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The June 2024 edition of the minimally invasive surgical instruments market report introduces significant enhancements and updates to provide a comprehensive view of the market:
- Recession Impact Analysis: The latest edition includes an assessment of the recession's impact on the market overview section of minimally invasive surgical instruments.
- Market Scope Changes: The May 2024 report expands coverage by providing market size and forecasts for specific regions and countries. Latin America now includes separate data for Brazil, Mexico, and the Rest of Latin America, while the report also covers the GCC Countries. Additionally, the segmentation by method now distinguishes between robotic and non-robotic methods, with robotic instruments detailed as a subsegment.
- Enhanced Financial Representation: Financial information for each listed company is graphically represented in a single diagram, facilitating easier analysis of their current financial status, profitability, primary revenue-generating regions/countries, and business segment focus (highlighting the most profitable segment), extending up to 2023.
- Recent Market Developments: The latest report covers updated market trends and growth strategies through recent developments such as product launches, approvals, acquisitions, agreements, and expansions.
- Updated Product Portfolio: The report features an up-to-date product portfolio overview for the profiled companies.
- Competitive Landscape: The competitive landscape section now includes the market evaluation matrix for 2023, updated competitive leadership mapping, and trends. It introduces a vendor dive matrix that offers an extensive study of key vendors, including competitive leadership mapping for start-ups and SMEs.
These enhancements in the June 2024 edition aim to deliver deeper insights and a more comprehensive understanding of the minimally invasive surgical instruments market, aiding stakeholders in strategic decision-making and market evaluation.
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Product Segment Dominance in 2023: Handheld Instruments Lead Minimally Invasive Surgical Instruments Market
By product, the minimally invasive surgical instruments market includes handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, robotic instruments, and others. In 2023, handheld instruments held the majority share, driven by increasing surgical volumes, affordability, and technological advancements.
Technology Trends: Non-Robotic Surgery Leads, Robotic Surgery Gains Traction
The market is segmented into non-robotic surgery and robotic surgery. Non-robotic surgery dominated in 2023 due to lower risks and costs. However, robotic surgery is expected to grow faster, driven by increasing adoption of minimally invasive surgical (MIS) procedures.
Surgery Type Dynamics: Cardiothoracic Surgery Leads Market Share
Segmented by type of surgery into cardiothoracic, gastrointestinal, orthopedic, gynecological, cosmetic & bariatric, urological, and other surgeries, cardiothoracic surgery held the largest share in 2023. This segment's growth is fueled by rising cardiac ailments and increased use of MIS instruments.
End-User Insights: Hospitals and Specialty Clinics Drive Market
The market is segmented into hospitals & specialty clinics and ambulatory surgery centers. In 2023, hospitals & specialty clinics held the larger share due to high volumes of MIS procedures and skilled healthcare professionals.
Regional Market Overview: North America Leads Minimally Invasive Surgical Instruments Market
The market spans North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC Countries. North America led in 2023, driven by high chronic disease rates, healthcare spending, and advanced infrastructure in the US and Canada.
Recent developments in the industry include:
- Intuitive obtained FDA clearance for the da Vinci 5, its fifth-generation robotic system, in May 2024.
- Boston Scientific Corporation initiated an acquisition agreement with Axonics, Inc. in January 2024, aiming to expand into sacral neuromodulation and increase patient access to care.
- Medtronic received FDA approval for its Symplicity Spyral renal denervation (RDN) system in November 2023, targeting hypertension treatment.
- Johnson & Johnson MedTech achieved regulatory approval in China for its MONARCH Platform and MONARCH Bronchoscope in November 2023.
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