Minimally Invasive Surgical Instrument Market Size, Share & Trends Analysis Report Forecast Period (2024-2031).
Minimally Invasive Surgical Instrument Market Size, Share & Trends Analysis Report Forecast Period (2024-2031).
Blog Article
The minimally invasive surgical instrument market is anticipated to grow at a CAGR of 7.2% during the forecast period (2024-2031). The minimally invasive surgical instrument comprises tools and devices utilized in surgeries with smaller incisions compared to traditional open surgeries. These instruments are designed to facilitate reduced recovery, less pain, and enhanced precision during surgical procedures. The market growth is driven by the rising frequency and volume of surgeries with advancements in precision-based surgery tools such as robotic-assisted systems, and healthcare cost containment.
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Rising Vulnerability of Surgical Procedures in Ageing Population
Most surgical procedures are carried out or required for the elderly population, leading to an increased vulnerability to life-threatening complications during or after the operation. The rising popularity of minimally invasive surgeries has encouraged healthcare professionals to undertake complex procedures on older patients, ultimately benefiting the minimally invasive surgical instrument market. For instance, according to a study conducted by JAMA Surgery, almost 1 out of every 7 older adults pass away within a year of undergoing a major surgery. Older patients with likely dementia (33.0% mortality rate within a year) and frailty (28.0% mortality rate), as well as individuals undergoing emergency surgeries (22.0% mortality rate), are particularly at risk. Furthermore, the risk is heightened with advanced age. Patients aged 90 or older were six times more likely to die compared to those aged 65 to 69.
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Integration of Automation & Advanced Technologies
The minimally invasive surgery instruments market is experiencing a shitstorm that is aimed at integrating advanced and automated technologies into surgical procedures to increase precision, enhance efficiency, and minimize human error. This transformation has introduced several novel technologies and approaches for minimally invasive surgeries, such as robotic-assisted surgeries, single-incision laparoscopic surgery (SILS), the use of wearable and remote monitoring devices, and 3D surgical instrument printing, among others. Conclusively, all such technologies promote innovation and adoption of minimally invasive surgery and related instruments by optimizing surgery processes, reducing vulnerability, and enhancing procedures. For instance, in March 2024, Intuitive received a 510(k)-clearance grant from the US FDA for da Vinci 5, the company's next-generation multiport robotic system. This system includes various new features, such as first-of-its-kind force-sensing technology, next-generation 3D display and image processing, significant throughput and workflow enhancements, and expanded computing power with advanced data capabilities, among others.
Segmental Outlook
Based on product, the market is segmented into inflation devices, cutter instruments, guiding devices, handheld instruments, stents, sutures, and robotic instruments.
Based on application, the market is segmented into cardiac surgery, colorectal surgery, dermatological surgery, ENT surgery, gastrointestinal surgery, gynecologic surgery, lung & respiratory care, neurosurgery, ophthalmology, and dental surgery.
Handheld Instruments is the Prominent Product Segment
Handheld instruments dominate the minimally invasive surgery (MIS) instrument market owing to their precision, versatility, and ease of use. The segment's growth is driven by advancements in ergonomic designs, increased demand for minimally invasive surgical procedures, and continuous technological innovations that improve surgical outcomes. Additionally, the growing patient preference for faster recovery and reduced post-operative pain supports market expansion.
Cardiac Surgery is the Largest Application Segment
Cardiac surgery represents the largest application for minimally invasive surgical instruments. The segment's growth is fueled by the rising prevalence of cardiovascular diseases, increasing patient preference for minimally invasive procedures, and the ongoing development of sophisticated surgical tools. Innovations in robotic and catheter-based technologies are also projected to sustain this trend. For example, according to the Annals of Thoracic Surgery Short Reports, high-income countries perform an average of 123.2 cardiac surgeries per 100,000 people annually, while low- and middle-income countries perform 61.6 procedures per 100,000 people.
by Product (Inflation Devices, Cutter Instruments, Guiding Devices, Handheld Instruments, Stents, Sutures, and Robotic Instruments), and
by Application (Cardiac Surgery, Colorectal Surgery, Dermatological Surgery, ENT Surgery, Gastrointestinal Surgery, Gynecologic Surgery, Lung & Respiratory Care, Neurosurgery, Ophthalmology, and Dental Surgery)
Market Players Outlook
The major companies serving the global minimally invasive surgical instrument market include Abbott Laboratories, B Braun SE, KARL STORZ SE & Co. KG, Medtronic PLC, and Stryker Corp. among others. The market players are focusing on capitalizing on growth by adopting strategies such as collaboration, partnerships, and market expansion among others. For instance, in November 2022, Arthrex and Richard Wolf, prominent players in minimally invasive surgical technology and solutions on a global scale, revealed a collaborative effort based in the US. This partnership aims to provide a wide range of technology and product options in the fields of urology, gynecology, and general surgery, catering to the needs of healthcare professionals.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global minimally invasive surgical instrument market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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