Minimally Invasive Surgical Instruments Market Overview
The global minimally invasive surgical instruments market was valued at around $28.7 billion in 2016 and is projected to grow at a CAGR of 9.3% during the forecast period. Handheld instruments, electrosurgical instruments, guiding devices, and inflation systems are the most commonly used instruments for performing minimally invasive surgeries (MISs). Handheld devices, such as forceps, spatulas, sutures, retractors, graspers, and dilators, are convenient to use and are commonly used in almost all types of MISs. This has led to their largest share in the minimally invasive surgical instruments market in the historical period and retaining the same during forecast period.
GLOBAL MINIMALLY INVASIVE SURGICAL INSTRUMENTS MARKET, BY APPLICATION, $M (2016-2023)
Minimally invasive surgical instruments find application in neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy, and other surgeries. Among the various applications the use of these instruments for cardiovascular purposes is predicted to witness fastest growth in demand, at a CAGR of around 10.0% during the forecast period.
On the basis of end user, the minimally invasive surgical instruments market is bifurcated as hospitals, ambulatory surgical clinics (ASCs) and research institutes, where hospitals are expected to grow at the highest CAGR of 9.7% during the forecast period, owing to the wide operation of minimally invasive surgeries in hospitals as they can afford higher installation & maintenance cost of the complex minimally invasive surgical instruments.
North America held the largest share in the minimally invasive surgical instruments market generating revenue of $12.1 billion in 2016, owing to the increasing prevalence of chronic and lifestyle-associated diseases, developed healthcare infrastructure, growing number of surgical procedures, and rising geriatric population. In addition, significant investments in healthcare R&D in North America are anticipated to create new opportunities for the market growth during the analysis period.
North America is witnessing a rapid increase in its geriatric population, which further leads to a positive impact on the growth of the minimally invasive surgical instruments market in the region. According to the UN publication World Population Ageing 2015, approximately 74.6 million people aged over 60 accounted for around 15.3% of the total population of the U.S. in 2015. Furthermore, pharmaceutical and biotechnology companies, federal agencies, research institutions, voluntary health associations, professional societies, and state and local governments in the U.S. are investing heavily in various medical and health-related R&D activities in the region, further supporting the growth of the minimally invasive surgical instruments market.
Minimally Invasive Surgical Instruments Market Dynamics
The major factors contributing to the growth of the minimally invasive surgical instruments industry are growing geriatric population, surge in incidence and prevalence of chronic diseases, increase in government expenditure in the healthcare sector, and growing demand for minimally invasive surgeries globally.
Governments of various economies have increased their expenditure in the healthcare sector. According to the World Bank, the global expenditure on healthcare has significantly increased from 8.5% of GDP in 1996 to 9.8% GDP in 2014. Also, the increasing GDP worldwide is expected to result in upgraded infrastructure, especially medical instruments used in public healthcare centers. This fact is expected to boost the growth of surgeries in public healthcare centers thereby increasing the minimally invasive surgical instruments market.
The geriatric population has significantly grown over the past few years. They are vulnerable to various chronic diseases such as cardiovascular diseases, cancer, obesity, and arthritis. For instance, according to the estimates of American Heart Association (AHA), in 2016, approximately 17.3 million deaths per year resulted due to cardiovascular diseases and are expected to be more than 23.6 million by 2030. Similarly, according to the report of the World Health Organization (WHO) in 2015 cancer was the second leading cause of deaths worldwide. It accounted for 8.8 million deaths in 2015 and approximately 70% of deaths in low- and middle-income countries. Therefore, rise in prevalence of chronic diseases and geriatric population is expected to fuel the demand for surgeries; thereby, driving the global minimally invasive surgical instruments market.
The increasing prevalence of chronic diseases, rising healthcare expenditure and government funding in R&D in emerging countries have created ample opportunities for the players in the minimally invasive surgical instruments industry.
The increasing trend of medical tourism in emerging economies such as China, India, Brazil, Mexico, Malaysia, Thailand, and South Korea increases the number of surgical procedures performed in the region and offer high growth opportunities for minimally invasive surgical instruments. According to the report of Organization for Economic Co- operation and Development (OECD), healthcare is costlier in developed countries. However, developing countries such as India and Columbia are very popular because of the high-quality care available at remarkably lower costs.
Minimally Invasive Surgical Instruments Market Competitive Landscape
Key players in the minimally invasive surgical instruments market are launching new products and getting approvals from governments in order to increase their market share. For instance, in June 2017, Smith & Nephew plc launched the NAVIO handheld robotics-assisted total knee arthroplasty (TKA) application. The launch expanded the NAVIO platform to total knee replacement surgeries across the globe. In February 2017, Zimmer Biomet Holdings Inc. launched the Subchondroplasty (SCP) procedure. The company received CE Mark approval for the commercialization of its SCP procedure to facilitate distribution in the European Union (EU) and other countries that recognize the CE Mark. Zimmer Biomet also received approval for distribution in Canada, Singapore, Malaysia and Hong Kong.
In May 2017, Medtronic plc received the FDA approval and U.S. launch of the Resolute Onyx Drug-Eluting Stent (DES). The Resolute Onyx DES strengthens the gold standard safety and efficacy of DES technology. Following that, the company received the USFDA approval and U.S. launch of the CoreValve Evolut PRO valve for the treatment of severe aortic stenosis for symptomatic patients which have gone through the open- heart surgery.
Some of the other key players operating in the minimally invasive surgical instruments market are Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Stryker Corporation, Abbott Laboratories, Johnson and Johnson.