Minimally Invasive Surgical Instruments Market to Register CAGR of 14.8% during Forecast Period, Says TMR
23 Nov 2022
Technological advancements in robotic assistance devices, as well as growing public awareness of the benefits of minimally invasive surgery, are driving the market growth
Rising prevalence of chronic diseases such as cardiovascular diseases, gastrointestinal diseases, and respiratory diseases, has created multiple growth avenues for the minimally invasive surgery market across the globe
WILMINGTON, Del., Nov. 23, 2022 /PRNewswire/ -- The minimally invasive surgical instruments market stood at USD$15.7 Bn in 2021. The projected market growth from 2022 to 2032 is 14.8%, which is significantly higher than the historical growth. Handheld instruments segment is expected to expand with a CAGR of around 16.9% between 2022 and 2032.
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Minimally Invasive Surgical Instruments Market: Growth Drivers
The emerging minimally invasive surgery market trends include surgical robots which have changed the landscape of minimally invasive surgery (MIS), and surgeons are becoming more comfortable with them. Minimally invasive surgery operations are significantly less expensive than in-patient and traditional open surgeries, resulting in increased value for both patients and insurance. This tendency is expected to continue in the next years. Open surgeries are significantly more traumatic than minimally invasive surgery. As a result, the minimally invasive surgical instruments market is estimated to grow exponentially in the coming years.
The rising prevalence of chronic diseases such as kidney diseases, gastrointestinal diseases, respiratory diseases, and heart diseases across the world has led to the preference for minimally invasive surgeries.
The minimally invasive surgical devices industry is predicted to grow as demand for laparoscopic surgery has increased substantially. This technology allows surgeons to perform minimally invasive surgery instead of open surgery, lowering patient risk and expediting recovery. These aspects act as growth boosters for the minimally invasive surgical instruments market.
Increasing geriatric population across the globe which is more prone to chronic ailments, has opened new growth avenues for the minimally invasive surgical instruments market. As a result, technical advancements in robotic assistance devices and growing public awareness of the benefits of minimally invasive surgery are driving the market growth.
Key Findings Minimally Invasive Surgical Instruments Market Study
In 2017, the handheld devices segment of the minimally invasive surgical instruments market stood at USD$1.9 Bn. The market for handheld devices is expected to reach USD$ 19.2 Bn by 2032, with a predicted CAGR of 16.9% between 2022 and 2032.
Patients with heart problems are more likely to develop chronic illnesses. These diseases may demand minimally invasive therapy using portable instruments, endoscopic scopes, and cutting equipment, which will drive the market.
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Minimally Invasive Surgical Instruments Market: Key Players
The minimally invasive surgical instruments market is moderately competitive, with only a few major players. Some of the market's major players include:
Minimally Invasive Surgical Instruments Market: Regional Analysis
North America is expected to grow immensely owing to the rise in instances of chronic disorders in this region. In the United States, the minimally invasive surgical instruments market was worth USD$ 5.9 Bn in 2021. The market is projected to expand at a CAGR of 14.5% during the forecast period of 2022 to 2032.
The minimally invasive surgical instruments market in Europe is projected to expand at a CAGR of 17.3% and reach the value of US$ 2.8 Bn during the forecast period of 2022-2032.
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Market Segments Covered in Minimally Invasive Surgical Instruments Market Analysis
By Application Type
By Device Type
Handheld Instruments
Inflation Devices
Cutter Instruments
Electrosurgical Devices
Auxiliary Device
Monitoring & Visualization Devices
By Region Type
North America
Latin America
Europe
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