https://www.marketresearchdirect.com/report/global-minimally-invasive-surgical-systems-market-focus-on-product-type-application-end-users-25-countries-data-patent-scenario-and-competitive-landscape-analysis-and-forecast-2021-2/

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