Minimally Invasive Surgery Market Analysis | 2022-2028

“The Minimally Invasive Surgery Market was estimated at US$ 61 billion in 2021 and is expected to grow at a CAGR of 3.71% during 2022-2028 to reach US$ 82.20 billion in 2028”.

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Market Dynamics

Introduction

Minimally Invasive Surgery (MIS) is a medical approach that utilizes advanced technologies to perform surgical procedures with smaller incisions compared to traditional methods. Surgeons use specialized instruments, such as laparoscopes and endoscopes, to access the target area through tiny openings, minimizing damage to surrounding tissues.

This technique often results in reduced pain, shorter hospital stays, and quicker recovery times for patients. Common applications include laparoscopic procedures for abdominal issues and arthroscopic interventions in joints. MIS aims to enhance patient outcomes by promoting faster healing, fewer complications, and improved overall well-being compared to conventional open surgeries.

Market Drivers

Surgical robots have transformed the area of minimally invasive surgery, and surgeons' acceptance of them is growing rapidly. Minimally invasive surgical (MIS) procedures are much less expensive than in-patient and traditional open surgeries with comparable outcomes, resulting in a considerable increase in value for both the patient and insurance providers.

This pattern is expected to continue in the future years. Increased product launches and an increasing number of product approvals by many market participants to achieve a larger market share are expected to generate substantial growth prospects throughout the forecast period.

Minimally invasive treatments are becoming more popular in surgery due to faster recovery, smaller incisions, less scarring and pain, better precision, and shorter hospital stays. Medical displays provide greater visibility of diagnostic pictures, highlighting even minor differences in tissues and cells, allowing for more precise and faster procedures. Consistent technological improvements in this discipline give higher-quality equipment, allowing surgeons to execute surgical operations more swiftly while maintaining patient safety.

The upgraded product designs give the operating room more control and accuracy. It has proven to be quite useful in the treatment of breast cancer, abdominal operations, cardiac, orthopaedic, ophthalmology, neurological, and oral surgical procedures. It is claimed to be superior to open operations, particularly in senior patients, because the healing time is considerably reduced.

Minimally invasive surgery is far less traumatic than traditional open surgery. Traditional operations using traditional laparoscopic equipment can be unpleasant and complicated. Minimally invasive laparoscopic cameras are inserted through smaller incisions, and the operation is performed using specialized equipment. After minimally invasive operations, the healing process is less painful, and patients recover faster.

Furthermore, research shows that combining virtual reality with display equipment in operating rooms increases the visualization of tissues and their handling in inaccessible internal areas, thus boosting accuracy during minimally invasive surgery.

VR allows for the evaluation of various ailments and treatment options on virtual patients before the actual treatment procedure being executed in a care setting. Instrumentation and video imaging advancements are projected to revolutionize a variety of surgical techniques ranging from open to endoscopic. MIS approaches have been used to lessen the risks associated with open exposures, such as infection and wound healing after lumbar spine fusion surgery.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• The demand is expected to skyrocket in the coming years. Ambulatory surgical center expansion can be linked to a variety of factors, including an increase in less invasive operations, advances in the field of anesthesia, improved patient experiences, legislative changes, and economic pressures. To encourage beneficiaries to use ambulatory surgical centers, Medicare waived the Part B deductible.

Recent Developments

Because of the presence of leaders, the global market for minimally invasive surgical equipment is highly competitive. The majority of their revenue is invested in R&D to create highly interactive technologies to strengthen their market position. Newer market participants receive significant support from government agencies and healthcare organizations to drive product research and meet market demands. Mergers, acquisitions, collaborations, and expansions are examples of development tactics used by leaders to increase their market position.

• In March 2021, Ethicon, a subsidiary of Johnson & Johnson Medical Devices, introduced the ECHELON+ Stapler with GST Reloads. This motorized surgical stapler improves staple line security and reduces problems by compressing tissue more uniformly.
• In 2020, Medtronic and Titan Medical signed a binding agreement to develop robot-assisted surgical technology.
• In 2020, Abbott launched a minimally invasive heart valve repair device in India to treat mitral regurgitation. The company's product, the IonicRF Generator, is in charge of providing minimally invasive, nonsurgical pain management in the neurological system.
• In December 2020, Abbott introduced a minimally invasive device for heart valve repair in India, specifically designed to address mitral regurgitation.

COVID-19 Impact

Despite significant investment in R&D and product launches with advanced features, the minimally invasive surgical equipment market is expected to decline in 2020 as a result of the COVID-19 epidemic. National lockdowns halt logistics movements, a lack of available resources, and, most crucially, the economic insecurity of hospitals and end-use settings all contributed to the market's decline.

A severe drop in elective procedures by nearly 50% globally, cancellation of planned laparoscopic surgeries for 2020 and early 2021, less medical staff, greater burden on surgeons, and the risk of viral spread all contributed to the market downturn. However, it is expected to skyrocket by early 2022.

Segments Analysis

By Product Type

The market has been divided into surgical devices, monitoring and visualization systems, laparoscopy devices, endosurgical equipment, and electrosurgical equipment.

By Application Type

The market has been divided into neurosurgery and spine surgery, ent surgery, dentistry, gynecology, urology, ophthalmology, plastic & reconstructive surgeries, and others.

By End-User Type

“The hospital sector led the global market in terms of end users”.

The market has been segmented into several sub-segments, including hospitals, ambulatory surgical centers, and others. In 2021, the hospital segment had the highest revenue share. Ambulatory surgery centers, on the other hand, are predicted to develop at the quickest rate during the forecast period.

There are currently approximately 5,500 Medicare-approved ambulatory surgery centers in the United States. In comparison to hospitals, ambulatory surgical facilities provide patients with lower-cost operations and greater schedule flexibility. These medical institutions, sometimes known as same-day surgery centers, discharge patients following minor surgeries.

Regional Analysis

“North America stood out as the leading region in the MIS market in 2021”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Because of the high occurrence of unintentional injuries and the big senior population, North America dominated the regional sector of the MIS market in 2021, with a revenue share of >40%.

According to the Organization for Economic Cooperation and Development (OECD), the United States has the highest per capita healthcare expenditure of any country in the world. Furthermore, patients in the United States have the opportunity to select treatment modalities as well as providers. This is anticipated to have a favorable impact on the North American MIS market. Asia Pacific, on the other hand, is predicted to be the fastest-growing geographical market from 2022 to 2030.

Key Players

The following are the key players in the Minimally Invasive Surgery Market (arranged alphabetically)

• Abbott Laboratories
• Depuy Synthes
• Ethicon, Inc. (Johnson & Johnson)
• GE Healthcare
• Healthineer AG
• Intutive Surgical, Inc.
• Medtronic
• Nuvasive, Inc.
• Siemens
• Zimmer Biomet

Note: The above list does not necessarily include all the top players in the market.

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