Minimally Invasive Surgical Instruments Market (Product Type - Handheld Instruments, Electrosurgical Instruments, Guiding Devices, and Inflation Systems; Application - Neurosurgery, Cosmetic Surgery, Urology, Obstetrics and Gynecology, Ophthalmology, Cardiovascular, Orthopedic Surgery, Laparoscopy, and Others (Cancer, Wound Closure, Audiology); End-user - Hospitals, Ambulatory Surgical Clinics, and Research Institutes): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global minimally invasive surgical instruments market is projected to grow at a CAGR of 8.7% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 03/27/2019 -- The Minimally Invasive Surgical Instruments Market's segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR's report also covers drivers and restraints in the minimally invasive surgical instruments market. The top key players included in the minimally invasive surgical instruments market report are B. Braun Melsungen AG, Ethicon USA, LLC, Medtronic, Stryker, Smith & Nephew, Applied Medical Resources Corporation, CONMED Corporation, Abbott, Zimmer Biomet, and HOYA Corporation.
The Infinium Global Research's report covers the annual growth of the Global minimally invasive surgical instruments market. It also includes chapters on the Global minimally invasive surgical instruments industry trends, geographic analysis, and competitive landscape.
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The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.
Minimally Invasive Surgical Instrument Market: Industry Insights
Minimally invasive surgery is a type of precise surgery that has become increasingly common nowadays. The various types of specialty instruments are used in these surgeries to provide smaller, smarter and effective operations. These instruments use safer and most effective techniques that meet the several surgical needs of patients effectively.
Minimally Invasive Surgical Instrument Market: Drivers and Restraints
The popularity of the minimally invasive surgeries is growing rapidly owing to several reasons including smaller incisions, decreased risk of complications, quicker recovery with less pain, less expensive than traditional surgery and among others. Thus, driving the growth of minimally invasive surgeries market worldwide. Additionally, ongoing technological advancements in the surgical instruments are contributing to the growth of minimally invasive surgical instruments market. For instance, the development of surgical robots and the miniaturization of surgical equipment are creating a constructive impact on this market. The rising prevalence of chronic disease is anticipated to create numerous growth opportunities in the minimally invasive surgeries instruments market over the forecast period. The equipment used with minimally invasive surgeries are more costly as compared to the traditional devices that are expected to hamper the growth of the market.
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Minimally Invasive Surgical Instrument Market: Segmentation
The global minimally invasive surgeries instruments market is segmented into product type, application, and the end-user. In terms of product type, the market is categorized into handheld instruments, electrosurgical instruments, guiding devices, and inflation systems. Among these products, handheld instruments are dominating the minimally invasive surgical instruments markets. This segment held 37.4% of the total market share in minimally invasive surgical instruments, in 2017.
Several types of handheld instruments are used in the MIS that includes cutter instruments, auxiliary instruments, visualizing scopes, retractors, and others. Retractors accounted for a sizeable share in the market in 2018. These are the surgical instruments that are used to detach the edges of a surgical incision or wound. The rise in minimally invasive surgical procedures is driving the growth of retractors in this market. The hospitals and clinics segment is expected to contribute significantly to the market owing to the adaption of minimally invasive surgeries over the traditional procedures. The minimally invasive surgical instruments have several key applications including neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy and others (cancer, wound closure, audiology).
Minimally Invasive Surgical Instrument Market: Regional Insights
North America holds the maximum market share of 40.13% in the minimally invasive surgical instrument market. It is anticipated to be the dominating region over the forecast years. The factors such as the growing occurrence of chronic diseases, and the presence of several instrument manufacturing companies. The growing old age population developed healthcare infrastructure, and accessibility of skilled health care professionals are contributing to the growth of minimally invasive surgical instrument market. Furthermore, Asia Pacific is the fastest growing region in this market owing to the high population, growing healthcare expenditure and the rapidly growing prevalence of cancer and heart-related disease. In addition, the rising R&D activities in medical instruments sectors are anticipated to serve various growth opportunities in this region.
Minimally Invasive Surgical Instrument Market: Competitive Analysis
The key companies in the minimally inventive surgical instruments market include Braun Melsungen AG, Ethicon USA, LLC, Medtronic, Stryker, Smith & Nephew, Applied Medical Resources Corporation, CONMED Corporation, Abbott, Zimmer Biomet, HOYA Corporation. The rapidly growing demand for minimally invasive surgical instruments has forced the companies to focus on the new product launch to increase their product portfolio. Product innovation is the key expansion strategy adopted by the key players of this market.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the minimally invasive surgical instruments.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.