Minimally Invasive Surgical Instruments Market Revenue to Cross USD 19.2 Mn by 2032 with CAGR of 16.9% | Transparency Market Research

Posted on 2024-03-08 by Transparency Market Research in Internet & Online // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-08 — /EPR Network/ — Transparency Market Research Inc.–

The market for handheld instruments in minimally invasive surgical instruments was valued at US$ 1.9 Bn in 2017. The market grew at a CAGR of 15.8% during 2017 – 2021 and reached a size of US$ 3.4 Bn by 2021. With a projected CAGR of 16.9% during 2022 – 2032, the market for handheld instruments is likely to reach a valuation of US$ 19.2 Bn by 2032. During 2022 – 2032, the market is likely to garner an absolute dollar opportunity of US$ 15.2 Bn.

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What are the key factors that are leading to the exponential growth of the Minimally Invasive Surgical Instruments Market?

The rise in chronic diseases like gastrointestinal, kidney, heart, and respiratory diseases has driven the demand for minimally invasive surgery. Chronic conditions such as cardiovascular disease, cancer, respiratory disease, and diabetes contribute significantly to global mortality, claiming millions of lives annually according to the World Health Organization.

This surge in chronic ailments has propelled the growth of minimally invasive surgery, particularly in laparoscopic procedures. Genesis MedTech, a leader in medical equipment, introduced groundbreaking laparoscopic technologies in Singapore and China in April 2021. These advancements allow for minimally invasive surgeries, reducing patient risks and expediting recovery compared to traditional open surgery methods.

Moreover, the aging population, which is more susceptible to chronic illnesses, further fuels the expansion of the minimally invasive surgery market. Technological advancements, especially in robotic assistive devices, along with increased public awareness of the benefits of minimally invasive procedures, contribute to market growth.

Competitive Analysis:

Medtronic, Siemens Healthineers AG, Ethicon Inc. (Johnson & Johnson), DePuy Synthes, GE Healthcare

Segmentation:

By Application Type

Orthopedic
Cardiac
Gastrointestinal
Vascular
Gynecological
Urological
Thoracic
Cosmetic
Dental
Other Applications

By Device Type

Handheld Instruments
Inflation Devices
Cutter Instruments
Guiding Devices
Electrosurgical Devices
Auxiliary Device
Monitoring & Visualization Devices

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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Market Trends:

Adoption of robotic-assisted surgical systems for enhanced precision and control
Integration of artificial intelligence and machine learning in surgical instruments
Development of disposable and single-use instruments to reduce the risk of cross-contamination
Increasing focus on telemedicine and remote surgical procedures

Future Outlook:

The minimally invasive surgical instruments market is expected to continue its upward trajectory, driven by ongoing technological innovations, increasing healthcare investments, and growing patient demand for minimally invasive procedures. As healthcare systems strive to improve patient outcomes and reduce healthcare costs, minimally invasive surgery will play an increasingly prominent role in surgical practice.

Key Market Study Points:

Assessment of market dynamics, including drivers, challenges, and opportunities
Analysis of market segmentation based on service type, sourcing type, application, industry vertical, and region
Evaluation of regional market trends and growth prospects
Examination of competitive landscape and key market players
Projection of market size and growth potential over the forecast period

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