PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1702436
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1702436
The global minimally invasive surgical instruments market is projected to grow from USD 32.2 billion in 2024 to USD 66.4 billion by 2032, at a CAGR of 9.6%. This growth is fueled by the increasing preference for minimally invasive surgeries (MIS), driven by their advantages such as smaller incisions, reduced recovery time, and lower risk of infection. The rising prevalence of chronic diseases, an aging population, and a growing focus on aesthetics are contributing to the market's expansion. Additionally, technological advancements in surgical instruments and the rise in medical tourism in emerging economies are providing significant growth opportunities for market players.
Key Insights
Segmentation by Type: Handheld instruments, including cutters, visualizing scopes, and auxiliary instruments, hold the largest share in the market, accounting for 55% of the revenue in 2024. These instruments are expected to grow at the highest rate due to their widespread adoption and cost-efficiency.
Growing Popularity of MIS: The shift from conventional surgeries to minimally invasive surgeries is a major driver. MIS offers benefits like reduced scarring, less post-operative pain, and quicker recovery times, which contribute to its growing demand globally. For example, heart valve replacements in Germany and Vietnam are increasingly being performed using minimally invasive techniques.
Emerging Markets: The demand for minimally invasive surgical instruments is rising in emerging economies such as India, China, and Brazil due to improving healthcare infrastructure and growing medical tourism. These regions are expected to see high growth in surgical procedures due to lower costs and advanced medical facilities.
Technological Advancements: Advancements in robotic surgery and the development of more efficient, user-friendly surgical instruments are enhancing the adoption of MIS. Surgeons' growing preference for these tools, along with increasing healthcare investments, is boosting the market.
Aging Population: With the global population aged 60 and above expected to reach 1.4 billion by 2030, the demand for procedures like orthopedic and cardiovascular surgeries is rising. This demographic shift is further contributing to the market's growth as older adults are more likely to require minimally invasive surgeries.
Cosmetic Procedures: The rising trend of cosmetic surgeries, including aesthetic procedures such as nose jobs, is significantly influencing the market. The increase in minimally invasive cosmetic surgeries, particularly in the U.S., is a key factor driving market growth.
Ambulatory Surgical Centers: The growing number of ambulatory surgical centers, where less complex MIS procedures are performed, is contributing to the growth in demand for minimally invasive instruments. These centers offer cost-effective treatments and faster recovery times, making them increasingly popular for outpatient surgeries.
Regional Insights: North America remains the largest market for minimally invasive surgical instruments, while the Asia-Pacific region is expected to experience the fastest growth, driven by rising healthcare investments and the increasing number of medical procedures.