Minimally Invasive Surgical Instruments Market Worth 18.14 Billion USD by 2021
29 Jun, 2016, 16:30 BST
PUNE, India, June 29, 2016 /PRNewswire/ --
According to a new market research report ""Minimally Invasive Surgical Instruments Market by Product (Handheld Instruments, Guiding Devices, Inflation Systems), Application (Cardiothoracic, Vascular, Gastrointestinal), End Users (Private Hospitals, Government Hospitals) - Global Forecast to 2021"", published by MarketsandMarkets, The market is projected to reach USD 18.14 Billion by 2021 from USD 11.16 Billion in 2016, at a CAGR of 10.2%.
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Browse 74 market data Tables and 82 Figures spread through 196 Pages and in-depth TOC on "Minimally Invasive Surgical Instruments Market"
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Benefits of minimally invasive surgeries over traditional open surgeries; reduction in healthcare costs and time; increasing number of surgeries among the aging population; increasing prevalence of lifestyle disorders; and technological advancements are key factors driving market growth for minimally invasive surgical instruments.
The market is segmented on the basis of product, application, and end user. By product, the market includes handheld instruments, electrosurgical instruments, inflation systems, guiding devices, auxiliary instruments, and cutter instruments.
The handheld instruments segment accounted for the largest share of the Minimally Invasive Surgical Instruments Market in 2015 owing to their convenience in use and wide implementation in almost all kinds of MIS surgeries performed globally. The electrosurgical devices technology segment is expected to grow at the highest rate owing to its high acceptance among physicians for controlling blood loss during surgical procedures as well as the large number of companies focusing on the development of these instruments.
The applications included in this report are cardiothoracic surgery, cosmetic surgery/bariatric surgery, gastrointestinal surgery, orthopedic surgery, gynecological surgery, vascular surgery, urological surgery, and others. The others segment includes ENT/respiratory surgery, neurological surgery, dental surgery, and pediatric surgery. In 2015, the orthopedic surgery segment accounted for the largest share of the global Minimally Invasive Surgical Instruments Market; the growth in aging global population, along with the increasing incidence/prevalence of bone ailments such as osteoporosis arthritis and spine injuries are the major factors driving the growth of the MIS instruments market for orthopedic surgeries.
End users included in this report are government hospitals, private hospitals and surgical clinics, and medical colleges. In 2015, the private hospitals and surgical clinics segment accounted for the largest share of the global Minimally Invasive Surgical Instruments Market. The growth of this end-user segment can be attributed to the high hygienic standards of private hospitals, low chances of contracting hospital-acquired infections, presence of cutting-edge equipment and ICUs, and timely check-ups. Therefore, the increasing adoption of minimally invasive surgeries in private hospitals and surgical clinics will increase the usage of MIS instruments, hence leading to its growth.
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The geographic segments included in this report are the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is further segmented into the U.S. and Canada. North America accounted for the largest share of this market in 2015, while Asia-Pacific is expected to grow at the highest rate. With rising geriatric population, presence of a large patient pool undergoing surgical treatments, growing awareness about modern surgical instruments and techniques, and implementation of various initiatives to reduce the rising healthcare expenditure in Asia-Pacific, the demand for minimally invasive surgical instruments in this region is expected to grow, which in turn will compel the key players to expand their geographical presence in this region.
Major players in the global Minimally Invasive Surgical Instruments Market are Medtronic plc (Ireland), Ethicon, Inc. (U.S.), Aesculap, Inc. (Germany), Stryker Corporation (U.S.), and Smith & Nephew (U.K.). These players have a strong presence in major as well as emerging markets. Other players in this market are ConMed Corporation (U.S.), Abbott Laboratories (U.S.), Applied Biomedical Resources Corporation (U.S.), Microline Surgical (Japan), and Zimmer Biomet (U.S.).
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