Minimally Invasive Surgical Instruments Market by Type [Handheld Instruments, Electrosurgical Instruments, Inflation Systems, Monitoring & Visualization Devices and Guiding Devices], Application [Cardiac Surgery, Gastrointestinal Surgery, Urological Surgery, Gynecological Surgery, Orthopedic Surgery and Bariatric Surgery], End User [Hospitals and Ambulatory Surgery Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global minimally invasive surgical instruments market was pegged at ~US$ 21.6 billion in 2020. The market is expected to witness a CAGR of ~8.3% from 2021 to 2031.
Increasing number of surgeries coupled with rising prevalence of chronic diseases, benefits provided by minimally invasive surgeries over traditional open surgeries, rising investments for launch of technologically advanced instruments are some of the pivotal factors propelling the growth of the minimally invasive surgical instruments market. However, the uncertain regulatory frameworks in the medical device industry and recall of the devices are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of minimally invasive surgical instruments by providing the necessary grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For instance, in Jul 2020, Anika Therapeutics, Inc. announced U.S. Food and Drug Administration (FDA) clearance and planned launch of multiple new product innovations that address the needs of orthopedic & sports medicine surgeons. It includes six minimally invasive surgical devices & instruments to repair rotator cuffs, perform arthroscopic knee repairs and treat arthritis damage in the hand & wrist.
Minimally invasive surgery (MIS) continues to play an important role in general surgery as an alternative to traditional open surgery as well as traditional laparoscopic techniques. Benefits provided by minimally invasive surgeries over traditional open surgeries such as smaller incisions, lesser pain, shorter hospital stay, faster recovery, less scarring, and less blood loss are expected to increase the demand for minimally invasive surgeries, thereby boosting the growth of the market.
Prominent players are progressively implementing several strategies such as technological advancements and collaborative initiatives with several organizations, research centers & companies in order to be competitive in the market. For instance, in Jun 2019, FUJIFILM partnered with OpenMarkets, a software-driven marketplace for healthcare equipment connecting healthcare professionals with healthcare solutions suppliers. This partnership was aimed to provide FUJIFILM’s entire portfolio of minimally invasive surgical technologies to hundreds of hospitals and healthcare organizations through OpenMarkets online marketplace.
However, increase in recall of defective instruments has affected the growth of market to a certain extent. Recall of defective products makes consumers lose interest in the products, and lead to negative effect on the product demand. The willingness to repeat purchase related to products also declines, which in turn decreases the market volume and eventually hampers the market growth. For instance, in Oct 2019, Johnson & Johnson subsidiary Ethicon issued a Class I recall of its Echelon Flex Endopath staplers after the product failed to completely form staples. Ethicon’s Echelon Flex Endopath staplers are designed to cut and staple internal tissue in open or minimally invasive surgical procedures.
The Asia Pacific region is projected to be the fastest-growing minimally invasive surgical instruments market. The high growth of the region can mainly be attributed to developing infrastructure, large patients pool, and rising investments by prominent players. Countries such as India, China and Japan in the APAC region are expected to offer significant growth opportunities owing to growing geriatric population and rising medical tourism mainly for cosmetic surgeries in the region.
Some of the prominent players operating in the minimally invasive surgical instruments market are BD, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Private Limited, Medtronic, Stryker, CONMED Corporation, Zimmer Biomet, Abbott, HOYA Corporation, among others.