Market Definition
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.
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 Outlook
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.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The report analyses the global minimally invasive surgical instruments market based on device, application, end-use, and region.
Major Players
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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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $12.8 bn
• Market Size in 2031 – $65.3 bn
• CAGR % – 17.7%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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