Minimally Invasive Surgical Instruments Market Size Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Minimally Invasive Surgical Instruments Market


The minimally invasive surgical instruments market size was valued at USD 20.0 billion in 2018 and is anticipated to grow at a CAGR of 9.85% over the forecast period. Surgical robots have revolutionized the field of minimally invasive surgeries and their acceptance by the surgeons is rising globally. The cost of minimally invasive surgical procedures is significantly less than in-patient and conventional open surgeries with equal outcomes resulting in a significant increase in value for the patient as well as insurance providers. This trend is likely to continue in the coming years.
Minimally invasive surgeries are much less traumatic than conventional open surgeries. Traditional surgeries performed with conventional laparoscopic instruments can be traumatic and complex. Minimally invasive laparoscopic cameras are inserted through smaller incisions and specialized smaller instruments are used to perform the operation. The healing process is less painful and patients can recover fastest after minimally invasive surgeries.

The minimally invasive surgical (MIS) instruments market is constantly transforming based on innovative advancements, especially in the fields of cardiac, orthopedic, ophthalmic, neurological, and oral surgical procedures. The consistent technological advancements in this field provide higher-quality instruments that allow the surgeons to perform the surgical interventions efficiently without sacrificing patient safety. The improved product designs provide a level of control and accuracy in the operating room.

Optical engineering, and imaging technology are used to visualize tissue handling at inaccessible internal spots. Virtual reality (VR) scheme is a significant area of development in imaging technology in the MIS field. VR helps to evaluate various conditions and treatment alternatives on virtual patients before the actual treatment technique is performed in a care setting. Advancements in instrumentation and video imaging are likely to renovate several procedures in various surgical specialties from open to endoscopic surgeries. MIS techniques have been used to reduce the complications related to open exposures such as infection and wound post lumbar spine fusion surgery.
Ambulatory centers are increasingly preferred for performing minimally invasive procedures as they facilitate same-day-discharge to patients. The Centers of Medicare & Medicaid Services (CMS) requires ambulatory centers to meet the specific criteria to be Medicare certified. The CMS requirements include patient care, facility design, and operational excellence.

Device Insights

In 2018, handheld instruments segment dominated the minimally invasive surgical instruments market in terms of revenue share. Handheld instruments used in MIS techniques target at reducing the amount of damage to extraneous tissues surgical procedures, thereby speeding patient recovery time and reducing discomfort & side effects. Most of the instruments in MIS market are single-use products.

Handheld instruments market is driven by technological innovations and their growing adoption in minimally invasive surgeries. For instance, a low-cost mechanical instrument has been developed recently to perform minimally invasive laparoscopic surgeries. These handheld devices can be either mechanical, robotic, or semi-automated. Handheld devices ensure easier access during surgery with instrument triangulation, thereby reducing the risk of potential mistakes. Key market players of handheld instruments include Medtronic, Aesculap, Inc., Stryker, and CONMED Corporation.

Application Insights of Minimally Invasive Surgical Instruments Market

Orthopedic segment dominated the MIS application market in terms of revenue share in 2018. In orthopedic MIS procedures, no muscles need to be cut or separated from the bone. Therefore, this approach has led to improved patient satisfaction and faster healing process. Most often MIS is utilized in hip as well as knee replacement surgery. Hospitals and surgeons seek the surgical procedures that result in fewer operative as well as postoperative complications and reduced hospitalization period. On the other hand, patients seek the surgical treatments that reduce trauma and allow speedy recovery.

Cardiac surgery is one of the key factors boosting the adoption of minimally invasive surgeries. Minimally invasive surgeries have various potential benefits over conventional surgeries such as minimal blood loss, reduction in pain & trauma, minimal risk of infection, lesser or smaller noticeable scars, faster recovery, shorter duration of hospitalization, and quicker return to normal activities. Rising incidence of cardiovascular diseases is one of the significant factors leading to an increase in the adoption of minimally invasive surgeries over conventional ones owing to the various advantages of these surgeries.

End-Use Insights

The hospital segment held majority of the market share in terms of revenue share in 2018. On the other hand, ambulatory surgical centers are expected to witness the fastest growth rate over the forecast period. Currently, over 5,500 Medicare certified ambulatory surgical centers are present in the U.S. Ambulatory surgical centers offer surgeries to patients at lower costs and greater flexibility of scheduling as compared to hospitals. Also referred to as same-day surgery centers, these medical facilities discharge patients after minor surgeries.

The demand for outpatient surgeries is likely to grow dramatically in the coming years. The growth in ambulatory surgical centers can be attributed to several factors including rise in minimally invasive procedures, advancement in the field of anesthesia, enhanced patient experiences, legislative changes, and economic pressures. To encourage the use of ambulatory surgical centers, Medicare waived the part B deductible for beneficiaries.

Regional Insights of Minimally Invasive Surgical Instruments Market

North America dominated the regional segment of MIS market in 2018 due to the high rate of unintentional injuries and large geriatric population. According to a report by the Organization for Economic Co-operation and Development (OECD), per capita healthcare expenditure in the U.S. is higher than all the other countries in the world. In addition, patients in the U.S. have an ability to choose methods of treatment as well as the providers. This is likely to have a positive impact on MIS market in North America.

On the other hand, Asia Pacific is expected to be the fastest growing regional market during 2019 to 2026. The rising geriatric population in Japan and China, road crashes, and developing economy are expected to promote the emergence of MIS procedures in Asia Pacific. The demand for minimally invasive procedures in this region is mainly driven by rising medical tourism mainly for cosmetic surgeries.

Market Share Insights of Minimally Invasive Surgical Instruments Market

Some of the key players operating in this market are Medtronic, Stryker, Smith & Nephew, Abbott, NuVasive, Inc., CONMED, Zimmer Biomet, Intuitive Surgical, Inc., etc. In 2018, Medtronic was the market leader in terms of market presence. Medtronic offers several MIS solutions for the coronary artery disease. Additionally, the company has developed spinal surgical system and stabilization system based on MIS techniques. In 2017, Medtronics earnings growth rate was around 7%.

Another established market player, Intuitive Surgical, Inc., offers daVinci surgical system. The daVinci surgical system proved to be innovative and significant in the MIS domain. Being an early entrant in MIS market, Intuitive Surgical is equipped with advanced R&D and sales team. Intuitive Surgicals earnings growth rate was over 14% in 2017. New scientific innovations, mainly surgical robots, are most likely to boost the demand for minimally invasive procedures.

These companies are investing in R&D activities in order to capture the untapped market. In addition, some of the players are opting for acquisition of smaller market players to expand and strengthen their regional outreach. In January 2017, the company acquired St. Jude Medical, Inc. expanding their portfolio for devices and diagnostics. St. Jude Medical launched Trifecta Valve with Glide Technology (GT) in May 2016, for the treatment of damaged aortic valves.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Minimally Invasive Surgical Instruments Market Research Report

This report forecasts revenue growth at global, regional, & country levels, and provides an analysis on industry trends in each of the sub segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the minimally invasive surgical instruments market report on the basis of device, application, end use, and region:

Device Outlook (Revenue, USD Million, 2019 - 2030)

  
Handheld Instruments
  
Inflation Devices
  
Cutter Instruments
  
Guiding Devices
  
Electrosurgical Devices
  
Auxiliary Devices
  
Monitoring & Visualization Devices

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Cardiac
  
Gastrointestinal
  
Orthopedic
  
Vascular
  
Gynecological
  
Urological
  
Thoracic
  
Cosmetic
  
Dental
  
Others

End Use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals & Clinics
  
Ambulatory Surgical Centers