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Minimally Invasive Surgical Instruments Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Minimally Invasive Surgical Instruments Market Trends
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According to The Business Research Company's, The minimally invasive surgical instruments market size has grown rapidly in recent years. It will grow from $36.6 billion in 2023 to $40.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to aging population, surge in chronic diseases, rising r&d investment in the healthcare sector, improved healthcare infrastructure, rise in medical tourism.
The minimally invasive surgical instruments market size is expected to see strong growth in the next few years. It will grow to $59.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increasing surgical volume, growing healthcare expenditure, rising disposable income, demand for shorter hospital stays. Major trends in the forecast period include robotics and ai integration, personalized surgical instruments, sustainable and eco-friendly instruments, cross-disciplinary collaborations.
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Market Drivers and Trends:
The rise in the number of surgical procedures is expected to propel the growth of the minimally invasive surgical instruments market. Medical practitioners prefer minimally invasive surgery over open surgery as they cause less harm and pain to the human body. Minimally invasive surgery is commonly used in adrenalectomy, brain surgery, heart surgery, kidney transplant, spine surgery, and plastic and cosmetic surgery. For instance, in April 2022, according to the Aesthetic Society, a US-based plastic and cosmetic surgery organization, the average plastic surgeon conducted 320 surgical operations, up from 220 surgical treatments in 2020. Moreover, the number of surgical procedures for plastic and cosmetic surgery increased by 54% in 2021. Therefore, the increase in the number of minimally invasive surgical instruments market is driving the growth of the minimally invasive surgical instruments market.
The development of low-cost surgical robotic systems is a key trend gaining popularity in the minimally invasive surgical instrument market. Due to the growth prospects for minimally invasive surgical instruments in a variety of medical domains, robot-assisted surgery has fast grown in popularity. As the market for robotic surgery approaches a decade of commercial use, new surgical modalities with new technologies, smaller dimensions, and lower costs are becoming accessible. For instance, in June 2023, CMR Surgical, an UK-based medical device company, launched Versius, a small and modular surgical robot, in Belgium, aiming to expand minimally invasive surgery access. Versius' adaptability fits any operating room, making it easy for surgeons and hospitals to use. Its modularity allows customized port placement, enhancing its versatility across various procedures and specialties and maximizing patient access to minimally invasive surgery.
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Major Key Players of the Market:
Abbott Laboratories Inc., Aesculap Inc., AMNOTEC International Medical GmbH, Applied Medical Resources Corporation, B. Braun Melsungen AG, Becton Dickinson and Company, Boston Scientific Corporation, CONMED Corporation, EndoMed Systems GmbH, FUJIFILM Holdings Corporation, HOYA Corporation, Intuitive Surgical Inc., KARL STORZ SE & Co. KG, KLS Martin Group, Koninklijke Philips N.V, Microline Surgical Corp., NuVasive Inc., Olympus Corporation, Scanlan International Inc., Smith & Nephew plc, Ethicon Inc., GE Healthcare Technologies Ltd., Medtronic Inc., Johnson & Johnson Services Ltd., Stryker Corporation, Cooper Companies Inc., Applied Medical Technology Inc., Richard Wolf GmbH, Zimmer Biomet Holdings Inc., Siemens Healthineers AG
Minimally Invasive Surgical Instruments Market 2024 Key Insights:
• The minimally invasive surgical instruments market size is expected to see strong growth in the next few years. It will grow to $59.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Surge In Minimally Invasive Surgical Procedures Fuels Growth In Minimally Invasive Surgical Instruments Market
• Rise Of Low-Cost Surgical Robotic Systems In The Minimally Invasive Surgical Instruments Market
• North America was the largest region in the minimally invasive surgical instruments market in 2023
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