Albany, NY -- (SBWIRE) -- 09/18/2017 -- With patient comfort taking precedence in surgical procedures, the demand for minimally invasive surgical procedures is bound to show an increase. This high-impact growth driver will lead the global minimally invasive surgery market to notch a valuation of US$50.60 bn by 2019, says Transparency Market Research in its new study. According to the report, the market had a valuation of US$25.03 bn in 2012 and will register a compounded annual growth rate of 10.5% from 2013 through 2019.
The remarkable rise in the number of aged people worldwide is yet another growth enabler in the global minimally invasive surgery market, finds the report. Moreover, the rising prevalence of target diseases – of which cancer is one – requires patients to undergo multiple surgeries during the course of treatment. In most such cases, minimally invasive surgery is the preferred option.
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Notwithstanding these growth drivers, companies in the global minimally invasive surgery market will have to face headwinds in the form of the high cost of such surgeries as compared to conventional procedures. Furthermore, in countries such as the United States, the sale of medical devices is subjected to excise duty, which adds to the final cost of minimally invasive surgery. According to TMR's analysts, this could stand in the way of the overall growth of the minimally invasive surgery market. Some of these losses can be assuaged if companies explore expansion opportunities in densely populated countries in Asia Pacific and Latin America, where people are spending progressively more on healthcare.
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For a complete coverage of the global minimally invasive surgery market, the report segments the market on the basis of device type, surgery type, and geography. Thus, basis surgery type, the market for minimally invasive surgery is split into orthopedic, spinal, breast, cardiac, vascular, joint replacement, bariatric, urological, gastrointestinal, and gynecological surgery. As more and more consumers across the world place a greater emphasis on appearance and aesthetics, the demand for minimally invasive surgeries for cosmetic procedures will show the highest CAGR. This trend is mainly supported by the growing spending power of people in many developing economies. The second fastest growing market in terms of surgery type is for orthopedics. Conditions such as arthritis and lower bone density are being treated with minimally invasive surgery. In terms of revenue, however, the cardiac surgery segment was in the leading position in 2012.
Similarly, by product type, the market is segmented into endoscopy devices, monitoring and visualization devices, and surgical devices. The surgical devices segment is sub-segmented into medical robotic systems, ablation devices, and electrosurgical devices. Of these, surgical devices constituted the largest market within the minimally invasive surgery market and raked in the highest revenue in the market 2012. In the coming years, this market is expected to register the highest rate of growth because of their continued use in performing minimally invasive surgery, especially among cancer patients. The second-largest share in the minimally invasive surgery devices market was held by endoscopy devices, thanks largely to their use in locating surgical sites and to guide surgeons during surgery.
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From the standpoint of region, the report studies the minimally invasive surgery markets in North America, Asia Pacific, Europe, and Rest of the World. Of these, North America contributed the highest revenue. The future evidently lies in Asia Pacific with the region expected to show a CAGR of 13.3% from 2013 to 2019 in the minimally invasive surgery market.
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