The minimally invasive surgical instruments market is growing at a high growth rate owing to the advantages of minimally invasive surgery over the traditional method of surgeries, such as high accuracy rate, less pain, less scaring, and less damage to tissues.
Portland, OR -- (SBWIRE) -- 08/16/2017 -- According to a new report published by Allied Market Research, titled, Minimally Invasive Surgical Instruments Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global minimally invasive surgical instruments market was valued at $29,444 million in 2016, and is projected to reach $52,797 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023. The handheld instruments segment held the highest market share in 2016.
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Minimally invasive surgery minimizes the number of incisions performed in a surgery to reduce trauma inflicted to the body. This surgery is less painful, causes less scarring, and requires less hospital stay. Constant technological developments, rise in incidence of chronic diseases, and increase in medical tourism in the developing countries drive the growth of the market. However, improper sterilization procedures and poor quality assurance related to performance are expected to limit the market growth.
The global minimally invasive surgical instruments market is segmented based on product, application, end user, and geography. Based on product type, the handheld instruments segment held the highest market share in 2016, owing to increased use of handheld instruments in minimally invasive surgical procedures.
Based on application, laparoscopy held the largest market share in 2016, driven by increase in geriatric population and high incidence of abdominal ailments.
Based on end user, hospitals have witnessed the highest number of minimally invasive surgeries, thus accounting for the highest market share in 2016.
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North America accounted for two-fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to the presence of well-established healthcare systems and increase in prevalence of diseases, such as cardiac and orthopedic disorders. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the North American market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from a large pool of patient population, and improvement in healthcare infrastructure.
Key Findings of the Minimally Invasive Surgical Instruments Market:
- Handheld instruments dominated the market in 2016, and are projected to grow at the highest CAGR during the forecast period.
- The laparoscopy segment accounted for the highest share in 2016.
- U.S. was the major shareholder in the North America minimally invasive surgical instruments market in 2016.
- Asia-Pacific is expected to register the highest growth rate in future.
- China is expected to grow at the highest CAGR in the Asia-Pacific minimally invasive surgical instruments market.
The major players profiled in the global minimally invasive surgical instruments market are Medtronic PLC, Ethicon, Inc., B. Braun Melsungen Ag, Smith & Nephew PLC, Stryker Corporation, Abbott Laboratories, Conmed Corporation, Applied Medical Resources Corporation, Hoya Corporation, and Zimmer Biomet Holdings, Inc.