According to the latest report by IMARC Group, titled “Minimally Invasive Surgery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global minimally invasive surgery market size reached US$ 36.5 Billion in 2018. A minimally invasive surgery refers to a procedure that limits the size and the number of cuts and incisions required during surgery. It utilizes small tools, cameras and lights that are introduced in the body through tiny incisions. Unlike traditional invasive surgery, this procedure aims to minimize the damage to human tissues and is associated with enhanced precision, minimal blood loss, fewer complications, quicker recovery, and shorter hospital stay. As a result, MI surgeries are gaining widespread prominence across the globe for the treatment of diverse health conditions, including spinal, orthopedic, gastrointestinal, cardiothoracic, cardiovascular and neurological disorders.
Global Minimally Invasive Surgery Market Trends:
The global market is primarily driven by an increase in the prevalence of chronic and lifestyle diseases, such as cancer and obesity, owing to a lack of physical activities and shifting dietary preferences. This, along with the growing health consciousness among the masses, has led to a rise in the adoption rates of numerous weight loss surgical procedures, such as bariatric surgery and gastric banding, which employ MI techniques. Moreover, a significant increase in the geriatric population has led to an increase in the prevalence of cardiac and orthopedic complications, which, in turn, is bolstering the demand for MI procedures. Furthermore, manufacturers are continually engaging in research and development (R&D) for introducing technological advancements in the field of surgery. For instance, the advent of robotic technology-enabled MI surgeries has resulted in higher success rates with enhanced precision. Similarly, advanced surgical systems like the da Vinci surgical system offer improved outcomes with the utilization of a 3D (three dimensional) high-definition view of the surgical area, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 58.2 Billion by 2024, expanding at a CAGR of around 8% during 2019-2024.
- Based on the product type, the market has been divided into surgical, laparoscopy, and monitoring and visualization devices.
- On the basis of the application, the market has been categorized into the bariatric, breast, cardiac, cosmetic, gastrointestinal, gynecological, orthopedics and spine, thoracic, and other surgeries.
- Based on the end user, the market has been segregated into hospitals, clinics and others.
- On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market. Some of these players include Zimmer Biomet Holdings, Inc., Medtronic plc, GE Healthcare, Intuitive Surgical, Eximis Surgical, LLC., Stryker Corporation, ARTHREX, Inc., B. Braun Melsungen AG, bauer medical GmbH & Co. KG, Check Cap Corporation, Cook Group Incorporated, OmniGuide Inc., Orthofix, RICOH IMAGING AMERICAS CORPORATION, Philips Electronics Nederland B.V., RF System, Smith & Nephew, TransEnterix, and Virtual Ports Ltd.
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