Global minimally invasive surgical instruments market is forecasted to attain revenue of $53.1 billion by 2023, according to P&S Intelligence.
The growth led by growing geriatric population, surge in prevalence of chronic diseases, increasing government healthcare expenditure, and growing demand for minimally invasive surgeries globally.
Insights on market segments
On the basis of product, the minimally invasive surgical instruments market has been categorized into handheld instruments, electrosurgical instruments, guiding devices, and inflation systems. Handheld instruments held a 36.4% share in 2016 in the global market, since these instruments lead to decreased strain on fingers during operative procedures, further increasing its adoption amongst surgeons globally.
The minimally invasive surgical instruments market is classified into neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy, and others, on the basis of application. Laparoscopy held the largest share in the market during the entire analysis period and the category is expected to occupy a 25.1% share by 2023, due to the rising prevalence of obesity and increasing use of laparoscopy for weight reduction (bariatric) surgeries.
Browse report overview with 63 tables and 36 figures spread through 133 pages and detailed TOC on "Minimally Invasive Surgical (MIS) Instruments Market by Product (Handheld Instruments, Guiding Devices, Inflation Systems, Electrosurgical Instruments), by Application (Laparoscopy, Cardiovascular, Cosmetic Surgery, Orthopedic Surgery, Obstetrics and Gynaecology, Ophthalmology, Neurosurgery, Urology), by End User (Hospitals, ASCs, Research Institutes), by Geography (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Japan, China, India, Latin America, Middle East, Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2016-2023" at:https://www.psmarketresearch.com/market-analysis/minimally-invasive-surgical-instruments-market
On the basis of end user, the minimally invasive surgical instruments market is bifurcated into hospitals, ambulatory surgical clinics (ASCs), and research institutes. Hospitals held the largest share of more than 59.3% in 2016.
Asia-Pacific (APAC) is the fastest growing market for minimally invasive surgical instruments
APAC minimally invasive surgical instruments industry is predicted to witness the fastest growth in demand, registering 11.5% CAGR during the forecast period, owing to the increasing number of patients suffering from chronic diseases, rising geriatric population, increasing per capita income, and improving healthcare facilities in the region.
According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above constituted approximately 11.4% of the population in 2013, and the count is estimated to increase by approximately 20% by 2050. With rising population there are also chances for the population to get subjected to diseases. Thus, these rising figures, with respect to the geriatric population, are an important factor leading to the increasing demand for minimally invasive surgical instruments in the region.
The rising per capita income is likely to increase the affordability of people for expensive surgical procedures, involving minimally invasive surgical instruments. According to the World Bank, the GDP per capita of India increased from $1,345.8 in 2010 to $1,709.4 in 2016. A similar trend has been observed for other developing countries, such as Papua New Guinea, the Philippines, and Indonesia, which is contributing to the growth of the APAC market.
Mergers and acquisitions are taking place at a high rate among players for a larger share
Globally, key players in the minimally invasive surgical instruments industry are acquiring other firms to gain a larger market share. For instance, in June 2017, Johnson & Johnson acquired Actelion Pharmaceuticals Ltd. (Actelion). Actelion manufactures the surgical devices. Moreover, in January 2017, the company acquired Abbott Medical Optics (AMO), a subsidiary of Abbott Laboratories. The acquisition includes ophthalmic products in three areas of patient care: cataract surgery, laser refractive surgery, and consumer eye health. These product lines joined the world- leading ACUVUE Brand Contact Lenses business, and the combined organization will operate with the name Johnson & Johnson Vision.
Some of the other major players operating in the minimally invasive surgical instruments market Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Medtronic plc, Smith & Nephew plc, Stryker Corporation, Zimmer Biomet Holdings Inc.
GLOBAL MINIMALLY INVASIVE SURGICAL INSTRUMENTS MARKET SEGMENTATION
Market Segmentation by Product
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Geography