Minimally Invasive Surgery Market to Exceed Valuation of US$ 324.9 Bn by 2031: TMR Study
- Continuous innovation in surgical robots generating enormous lucrative opportunities; other MIS-associated technologies also witnessing constant advancements, thus enriching minimally invasive surgery market
- Growing awareness of advantages of MIS over open surgeries catalyzing preference among patients; Europe and Latin America lucrative markets, wherein presence of vast target population to propel profitable avenues
ALBANY, N.Y., June 2, 2022 /PRNewswire/ -- Technological advancements in robotics, image guidance systems, and equipment such as laparoscopic instruments and sutures continue to enhance the benefits of minimally invasive surgery (MIS) techniques, as observed in the minimally invasive surgery market demand analysis. Growing adoption of robot-assisted surgeries in multiple specialties has allowed companies to grow market shares for minimally invasive surgery market. The global market valuation is forecast to surpass US$ 324.9 Bn by 2031.
Surge in numbers of laparoscopic procedures globally over the past few decades has generated massive revenues to many minimally invasive surgery market players. The growing awareness of the advantages of surgical robots over the conventional laparoscopy is likely to shape the future market outlook for minimally invasive surgery. The study authors found that laparoscopy held largest revenue share in the minimally invasive surgery market in 2020.
The directions of the minimally invasive surgery market have been influenced by adoption of laparoscopic techniques notably in general surgery. Medtech companies have gained significant revenues from the sales of surgical equipment made of innovative materials, such as in handheld equipment. Rise in number of MIS in cardiology particularly for transcatheter aortic valve replacement (TAVR) has offered value-grab opportunities to key players in the minimally invasive surgery market.
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Key Findings of Minimally Invasive Surgery Market Study
- Adoption of Surgical Robots to Spur Value-grab Opportunities: Continuing innovation in robotic surgery systems has made a large bearing on the development of the minimally invasive surgery market. Growing adoption and preference of robotics-assisted surgical systems notably in complex surgeries has spurred the revenue growth for players. The past few years have witnessed rapid commercialization of surgical robots in the minimally invasive surgery market on the back of the adoption of these in orthopedic and neurology.
- Growing Preference of Advanced Laparoscopic Surgical Procedures Propelling Market Growth: Remarkable pace of adoption of laparoscopic procedures in various specialties is propelling constant advancements in MIS-associated technology. The application of laparoscopic instruments will continue to grow in the near future, underpinning enormous revenue potential in the segment. New-age instruments in the minimally invasive surgery market is likely to unlock doors to new opportunities. A case in point is the popularity of single-incision laparoscopic surgery among patients.
- Industry Players Lean on Capitalizing on Constant Pace of Technology Innovations: Adoption of cutting-edge 3D visualization technology and innovations on surgical instruments and sutures have unlocked incredible avenues for market players. Medtech and healthcare IT companies have been growing R&D on surgical instruments to capture steady revenues.
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Minimally Invasive Surgery Market: Key Drivers
- The past few decades have witnessed an increase in preference of MIS among surgeons as well as patients in orthopedic procedures. The demand for minimally invasive surgeries is growing for orthopedic disorders, including knee replacement. This is expanding the avenue of the minimally invasive surgery market.
- Growing awareness of the benefits of MIS among elderly population such as short hospital stay and rapid post-surgery recovery is propelling the demand in the minimally invasive surgery market. Increased access to medical reimbursements for chronic diseases has catalyzed the demand for minimally invasive surgeries in hospitals.
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Minimally Invasive Surgery Market: Regional Growth Dynamics
- Europe held a substantial share of the minimally invasive surgery market in 2020. Rise in elderly population has been a key trend spurring the demand for MIS. The regional market is anticipated to account for a sizable share during the forecast period.
- The TMR study has forecast that Latin America has emerged as remarkably lucrative region in minimally invasive surgery market, and is projected to advance at promising CAGR during 2022–2031. High prevalence of chronic illness has propelled the demand for minimally invasive surgeries in the region.
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Minimally Invasive Surgery Market: Key Players
Some of the key players in the minimally invasive surgery market are Smith & Nephew plc, University of Pittsburgh Medical Center, Saint Michael's Hospital, Johns Hopkins Hospital, Apollo Hospitals Enterprise Limited, Zimmer Biomet, Stryker Corporation, Medtronic plc, CONMED Corporation, Boston Scientific Corporation, and Abbott Laboratories.
Segmentation
- Procedure
- Laparoscopic Surgery
- Robotic Surgery
- Endoscopic Mucosal Resection
- Endoscopic Submucosal Dissection
- Transcatheter
- Disease Indication
- Orthopedic Surgery
- Knee
- Spine
- Shoulder
- Others
- Cardiac Surgery
- Mitral Valve
- Aortic Valve
- Structural Heart Disease
- Tricuspid Valve
- Others
- General Surgery
- Gastrointestinal Surgery
- Hepatobiliary & Pancreatic Surgery
- Urology Surgery
- Thoracic Surgery
- Gynecology Surgery
- Vascular Surgery
- Cancer Surgery
- Breast Surgery
- Ear, Nose, and Throat Surgery
- Bariatric Surgery
- Cosmetic/Plastic Surgery
- Neurosurgery
- Others
- Pediatric
- End-user
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries Covered
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Brazil
- Mexico
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Endosurgery Devices Market: Growing awareness regarding the advantages of laparoscopic surgeries, advent of robotic assisted endosurgery devices, and evolution of modern day surgical procedures are some of the leading factors that are expected to propel the expansion of the endosurgery devices market in the near future.
Spine Surgery Robots Market: Rise in funding for research & development activities by governments and private organizations, rapid development in robotic surgical technology, and increase in the acceptance of minimal invasive surgeries are key factors fueling demand for spine surgical robots globally.
Surgery Tables Market: The global surgical tables market has benefited significantly from a rise in investments in the health care sector. Moreover, an emerging trend that has had a direct impact on the surgery tables market is the use of sophisticated surgical tables to support hybrid operating rooms.
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