Minimally Invasive Surgery Market to Grow at 7.9% CAGR by 2030
Wide applications with faster recovery and reduced complication coupled with high prevalence rate of various disorders are expected to drive the growth of minimally invasive surgery industry during the forecast period of 2020-2030.
The Minimally Invasive Surgery Market is expected to grow at the CAGR of 7.9% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Minimally invasive surgery is also known as keyhole surgery which limits the incision and involves the use of small tools to carry out the entire procedure through small opening. These surgeries offer faster recovery with short hospital stay as compared to the conventional surgical procedures. These surgeries have high success rates with reduced time consumption. These surgeries are also assisted by the robots for better accuracy as well as reduced human errors.
According to the report, high prevalence rate of chronic disorders such as cardiovascular disorders, arthritis and others has boosted the demand for minimally invasive surgical procedures. Moreover, increase in bariatric surgeries with technological advancements and growing geriatric population are the factors driving the market growth. In addition, wide applications of minimally invasive surgery along with reduced complications and high success rates are driving the minimally invasive surgery market. Development of healthcare facilities along with high consumer awareness is likely to affect the market trend.
However, high cost of the minimally invasive surgical procedure with unfavourable reimbursement scenarios may act as barrier to the market growth. Moreover, aggressive R&D activities with constant expansion of product portfolio is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of product type, the minimally invasive surgery market share is segmented into handheld instruments, electrosurgical instruments, guiding devices, inflation systems, auxiliary instruments, and cutter instruments. Hand held instruments dominates the global minimally invasive surgery market and will be the dominant during the forecasted period in terms of market share.
On the basis of application, the minimally invasive surgery market is categorised into Cardiothoracic Surgery, Gastrointestinal surgery, Orthopaedic Surgery, Gynaecological Surgery, Vascular Surgery, Cosmetic/Bariatric Surgery, Urological Surgery, and Other. Orthopaedic surgery is the major application followed by others and is expected to transform the minimally invasive surgery market trend.
On the basis of end user, the minimally invasive surgery market is fragmented into Hospitals, clinics and Academic and Research Institutes. Hospital segments account for the major market share ad expected to dominate the segment in terms of market share.
North America is likely to account for the highest market size and share of the minimally invasive surgery market in the forecast period 2020–2030 owing to the huge demand of minimally invasive surgical procedure along with various advantages as compared to the conventional surgical procedure. Europe accounts for the second leading position in the minimally invasive surgery market size. Asia Pacific is expected to be the fastest developing region in the minimally invasive surgery market. The growth is majorly driven by the high prevalence rate of various disorders as well as high inclination towards advanced healthcare facilities with developing infrastructure.
According to the report, some the key players in the minimally invasive surgery market are Abbott Laboratories, Intuitive Surgical Inc., Olympus Corporation, Koninklijke Philips NV, Smith & Nephew, GE Healthcare, Medtronic PLC, Siemens Healthineers, Zimmer Biomet, and Stryker Corporation.
Browse key industry insights from the report at https://www.nextmsc.com/report/minimally-invasive-surgery-market in detail along with the table of contents:
Key Insights from the Minimally Invasive Surgery Market Report:
- Asia Pacific is the fastest growing Minimally Invasive Surgery market owing to the rising demand for the minimally invasive surgery due to faster recovery and high success rate. Moreover, increase in the development of healthcare facilities with increase in healthcare expenditure and presence of developing economies.
- Orthopaedic surgery application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Abbott Laboratories, Intuitive Surgical Inc., Olympus Corporation, Koninklijke Philips NV, Smith & Nephew, GE Healthcare, Medtronic PLC, Siemens Healthineers, Zimmer Biomet, and Stryker Corporation.
The report Minimally Invasive Surgery market – segmented by type, application, end user and geography
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