Published Date : 06 Dec 2022
The global minimally invasive surgical instruments market size exhibited at USD 30.72 billion in 2022 and is expected to attain around USD 70 billion by 2030, growing at a CAGR of 10.84% during the forecast period 2022 to 2030.
The expanding research and development efforts for the introduction of advanced minimally invasive surgical instruments in the worldwide market are due to the expansion of the globally minimally invasive surgical instruments market. Furthermore, developed region governments are investing in the development of minimally invasive surgical instruments. The worldwide minimally invasive surgical instruments market is also being driven by the benefits of minimally invasive surgical techniques. Moreover, the rising frequency of chronic diseases is propelling the worldwide minimally invasive surgical instruments market. Thus, all of these factors are driving the growth of the global minimally invasive surgical instruments market.
Report Highlights
Minimally Invasive Surgical Instruments Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 30.72 Billion |
| Market Size By 2030 | USD 70 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 10.84% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Device, By Application, By End Use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
Regional Snapshot
North America is the largest segment of the minimally invasive surgical instruments market in terms of region. The market for minimally invasive surgical instruments is developing in this region as the prevalence of various ailments rises. Moreover, the market for minimally invasive surgical instruments in North America is growing due to the adoption of the latest and advanced technologies.
Asia-Pacific region is the fastest growing region in the minimally invasive surgical instruments market. China and Japan hold the highest market share in the Asia-Pacific minimally invasive surgical instruments market. Rapid urbanization, an aging population, and a growing trend of medical tourism are all contributing to the growth of the minimally invasive surgical instruments market in the Asia-Pacific region. Furthermore, the rise in healthcare spending laying the groundwork for the Asia-Pacific minimally invasive surgical instruments market to grow.
Market Dynamics
Drivers: Growing incidence of chronic disorders
As per the World Health Organization (WHO), chronic disorders are growing at a rapid pace. In addition, chronic disorders cause the death of 41 million people each year, accounting for 71% of all fatalities worldwide. This growing number of diseases resulted in a surge in the number of surgical operations. Thus, the growing incidence of chronic disorders is driving the growth of the global minimally invasive surgical instruments market over the forecast period.
Restraints: Uncertainty of regulatory framework
Every year, new guidelines and laws are introduced for medical device industry players. This is directly impacting the growth of the global minimally invasive surgical instruments market. The guidelines related to approvals sometimes delay the launch of products. The manufacturers of minimally invasive surgical instruments need to follow regulations prescribed by Food and Drug Administration (FDA). As a result, the uncertainty of the regulatory framework is hindering the expansion of the global minimally invasive surgical instruments market over the projected period.
Opportunities: Growing number of surgeries
Every year, roughly 235 million major surgeries are performed globally, as per the estimates of the World Health Organization (WHO) in 2019. The factors such as the growing geriatric population as well as the rising prevalence of chronic disorders are driving the need for minimally invasive surgical procedures. Thus, a growing number of surgeries are providing lucrative opportunities for the growth of the global minimally invasive surgical instruments market.
Challenges: Lack of trained and skilled professionals
The global minimally invasive surgical instruments market is highly fragmented. There is a huge number of players operating in the global minimally invasive surgical instruments market. This creates high competition in the market among the players. In addition, companies with less capital and resources do not have skilled professionals for operating minimally invasive surgical instruments. As a result, lack of skilled and trained professionals is one of the major challenges faced by minimally invasive surgical instruments market players.
Recent Developments
The 510(k) cleared H-SteriScope Single Use Bronchoscopes, a range of five premium endoscopes for use in advanced therapeutic and diagnostic processes were launched in April 2021 by Olympus Corporation in partnership with Veran Medical Technologies Inc.
Stryker Corporation bought K2M Group in November 2018 to enhance and grow its arthroscopy and minimally invasive spine portfolios as well as improve its manufacturing capabilities.
Key Players in the Report
Market Segmentation
By Device
By Application
By End Use
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