Report Overview

Global Minimally Invasive Surgical Instruments Market- Industry Trends & Forecast Report 2027

The global minimally invasive surgical instruments market was worth USD 21.7 billion in 2020. The market is growing substantially and is further projected to reach USD 36.0 billion by the year 2027, growing at the CAGR of 7.6% during the forecast period. The burgeoning need for minimally invasive surgical procedures as a result of their numerous benefits such as faster recovery time and reduced pain is a major factor influencing the demand for minimally invasive surgical instruments. Moreover, the cost-effectiveness of minimally invasive surgeries as compared to open surgeries also contributes to the growth of the minimally invasive surgical instruments market.

Global Minimally Invasive Surgical Instruments Market- Overview

Laparoscopic surgery, also known as minimally invasive surgery, is a procedure that involves making small incisions in the body. Tiny cameras and instruments are utilized to perform the procedure. There has been an explosion in the popularity of minimally invasive surgeries in operation theaters since they minimize the amount of damage caused to the body, something that can be a concern with open surgeries. Additionally, minimally invasive surgeries result in shorter hospital stays due to shorter operating times, fewer post-operative complications, and less post-operative pain.

Global Minimally Invasive Surgical Instruments Market Forecast and Trends

Growth Drivers

Ever-Increasing Demand for Minimally Invasive Surgeries

The preference of patients for minimally invasive surgery over traditional open surgery is rapidly shifting and driving the growth of the minimally invasive surgical instruments market. The reason for this is that these procedures provide the same results as traditional open surgery, while also offering other advantages such as less pain, less blood loss, minimal to no scar, and so on. A minimally invasive surgery has fewer postoperative complications and is less painful on the patient's body because it uses smaller incisions. Their recovery time is thus much faster, and they may require only small amounts of pain relievers. This is why the global minimally invasive surgical instruments market is flourishing at such a high rate.

Increasing Prevalence of Various Chronic Diseases

The use of minimally invasive surgery is increasing due to numerous chronic diseases such as appendicitis, pancreatitis, thyroid problems, and irritable bowel syndrome. Surgery involving minimally invasive techniques is available in many fields such as colorectal surgery, heart surgery, kidney surgery, neurosurgery, and urology. According to the WHO, sixteen million people die each year from non-communicable diseases before the age of 70. Due to such a high prevalence of chronic diseases across the globe, the demand for minimally invasive surgical instruments is gaining significant traction worldwide.

Restraints

Limited Skilled Surgeons in The Emerging Economies

A shortage of skilled surgeons makes minimally invasive surgeries much more common in developed countries than in developing countries. Minimally invasive surgeries require a keen degree of precision and proficiency with medical instruments like surgical scopes and inflation devices. However, the migration of skilled doctors from emerging economies to developed countries like the US or UK, or Germany for better pay is limiting the growth of the global minimally invasive surgical instruments market in the emerging economies.

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

In the wake of the COVID-19 pandemic, several industries, including surgical procedures and minimally invasive surgery have suffered a blow. Due to the highly contagious nature of the virus, which may affect both patients and hospital staff, the regulatory bodies across the globe immediately postponed all elective surgeries. Furthermore, the surging cases of COVID-19 had burdened healthcare facilities. Because of this, the minimally invasive procedures were delayed in order to control the hospital visits of people and to maximize the quality of care offered to COVID-19-infected patients. Consequently, the demand for minimally invasive surgical instruments witnessed a sharp decline, which in turn affected the market revenue negatively.

Global Minimally Invasive Surgical Instruments Market - By Product

Based on products, the global minimally invasive surgical instruments market is segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, and electrosurgical & electrocautery instruments. Among these, the handheld instruments segment captured the largest market share. Among the factors driving the demand for handheld instruments are the cost advantages they offer. This segment is further classified into graspers, retractors/elevators, suturing instruments, and dilators. These single-use products are mainly utilized for making small incisions which speed up the recovery time.

Global Minimally Invasive Surgical Instruments Market - By Type of Surgery

Based on the types of surgery, the global minimally invasive surgical instruments market is categorized into cardiothoracic surgery, cosmetic & bariatric surgery, gynecological surgery, gastrointestinal surgery, other surgeries, urological surgery, and orthopedic surgery. Cardiothoracic surgery received the largest market share because of the large geriatric population and high prevalence of cardiovascular diseases worldwide. Furthermore, the increasing prevalence of cardiovascular diseases, such as cardiomyopathy, congenital heart, and hypertension in young adults is also driving the demand for minimally invasive surgeries, thereby driving the growth of the minimally invasive surgical instruments market.

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. Among these regions, North America dominates this market because of the high demand for various surgical procedures. It is estimated that minimally invasive surgeries saw a growth of over 50% in the United States alone. Furthermore, the United States leads the world in plastic surgery procedures performed each year, with over 17.7 million surgical and minimally invasive cosmetic procedures performed in 2018. As a result, the demand for minimally invasive surgical instruments is also flourishing.

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 global minimally invasive surgical instrument market is considered highly dense with the presence of several global as well as regional industry players who cover substantial shares in the market. The market players offer a wide range of products to stay ahead in the competition. Additionally, they often indulge in product approvals and launches in different geographies. Furthermore, these companies are also adopting competitive strategies like partnerships, mergers, acquisitions, collaborations, etc. to increase their market presence and penetration.

Recent Developments

• In July 2021, Anchora Medical, an Israeli medical device company, announced to have received the 510(K) clearance from the US Food and Drug Administration (FDA) to market its Su2ura approximation device, an automated suturing device used in laparoscopic surgery in the US market.

• In June 2021, New View Surgical Inc., a medical device company, announced to have received 510(K) clearance from the US Food and Drug Administration for its Vision Port System.

Scope of the Report

By Product

• Handheld Instruments

1. Graspers
2. Retractors/Elevators
3. Suturing Instruments
4. Dilators

• Inflation Devices

1. Balloons
2. Balloon Inflation Devices

• Surgical Scopes
• Cutting Instruments

1. Trocars
2. Other Cutting Instruments

• Guiding Devices

1. Guiding Catheters
2. Guidewires

• Electrosurgical & Electrocautery Instruments

1. Electrosurgical Instruments
2. Electrocautery Devices

By Type of Surgery

• Cardiothoracic Surgery
• Cosmetic & Bariatric Surgery
• Gynecological Surgery
• Gastrointestinal Surgery
• Other Surgeries
• Urological Surgery
• Orthopedic Surgery

By End User

• Hospitals
• Ambulatory Surgery Centers & Clinics

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Latin America (LATAM)
• Middle-East & Africa (MEA)

1.     Research Framework

1.1. Research Objective

1.2. Product Overview

1.3. Key Market Segments

2.    Research Methodology

2.1. Qualitative Research

2.2. Methodology

2.3. Regional Split of Primary & Secondary Research

2.4. Secondary Research

2.5. Primary Research

2.5.1.   Breakdown of Primary Research Respondents, By Region

2.5.2.   Breakdown of Primary Research Respondents, By Industry Participants

2.6. Market Size Estimation

2.7. Assumptions for the Study

2.8. Market Breakdown & Data Triangulation

3.    Executive Summary

4.    Industry Insight and Growth Strategy

4.1. Value Chain Analysis

4.2. DROC Analysis

4.2.1.   Market Drivers

4.2.1.1. Expanding Demand for Minimally Invasive Surgeries

4.2.1.2. Increasing Prevalence of Various Chronic Diseases

4.2.2.   Market Restraints

4.2.2.1. Limited Skilled Surgeons in The Emerging Economies

4.2.3.   Market Challenges

4.2.3.1.1.       Use of refurbished Products

4.2.4.   Market Opportunity

4.2.4.1. Collaborative Efforts by Industry Players

4.2.4.2. Increasing Prevalence of Gastrointestinal Diseases

4.3. Recent Developments

4.4. Porter’s Five Forces Analysis

4.4.1.   Bargaining Power of Buyers

4.4.2.   Bargaining Power of Suppliers

4.4.3.   Intensity of Rivalry

4.4.4.   Threat of New Entrants

4.4.5.   Threat of Substitutes

5.    Global Minimally Invasive Surgical Instruments Market Overview

5.1. Market Size & Forecast by Value, 2017-2027

5.2. Market Size and Forecast, By Segment

5.2.1.   By Product

5.2.1.1. Handheld Instruments

5.2.1.1.1.       Graspers

5.2.1.1.2.       Retractors/Elevators

5.2.1.1.3.       Suturing Instruments

5.2.1.1.4.       Dilators

5.2.1.2. Inflation Devices

5.2.1.2.1.       Balloons

5.2.1.2.2.       Balloon Inflation Devices

5.2.1.3. Surgical Scopes

5.2.1.4. Cutting Instruments

5.2.1.4.1.       Trocars

5.2.1.4.2.       Other Cutting Instruments

5.2.1.5. Guiding Devices

5.2.1.5.1.       Guiding Catheters

5.2.1.5.2.       Guidewires

5.2.1.6. Electrosurgical & Electrocautery Instruments

5.2.1.6.1.       Electrosurgical Instruments

5.2.1.6.2.       Electrocautery Devices

5.2.2.   By Type of Surgery

5.2.2.1. Cardiothoracic Surgery

5.2.2.2. Cosmetic & Bariatric Surgery

5.2.2.3. Gynecological Surgery

5.2.2.4. Gastrointestinal Surgery

5.2.2.5. Other Surgeries

5.2.2.6. Urological Surgery

5.2.2.7. Orthopedic Surgery

5.2.3.   By End-user

5.2.3.1. Hospitals

5.2.3.2. Ambulatory Surgery Centers & Clinics

5.2.4.   By Region

5.2.4.1. North America

5.2.4.2. Europe

5.2.4.3. Asia-Pacific

5.2.4.4. Latin America

5.2.4.5. Middle East & Africa

6.    North America Minimally Invasive Surgical Instruments Market Overview

6.1. Market Size and Forecast

6.1.1.   By Value (USD Million), 2020-2027

6.2. Market Share and Forecast

6.2.1.   By Product

6.2.2.   By Type of Surgery

6.2.3.   By End User

6.2.4.   By Country

6.2.4.1. U.S.

6.2.4.2. Canada

7.    Europe Minimally Invasive Surgical Instruments Market Overview

7.1. Market Size and Forecast

7.1.1.   By Value (USD Million), 2020-2027

7.2. Market Share and Forecast

7.2.1.   By Product

7.2.2.   By Type of Surgery

7.2.3.   By End User

7.2.4.   By Country

7.2.4.1. Germany

7.2.4.2. U.K.

7.2.4.3. France

7.2.4.4. Italy

7.2.4.5. Spain

7.2.4.6. Rest of Europe

8.    APAC Minimally Invasive Surgical Instruments Market Overview

8.1. Market Size and Forecast

8.1.1.   By Value (USD Million), 2020-2027

8.2. Market Share and Forecast

8.2.1.   By Product

8.2.2.   By Type of Surgery

8.2.3.   By End-User

8.2.4.   By Country

8.2.4.1. China

8.2.4.2. India

8.2.4.3. Japan

8.2.4.4. South Korea

8.2.4.5. Rest of APAC

9.    LATAM Minimally Invasive Surgical Instruments Market Overview

9.1. Market Size and Forecast

9.1.1.   By Value (USD Million), 2020-2027

9.2. Market Share and Forecast

9.2.1.   By Product

9.2.2.   By Type of Surgery

9.2.3.   By End User

9.2.4.   By Country

9.2.4.1. Mexico

9.2.4.2. Brazil

9.2.4.3. Rest of LATAM

10.  MEA Minimally Invasive Surgical Instruments Market Overview

10.1.             Market Size and Forecast

10.1.1.               By Value (USD Million), 2020-2027

10.2.             Market Share and Forecast

10.3.             By Product

10.4.             By Type of Surgery

10.5.             By End User

10.6.             By Country

10.6.1. Saudi Arabia

10.6.2. UAE

10.6.3. South Africa

10.6.4. Rest of Europe

11. Competitive Landscape

11.1.             List of Key Players and Their Offerings

11.2.             Market Share Analysis (2020)

11.3.             Competitive Benchmarking, By Operating Parameters

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

13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

13.1.             Zimmer Biomet Holdings Inc

13.2.             Boston Scientific Corporation

13.3.             Abbott Laboratories

13.4.             B. Braun Melsungen AG

13.5.             Stryker Corporation

13.6.             Johnson & Johnson

13.7.             GE Company

13.8.             HOYA Corporation

13.9.             Smith & Nephew

13.10.          Becton, Dickinson and Company

13.11.          Intuitive Surgical Inc.

13.12.          Surgical Innovations Group PLC

13.13.          Siemens Healthineers

13.14.          Applied Medical Resources Corporation

13.15.          Koninklijke Philips NV

13.16.          FUJIFILM Holdings Corporation

13.17.          Olympus Corporation

13.18.          Karl Storz

13.19.          Medtronic PLC

13.20.          Other Prominent Players

14. Key Strategic Recommendations