Albany, NY -- (SBWIRE) -- 05/18/2018 -- The rise in geriatric population throughout the globe is contributing greatly to the increasing number of various minimally invasive surgeries (MIS) such as breast, orthopedic, cardiac, gynecological and urological surgeries.This is mainly because, elderly people belong to the high risk patient category for performing conventional open surgeries due to their already compromised health and slow recovery from debilitating conditions. MIS is performed with a tiny incision in the patient's body that results in faster recovery, minimal stay in the hospital, and minimal pain and trauma to the patient. These surgeries are performed with the help of various devices that include surgical devices, monitoring and visualization devices, and endoscopy devices.The overall global market for minimally invasive surgery is expected to grow at a CAGR of 10.5% from 2013 to 2019 to reach an estimated value of USD 50.60 billion in 2019.
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Other key reasons for the double digit growth of Minimally Invasive Surgery market include the rise in incidences of various diseases such as kidney stone, cancer, cardiovascular diseases (CVDs) and arthritis globally that has greatly expanded the target patient population seeking MIS procedures. Similarly, rise in disposable incomes in various nations such as India, China, Brazil, Mexico and others will also augment the growth of this market since it will increase the affordability for these medical services for the patients. The large aged population in developed nations such as the U.S., Japan, U.K., Germany, and Italy will continue to grow and in turn propel market growth for MIS during the forecast period. However, the growth of this market may get hampered to some extent due to factors such as lack of proper reimbursements in some key markets and high cost of surgeries.
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The market for surgical devices,that includes ablation devices, electrosurgical devices and medical robotic systems, accounted for the largest share of the total MIS market in terms of revenue in 2012.This market is expected to record the highest CAGR during the forecast period owing to the extensive utilization of these devices while performing minimally invasive surgeries. For instance, ablation devices are utilized on a large scalefor treating majority of the cancer types. The market for endoscopy devices accounted for the second largest share of the total MIS market in 2012 due to their popularity among surgeons for locating the surgical site as well as guiding the movement of surgical instruments. Monitoring & visualization devices are utilized in combination with surgical devices wherein they guide the movement of surgical devices and track the progress of the surgery.
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The various types of minimally invasive surgeries performed include orthopedic, cosmetic, breast, vascular, thoracic, gynecological, bariatric, cardiac, gastrointestinal and urological surgery. The market for cosmetic surgeries is expected to grow at the highest CAGR in the near future due to the increasing demand for cosmetic surgeries along with rise in disposable incomes. The orthopedic surgery market is expected to show the second highest growth rate owing to the rise in incidences of various orthopedic conditions such as arthritis and reduced bone density. In 2012, the market for cardiac surgery accounted for the largest share in terms of revenue due to the presence of a large patient pool suffering from cardiovascular conditions around the globe.
Geographically, the largest market share in terms of revenue was contributed by the North American region in 2012. This is due to the presence of a large patient pool, presence of leading device manufacturers in the region and a well-established reimbursement scenario. The Asia-Pacific market is expected to show the highest growth rate of 13.3% during the forecast period 2013 to 2019 owing to various factors such as rise in medical tourism in emerging nations like India and Thailand, aging population and the growing interest of device manufacturers in the region. It is estimated that around 456,303 million people will be aged above 65 years by 2025 in Asia-Pacific.
The major players operating in the global MIS market include Intuitive Surgical, Inc., GE Healthcare, Siemens Healthcare, Philips Healthcare, Medtronic, Inc., Stryker Corporation and Biomet, Inc. These companies have captured leading positions in the market due to their broad product portfolios andheavy investmentsin the development and introduction of technologically advanced products in the market. For instance,introduction of da Vinci Surgical System by Intuitive Surgical, Inc. strengthened the company's presence in the medical robotics market since this newly launched medical robotic system is an advanced version of other robotic systems.
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