Market Trends of Asia-Pacific Minimally Invasive Surgery Devices Industry
This section covers the major market trends shaping the APAC Minimally Invasive Devices Market according to our research experts:
Aesthetic Segment is expected to Grow Significantly During the Forecast Period
Aesthetic surgery is becoming more popular due to the increase in people's awareness. The importance of physical beauty in contemporary western culture is another element contributing to the rise of aesthetic procedures. Improvements in surgical methods, particularly in terms of safety and lower treatment costs have also helped to reduce patient anxiety regarding cosmetic treatments.
Several organic and inorganic strategies adopted by market players are likely to support the growth of the market. For instance, in August 2022, Allergan Healthcare India in Bangalore launched Juvéderm VOLUX in India under its business unit Allergan Aesthetics. Allergan Aesthetics obtained all the necessary approvals from the CDSCO office before launching this product in India. Juvéderm VOLUX is an injectable implant designed to repair and add volume to the face. It contains 25 mg of hyaluronic acid and 3 mg of lidocaine hydrochloride.
The market expansion is supported by strategies including mergers and acquisitions and partnerships with manufacturers of cosmetic devices. For instance, in March 2022, Cynosure LLC's subsidiary Cynosure KK partnered with Jeisys Medical KK, a subsidiary of Jeisys Medical Inc. in Japan. Under the terms of the agreement, Jerseys Medical will have exclusive distribution rights for products within Cynosure's energy-based laser portfolio in Japan. Thus, the above-mentioned factors are expected to increase the market growth.
China is Expected to Hold a Significant Share in the Market and is Expected to do Same During the Forecast Period
China is expected to hold a significant share due to the increasing prevalence of chronic diseases, the growing geriatric population, and the increased usage of advanced medical devices. The rising prevalence of lifestyle-related diseases such as cancer, cardiovascular disease, and obesity is expected to support market growth. For instance, according to a July 2021 published study in the Journal of Diagnostics, the prevalence of COPD in China was 16.7% in 2020. Furthermore, as the senior population grows, the country is seeing an increase in the number of individuals suffering from chronic diseases. For instance, according to the WHO Factsheet of 2022, China's population is aging at one of the fastest rates in the world. By 2040, 28% of China's population is projected to be over 60 years old. As the aged population is more prone to chronic illnesses such as cardiovascular, cancer, respiratory, and neurological diseases, the market is expected to rise during the forecast period.
Furthermore, companies are focusing on developing advanced products and expanding their product portfolio to cater to the complex requirements of a cardiac procedure. For instance, in January 2022, Medtronic plc reported that the National Medical Products Administration (NMPA) had approved the CoreValve Evolut PRO TAVR (Transcatheter aortic valve replacement) system to treat severe aortic stenosis (AS) for symptomatic patients in China who are at high or extreme risk of open-heart surgery.
Hence, all these factors are expected to propel the growth of the market in China during the forecast period.
