Minimal Invasive Surgery Devices Global Market Report 2023
NEW YORK, Feb. 8, 2023 /PRNewswire/ -- Major players in the minimally invasive surgery devices market are Abbott Laboratories, GE Healthcare, Medtronic PLC, Siemens Healthineers, Smith & Nephew Plc., Medtronic Plc., Stryker Corporation, Boston Scientific Corporation, Ethicon Inc, and B. Braun Melsungen AG.
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The global minimal invasive surgery devices market is expected to grow from $26.04 billion in 2021 to $28.98 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The minimally invasive surgery devices market is expected to grow to $36.61 billion in 2026 at a CAGR of 6%.
The minimally invasive surgery devices market consists of sales of graspers, retractors/elevators, dilators, suturing instruments, laparoscopes, gastroscope, cystoscope, and ureteroscop.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Minimally invasive surgery devices are surgical tools that require fewer incisions of a smaller size or have a quicker healing process. A minimally invasive medical device is implanted inside the patient during surgery.
North America was the largest region in the minimally invasive surgery devices market in 2022.Western Europe was the second largest region in the minimally invasive surgery devices market.
The regions covered in the minimally invasive surgery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of minimally invasive surgery devices are handheld instruments, inflation devices, cutter instruments, guiding devices, electrosurgical devices, auxiliary devices, monitoring and visualization devices.The electrosurgical devices are used to destroy tissue, incise tissue, and control bleeding by coagulating blood.
The various applications of minimal invasive surgery devices are laparoscopy, cardiovascular, cosmetic surgery, orthopedic surgery, obstetrics and gynecology, ophthalmology, neurosurgery, urology, and others that are used by end-users such as hospitals, ambulatory surgical centres (ASCS), and research institutes.
The increasing awareness for minimally invasive surgeries among people is driving the minimally invasive surgery devices market.The minimally invasive surgeries require less/tiny cuts in the skin as compared to traditional surgical methods and aid in lesser pain, short hospital stay, less scarring, minimized chances of bleeding and infections, and low tissue damage.
According to the German Heart Surgery Report, the heart operations using ECC (extracorporeal circulation) declined due to achievement of established innovations in minimally invasive therapeutic options in heart surgeries. Furthermore, 51.1% of heart valve operations performed out of the total cardiac surgical procedures in Germany were through the single-valve procedure, out of which 38.5% of them were through minimal invasive heart surgeries. Thus, the growing demand for minimally invasive surgery (MIS) will increase the demand for the minimally invasive surgical devices market.
The rising trade barriers are expected to have a negative impact on the minimally invasive surgery devices market growth.Many countries placed trade restrictions, especially on imports, to boost local production.
For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe.The US is also implementing several trade restrictions, especially with China, to boost its local production.
For instance, the US government imposed an additional 25% tariff on approximately $16 billion worth of imports from China, including minimally invasive surgical devices and equipment and supplies. These trade restrictions are likely to limit the growth of demand going forward by leading to raised prices.
Technologically advanced minimally invasive surgery (MIS) devices with improvements in image guidance, fiber-optics, mini dental implants, and robotic control systems are increasingly opted by patients to treat medical conditions such as aneurysms, cardiac procedures, dental and spinal procedures.Less-invasive surgical procedures with enhanced capabilities in the areas of imaging, micromachining, robotic equipment and components, software systems, and others are becoming popular in the healthcare industry.
For instance, video-assisted thoracoscopic surgery (VATS), is a minimally invasive surgical procedure performed to completely remove an organ of the human body to treat traumatic injury, infection, or cancer in the lungs.VATS is performed using a video camera where a small tube called a thoracoscope to which the camera is connected, is inserted through a small incision between the ribs.
Furthermore, imaging technology involved in MIS, virtual reality (VR) is becoming a significant area of development. Other MIS techniques are applied to perform surgeries such as single-site laparoscopic surgery, robotic surgeries, needlescopic surgery, cardiac and spinal surgeries, and others.
Food and Drug Administration Act (FDA) regulates the minimally invasive surgical devices market in the United States of America.The firms manufacturing robotic minimally invasive surgical devices have to list down any possible risks to health and measures taken by them so that the device addresses health hazards if any stated by FDA.
However, the FDA is concerned about the health care providers and patients for not being aware of the safety and effectiveness of these devices as they should not be used in mastectomy procedures or prevention or treatment of cancer.
The countries covered in the minimally invasive surgery devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The minimally invasive surgery devices market research report is one of a series of new reports that provides minimally invasive surgery devices market statistics, including minimally invasive surgery devices industry global market size, regional shares, competitors with a minimally invasive surgery devices market share, detailed minimally invasive surgery devices market segments, market trends and opportunities, and any further data you may need to thrive in the minimally invasive surgery devices industry. This minimally invasive surgery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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