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(Medical-NewsWire.com, November 11, 2021 ) According to research report the global Minimally Invasive Surgical Instruments Market is expected to grow from USD 20.1 billion in 2019 to USD 32.7 billion by 2025, at a CAGR of 8.5% during the forecast period.
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Market growth is largely driven by factors such as the advantages of minimally invasive surgeries over traditional open surgeries and the increasing number of minimally invasive surgical procedures performed across the globe. On the other hand, the uncertain regulatory framework in the medical device industry is a major factor restraining the growth of this market.
The cardiothoracic surgery segment accounted for the largest share of the MIS instruments market in 2018. The large share of this segment can be attributed to the rising prevalence of cardiac diseases, growing awareness about the benefits of early detection of cardiovascular complications, the growing number of coronary and percutaneous cardiology interventions, and increasing adoption of MIS instruments owing to their convenience and better results as compared to other techniques.
Handheld instruments accounted for the largest share of the MIS instruments market in 2018. The large share of this segment can be attributed to the increasing number of surgical procedures and the development of high-dexterity, low-cost articulating laparoscopic handheld surgical instruments.
Opportunity: Emerging markets
Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the minimally invasive surgical instruments market to focus on emerging countries.
Challenge: Shortage of trained professionals
The minimally invasive surgical instruments market is highly consolidated. The top players— Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), and Boston Scientific Corporation (US)-in the minimally invasive surgical instruments market accounted for a combined majority market share in 2020. There is a high degree of competition among the market players. Only major companies can afford high-capital investments as well as the high cost of R&D and manufacturing. This will prevent new entrants from entering this market.
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The MIS instruments market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global minimally invasive surgical instruments market, followed by Europe. The large share of the North American market can be attributed to the large volume of surgical procedures performed in North American countries due to early diagnosis and treatment, high cost of procedures as compared to developing regions, increasing number of surgical centers, and growing adoption of minimally invasive surgical techniques.
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