Minimally Invasive Surgical Devices Market to Grow at a CAGR of 5.56% During the Forecast Period
Surging demand for minimally invasive surgeries is
driving the growth in Global Minimally Invasive Surgical Devices Market in the
forecast period, 2022-2026.
According to TechSci Research report, “Minimally
Invasive Surgical Devices Market - Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2016-2026”, the global minimally
invasive surgical devices market stood at USD20931.40 million in 2020 and is
expected to grow at a steady rate of 5.56% during the forecast period. This can
be ascribed to the growing geriatric population suffering from various
diseases. Additionally, growing surgical volume worldwide is further expected
to support the market growth over the next few years.
Furthermore, flourishing medical tourism is expected to create lucrative
opportunities for the overall market growth especially in countries where the
cost of surgeries is less. However, stringent regulatory landscape for
launching and marketing minimally invasive surgical devices is expected to
hamper market growth significantly.
The US Food and Drug Administration (FDA) recommends submitting a 510
(k) premarket approval application to the FDA to demonstrate that the device to
be marketed is safe and effective and is substantially equivalent to a legally
marketed device.
It has been observed that over the years, the average time taken to
approve 510 (k) application by FDA and time required to obtain premarket
approval has significantly increased. The FDA demands more clinical data for
the clinical safety and efficacy of a product, thereby slowing down the new
product launches.
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Minimally Invasive Surgical Devices Market"
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The global minimally invasive surgical devices market segmentation is
based on type, surgery type, end user, regional distribution, and company.
Based on surgery type, the market is further fragmented into cardiovascular,
gastrointestinal, gynecology, urology, and others.
The cardiovascular surgery type dominated the market with an overall
share of 29.21% in 2020 on account of growing prevalence of cardiovascular diseases.
Furthermore, minimally invasive procedures are less traumatic than open surgery
procedures. Also, a small incision is made during minimally invasive surgeries,
thereby reducing blood loss associated with the surgery.
Furthermore, this reduces the overall recovery time and hospital stay
duration. All these factors have significantly increased the demand for cardiovascular
minimally invasive surgical procedures, thereby increasing the demand for
minimally invasive surgical devices market.
A partial list of leading market players, includes:
·
Medtronic Plc
·
Stryker Corporation
·
B. Braun Melsungen AG
·
Olympus Corporation
·
Boston Scientific Corporation
·
Zimmer Biomet Holdings, Inc
·
Johnson & Johnson
·
Karl Storz SE & Co. KG
·
Abbott Laboratories, Inc.
·
Koninklijke Philips N.V.
·
Applied Medical Resources Corporation
·
Conmed Corporation
·
The Cooper Companies Inc.
·
Biolitec AG
·
FUJIFILM Holdings Corporation
·
Smith & Nephew Plc
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“Asia
Pacific region is expected to register the fastest growth during the forecast
period. This can be attributed to the
large and growing geriatric population in the region, which is susceptible to
different kinds of chronic diseases such as cancer, cardiovascular diseases,
neurological disorders, etc., especially in countries like China, India and
Japan. Additionally, growing healthcare awareness among the population in the region
is further expected to support market growth. The population in the region is
becoming aware of different diseases and about the benefits of early diagnosis
of diseases. This in turn has increased the number of people going for regular
diagnostic checks, thereby supporting the market growth through 2026.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Minimally Invasive
Surgical Devices Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2016-2026 Segmented By Type ((Handheld Instruments {Graspers,
Retractors/Elevators, Dilators, Suturing Instruments, Others}, Surgical Scopes
{Laparoscopes, Gastroscope, Cystoscope, Ureteroscope, Others}, Cutting
Instruments {Trocar’s v/s other MIS instruments}, Guiding Devices {Guiding
Catheters, Guidewires}, Electrosurgical Devices {Electrosurgery Instruments
& Accessories, Electrosurgery Generators, Patient Return Electrodes},
Others), By Surgery Type (Cardiovascular, Gastrointestinal, Gynecology,
Urology, Others), By End User (Hospitals & Clinics, Ambulatory Surgical
Centers, Others), By Region”,
has evaluated the future growth potential of global minimally invasive surgical
devices market and provides statistics & information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global minimally invasive
surgical devices market.
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