|Status : Upcoming||Report Code : VRHC1094||Industry : Healthcare||Available Format :|
Industry Insights by Product (Inflation Systems, Auxiliary Instruments, Handheld Instruments, Cutter Instruments, Electrosurgical Devices, and Guiding Devices), by Application (Cardiothoracic Surgery, Gynecological Surgery, Urological Surgery, Gastrointestinal Surgery, Cosmetic/Bariatric Surgery, Orthopedic Surgery, Vascular Surgery, and Others) and by End User (Private Hospitals and Surgical Clinics, Academic and Research Institutes, and Government Hospitals)
Minimally invasive surgical (MIS) is a less invasive, and highly accurate surgical procedure. The global minimally invasive surgical instrument market is growing at a significant rate, due to advantages of minimally invasive surgeries above traditional open surgeries and mounting occurrence of lifestyle associated diseases. A different product such as inflation systems, auxiliary instruments, handheld instruments, cutter instruments, and electrosurgical devices contributed to the minimally invasive surgical instrument market size. The market has witnessed high demand for handheld instruments in the coming years due to convenience in usage and extensive implementation in MIS surgeries.
Insight by Product
On the basis of product, the market is subdivided into inflation systems, auxiliary instruments, handheld instruments, cutter instruments, electrosurgical devices, and guiding devices. Of all products, electrosurgical devices segment is expected to grow at the fastest rate in the market due to its elevated recognition among physicians for controlling blood loss during surgical procedures. In addition, handheld instruments segment accounted the largest share in the market, due to convenience in usage and extensive implementation in MIS surgeries.
The handheld instruments segment is further subdivided into stents, dilators, graspers, sutures, retractors/elevators, forceps and spatulas, and others. In addition, the auxiliary instruments are further subdivided into staplers, closures, cannulas, and clamps. Moreover, the cutter instruments are further subdivided into rasps, trocars, and other cutter instruments.
The inflation system is further subdivided into balloons, balloon inflation devices, and other inflation systems. In addition, electrosurgical devices are further subdivided into electrosurgical instruments, electrosurgical generators, and electrocautery devices. Moreover, guiding devices is further subdivided into guiding catheters, and guidewires,
Insight by Application
On the basis of application, the market is subdivided into cardiothoracic surgery, gynecological surgery, urological surgery, gastrointestinal surgery, cosmetic/bariatric surgery, orthopedic surgery, vascular surgery, and others. Expanding geriatric population and mounting occurrence of bone alignments such as spine injuries and arthritis are the factors growing the demand for the diagnostic and pharmaceutical application. Among all applications, the orthopedic surgery application accounted the largest share in the minimally invasive surgical instrument market.
Insight by End User
The different end users of the market are private hospitals and surgical clinics, academic and research institutes, and government hospitals. The minimal occurrence of hospital-acquired the infection, the presence of cutting-edge equipment, and high hygiene standards are the factors growing the demand for the minimally invasive surgical instrument in private hospitals and surgical clinics. Among all end users, the private hospitals and surgical clinics accounted the largest share in the minimally invasive surgical instrument market.
Advantages of minimally invasive surgeries above traditional open surgeries, technological advancement, expanding the geriatric population, the mounting occurrence of lifestyle associated diseases, the speedily increasing demand of minimally invasive surgical procedures, and reduction in healthcare cost and time are the primary growth drivers for minimally invasive surgical instrument market.
Mounting alertness of technologically advanced MIS instruments and procedures, and initiatives to reduce escalating healthcare expenditure are also facilitating the growth for the minimally invasive surgical instrument market.
Lack of skilled surgeons, limited reimbursement, stringent regulatory framework are the major challenges for the growth of minimally invasive surgical instrument market.
Globally, the manufacturing companies trying to enter the minimally invasive surgical instrument market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest minimally invasive surgical instrument market as in the region the geriatric population is increasing. In addition, the mounting occurrence of lifestyle associated diseases, technological advancement and mounting awareness of MIS are also up surging growth of the North American minimally invasive surgical instrument market.
Asia-Pacific is observed to witness the fastest growth in the market, due to the large pool of patients. In addition, expanding geriatric population, initiatives to reduce mounting healthcare expenditure, improving healthcare infrastructure, escalating awareness of technologically advanced instruments, and mounting occurrence of lifestyle associated diseases are also creating a positive impact on the minimally invasive surgical instrument market growth in the region.
Key players in the minimally invasive surgical instrument market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In February 2018, Stryker Corporation acquired Entellus Medical, to improve its product portfolio. Medtronic PLC, Smith & Nephew PLC, Johnson & Johnson, Conmed Corporation, Stryker Corporation, Hoya Corporation, B. Braun Melsungen Ag, Applied Medical Resources Corporation, and Zimmer Biomet Holdings, Inc. are the key players offering minimally invasive surgical instrument.