Global Minimally Invasive Surgical Instruments Market Poised for Continued Growth- Projected to reach USD 36.0 billion by 2027

Published | 02 August 2021

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global minimally invasive surgical instruments market was worth USD 21.7 billion in the year 2020. The market is estimated to grow at a CAGR of 7.6%, earning revenue of around USD 36.0 billion by the end of 2027. The increasing demand for minimally invasive surgical instruments is propelled by the rising prevalence of various chronic and lifestyle diseases and patients’ growing preference for minimally invasive surgeries. Furthermore, the surging geriatric population is also a crucial factor for the growth of the overall market. However, the shortage of skilled surgeons in emerging economies may hamper the growth of the global minimally invasive surgical instruments market in the long run.

Collaborative Efforts by Industry Players Is Estimated to The Drive the Growth of The Global Minimally Invasive Surgical Instruments Market

A number of leading industry players are announcing their collaborations with other companies and research institutes to develop minimally invasive surgical instruments. As robotics becomes more feasible in laparoscopic surgeries, changes are expected to occur in the medical industry in the foreseeable future. For instance, medical device and technology company Lazurite Holdings LLC recently announced its collaboration with The Centre of Health Affairs and its business affiliate CHAMPS healthcare for the introduction of smart surgical tools in the operating rooms. Such proactive measures undertaken by the industry players are powering the growth of the global minimally invasive surgical instruments market.  

Increasing Prevalence of Gastrointestinal Diseases Is Projected to The Drive the Market During The Forecast Period

One of the leading factors propelling the growth of minimally invasive surgical instruments is the rising prevalence of gastrointestinal diseases among young adults and geriatric patients, such as hemorrhoids and irritable bowel syndrome. According to research conducted by University of Gothenburg scientists, every four in ten adults in the world suffer from gastrointestinal diseases of varying severity. In comparison to open surgeries, minimally invasive surgeries have proven to be a safer and more efficient method of treating such medical conditions. Due to this, the demand for minimally invasive surgical instruments is also on the rise.

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Global Minimally Invasive Surgical Instruments Market - By End-User

Based on end-users, the global minimally invasive surgical instruments market is segmented into hospitals, and ambulatory surgery centers & clinics. The hospital segment held the largest market share in 2020. However, ambulatory surgery centers & clinics are estimated to witness the highest CAGR during the forecast period. The availability of skilled surgeons and pre and post-operative care the patients receive in the course of surgery acts as a driving factor for the growing demand for minimally invasive surgical instruments in the hospitals. The ambulatory surgery centers are gaining significant traction as these services offer surgeries at lower costs and the patients are discharged earlier than the hospitals.

Global Minimally Invasive Surgical Instruments Market - Regional Insights

Geographically, the global minimally invasive surgical instruments market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates this market.The Asia-Pacific region, due to its large geriatric population and large patient pool, is expected to witness the highest CAGR during the forecast period. Furthermore, the number of cases of road accidents is also very high in countries like India with lenient road safety regulations. Due to these factors, the demand for minimally invasive surgical instruments is flourishing. Furthermore, the progressing medical tourism significantly for cosmetic surgery especially in countries like South Korea and China is also driving the market growth.

Impact of COVID-19 on Global Minimally Invasive Surgical Instruments Market

The unprecedented havoc caused by COVID-19 has negatively impacted the global minimally invasive surgical instruments market. The healthcare facilities were unable to cope with the surge in the number of COVID-19 patients and had to postpone a number of elective and non-emergency surgical procedures for the sake of their safety and that of the patients. As a result, the demand for minimally invasive surgical instruments witnessed a sharp declined and the market had to face severe losses. On the other hand, surgical procedures on patients suffering from life-threatening conditions were performed wearing proper PPE, taking into consideration the high risk involved in performing them. Consequently, the market manages to stay afloat during the COVID-19 period.

Competitive Landscape

The leading market players in the global minimally invasive surgical instruments market are Zimmer Biomet Holdings Inc, Boston Scientific Corporation, Abbott Laboratories, B. Braun Melsungen AG, Stryker Corporation, Johnson & Johnson, GE Company, HOYA Corporation, Smith & Nephew, Becton, Dickinson and Company, Intuitive Surgical Inc., Surgical Innovations Group PLC, Siemens Healthineers, Applied Medical Resources Corporation, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Olympus Corporation, Karl Storz, Medtronic PLC, and other prominent players.

The market is highly dense, with several global as well as regional players controlling a substantial share. The companies offer a wide range of products to stay ahead in the competition and often indulge in product approvals and launches in different geographies. These companies are also adopting competitive strategies like partnerships, mergers, acquisitions, collaborations, etc. to increase their market presence and penetration.

Don’t miss the business opportunity of the global minimally invasive surgical instruments market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global minimally invasive surgical instruments market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global minimally invasive surgical instruments market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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