The global minimally invasive surgical instruments market was valued at USD 12.8 billion in 2021 and it is anticipated to grow up to USD 65.3 billion by 2031, at a CAGR of 17.7% during the forecast period.
Global Minimally Invasive Surgical Instruments Market report from Global Insight Services is the single authoritative source of intelligence on Minimally Invasive Surgical Instruments Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Minimally invasive surgeries are much less traumatic than conventional open surgeries. Traditional surgeries performed with conventional laparoscopic instruments can be traumatic and complex. Minimally invasive laparoscopic cameras are inserted through smaller incisions and specialized smaller instruments are used to perform the operation. The healing process is less painful and patients can recover fastest after minimally invasive surgeries.
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Market Trends and Drivers
Advantages of MIS over open surgical techniques will fuel the industry growth. Over the years, minimally invasive surgeries (MIS) have undergone a drastic transformation in technological advancements, which has brought about a paradigm shift in the way surgical procedures are performed in operating rooms. Most surgeons currently opt for advanced minimally invasive surgical procedures such as laparo-endo single-incision surgery (LESS) due to their advantages over traditional open surgical techniques. These advantages include fewer scars and tissue injury, quicker recovery periods, shorter hospital stays, reduced blood loss and trauma, lower risk of infection, and reduced overall healthcare costs. In addition, minimally invasive surgeries are increasingly being covered by health insurance providers in select countries. These factors have led to an increased preference for minimally invasive surgeries among patients.
Market Restraints and Challenges
Changing regulatory landscape in the medical device industry will augment the market growth. The regulatory environment is extremely uncertain for medical device manufacturers. From 2005 to 2010, the average time taken to approve a 510 (k) application increased by 43%, while the time required to obtain a premarket approval increased by 75%. The US FDA demands more clinical data with respect to the clinical safety and efficacy of a product. This leads to increased investments by companies in clinical trials, delays in the approval process, and additional capital requirements for in-depth post-marketing surveillance studies. It also increases the risk of product recalls, especially when companies lack the funds to conduct additional studies to support additional data requirements from the FDA. These delays in approvals also restrain the growth of the minimally invasive surgical instruments market. Such regulatory reforms also restrict small manufacturers from entering the market.
Global Minimally Invasive Surgical Instruments Market Segmental Overview
The report analyses the global minimally invasive surgical instruments market based on device, application, end-use, and region.
Global Minimally Invasive Surgical Instruments Market by Device
Based on device, it is segmented into, Handheld Instruments, Inflation Devices, Cutter Instruments, Guiding Devices, Electrosurgical Devices, Auxiliary Devices, and Monitoring & Visualization Devices. Among these, in 2021, the handheld instruments segment dominated the minimally invasive surgical instruments market with more than 22% share. Handheld instruments used in MIS techniques target reducing the amount of damage to extraneous tissues during surgical procedures, thereby speeding patient recovery time and reducing discomfort & side effects. Most of the instruments in the MIS market are single-use products. The handheld instruments market is driven by technological innovations and their growing adoption in minimally invasive surgeries. For instance, a low-cost mechanical instrument has been developed recently to perform minimally invasive laparoscopic surgeries. These handheld devices can be either mechanical, robotic, or semi-automated. Handheld devices ensure easier access during surgery with instrument triangulation, thereby reducing the risk of potential mistakes.
Major Players in the Global Minimally Invasive Surgical Instruments Market
The key players in the market are Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), B. Braun Melsungen AG (Germany), CONMED Corporation (US), Smith & Nephew plc (UK), Zimmer Biomet Holdings, Inc. (US), Becton, Dickinson and Company (US), among others.
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