PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1500648
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1500648
The minimally invasive surgical instruments market is projected to reach USD 49.9 Billion by 2029 from USD 31.7 Billion in 2024, at a CAGR of 9.5% during the forecast period. Market expansion is propelled by factors such as the growing utilization of advanced robotics in Ambulatory Surgical Centers (ASCs), the rising global volume of surgical procedures, and the advantages of minimally invasive surgery (MIS) over traditional open techniques. Conversely, significant market consolidation among key players and the need for substantial capital investments pose notable obstacles to market growth.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By product and services, technology, application, end-user, and region. |
Regions covered | North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and GCC Countries |
"Robotic instruments segment accounted for the highest CAGR"
By product, the market is primarily segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, robotic instruments and other instruments. The handheld instruments segment accounted for the largest share of the minimally invasive surgical instruments in 2023. The substantial increase in market growth can be primarily attributed to the extensive utilization of both disposable and reusable electrosurgical instruments. Furthermore, advancements in the technology of electrosurgical instruments and the growing demand for cosmetic and plastic surgeries are driving the expansion of this sector.
"The non-robotic surgery segment accounted for the market share in the minimally invasive surgical instruments market, by technology, during the forecast period"
By technology, the market is primarily segmented into non-robotic surgery and robotic surgery. In 2023, non-robotic surgery accounted for the highest share of this market. The main factors propelling the growth of the market are the low cost of the non-robotic surgeries, no installation cost and rising geriatric population which believes in traditional surgeries. Additionally, surgeons often prefer the tactile feedback and direct control offered by non-robotic instruments, contributing to their continued prominence in the market.
"Cardiothoracic segment accounted for the highest share"
By type of surgery, the market is primarily segmented into cardiothoracic surgery, gastrointestinal surgery, orthopedic surgery, gynecological surgery, cosmetic & bariatric surgery, urological surgery, and other surgeries. The cardiothoracic surgery segment accounted for the largest share of the minimally invasive surgical instruments type of surgery market in 2023. The primary drivers of growth in this market are increased chronic diseases like diabetes which affects the cardiac health.
"Hospitals and specialty clinics segment accounted for the highest share"
By end user, the market is primarily segmented into hospitals and specialty clinics and ambulatory surgery centers. The hospitals and specialty clinics segment accounted for a larger share of the minimally invasive surgical instruments market in 2023. This can be credited to the significant volume of minimally invasive surgical procedures carried out in hospitals, facilitated by the presence of highly skilled healthcare professionals.
"Asia Pacific: The fastest-growing region in minimally invasive surgical instruments market"
The global minimally invasive surgical instruments market is segmented into North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa and GCC Countries. Various factors are contributing to the growth of the market in the Asia-Pacific (APAC) region, including escalating healthcare expenditure, heightened government initiatives to raise awareness about early disease detection, rising per capita income, expansion of private-sector healthcare facilities into rural areas across several APAC nations, the increasing elderly population (accompanied by a surge in chronic conditions), and the existence of high-growth markets in the region. Moreover, the advantageous regulatory landscape and low labor costs in this region are anticipated to further drive market expansion.
Research Coverage
This research report categorizes the minimally invasive surgical instruments market by product, technology, type of surgery, end-user, and region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the minimally invasive surgical instruments market. A detailed analysis of the key industry players has been done to provide insights into their business overview; key strategies; product launch, approval, acquisition, agreement, expansion and recent developments associated with the minimally invasive surgical instruments market. Competitive analysis of upcoming startups in the minimally invasive surgical instruments market ecosystem is covered in this report.
Reasons to buy this report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall minimally invasive surgical instruments market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Analysis of key drivers (Increasing number of surgical procedures worldwide), restraints (Changing regulatory landscape in medical devices), opportunities (Improving healthcare infrastructure in emerging markets), and challenges (High degree of market consolidation) influencing the growth of the minimally invasive surgical instruments market.