Minimally Invasive Surgical Instruments Market To Generate Revenue worth $37,155.7 Million by 2030

The global minimally invasive surgical instruments market is projected to generate $37,155.7 million revenue by 2030, advancing at a CAGR of 7.2% during 2022–2030. This can be ascribed to the rising prevalence of chronic diseases, technological advancements in healthcare, escalating count of hospital and trauma centers, surging per capita income, and growing aging population.

Furthermore, the growing trend of MIS procedures owing to several advantages, such as shorter hospital stays coupled with recovery duration and lower trauma for surgeries; and increasing government spending on healthcare across the globe boost the market growth.

Handheld Instruments To Show Fastest Growth

The handheld instruments category will witness the fastest growth during the projection period, advancing with a CAGR of around 10%. This can be attributed to the high adoption of such instruments by doctors and surgeons, improves procedure results, high technological development, and surging preference for such tools among clinicians.

Additionally, the electrosurgical instruments category will register significant growth in the coming years owing to the high usage of such disposable and reusable instruments, rising number of MIS procedures, and growing demand for cosmetic surgeries across the globe.

Based on application, the market is segmented into laparoscopy, cardiovascular, cosmetic surgery, orthopedic surgery, obstetrics and gynecology, ophthalmology, neurosurgery, urology, and others. Among these, the cardiovascular category held the highest revenue share in 2022, and it is further expected to maintain its dominance in the coming years. This is due to the rising number of CVDs cases, surging sedentary lifestyle among the young population, and growing trend of robotic surgeries to perform critical conditions.

Moreover, the orthopedic surgery category will register significant growth during the prediction period. Owing to the fact that MIS procedures offer advantages, such as during the procedure no muscle need to be cut or separate from the bone; improved patients’ satisfaction; shorter the hospital stay coupled with recovery duration; and rising elderly population in which knee replacement procedures are become common, which result in high growth in the category.

Based on end user, the market is bifurcated into hospitals, ASCs, and research institutes. Of these, the hospitals accounted for the highest revenue contributor and maintain their dominance during the coming years. This can be attributed to the huge number of surgical procedures performed in hospitals, improved and advanced technology, high preference of patients for surgeries to be performed in hospitals, and rising number of private as well as government hospitals.

Geographically, the North American market held the highest revenue share in 2022, and it is predicted to dominate the market in the coming years. This is due to the presence of the vast number of key players, well-developed healthcare sector, growing spending on the healthcare sector by the government as well as industry giants, rising incidents of road accidents, and mounting number of trauma centers.

On the other hand, APAC will register the fastest growth during the forecast period. This can be ascribed to the growing healthcare settings and related infrastructure, surging number of patients suffering from chronic diseases, rising geriatric population, increasing per capita income, rise in medical tourism, and traction of MIS procedures among the patients. Moreover, emerging economies, such as China and India contribute the majority of revenue to the market owing to the high rate of road accidents, huge number of skilled surgeons, and increasing government spending on the healthcare sector.

Some of the major players in the market are Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Stryker Corporation, Abbott Laboratories, Johnson & Johnson Services Inc., Boston Scientific Corporation, and Medtronic plc.