Market Size of China Minimally Invasive Surgery Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Minimally Invasive Surgery Devices Market Analysis
China Minimally Invasive Surgery Devices Market is expected to register a CAGR of 10.2% during the forecast period. However, the COVID-19 pandemic caused a drop in the market in 2020 as the number of elective and planned surgeries had been drastically reduced. Further, the logistical restrictions, disrupted raw material supplies, and hospitals' economic instabilities led to a market decline.
- Factors such as smaller incisions, reduction in healing time, reduced anastatic use, decreased hospital stays, and improved accuracy have improved product adoption of Minimally Invasive Surgery (MIS) devices by most surgeons across the country.
- In recent years, China's rapidly aging population and rising income level have put the spotlight on China's health system. According to South China Morning Post, China's aging crisis is deepening with the falling number of new births. According to the same source, China had 280.04 million people over 60 at the end of the last year, up from 267.36 million people or 18.9 percent of the population at the end of 2021.
- Thus, aging and significant government investment have provided the country's healthcare sector with new growth avenues. For instance, the 2009 Health Reform made by the government increased fiscal subsidies for public health from RMB15 per capita in 2009 to RMB84 per capita in the last year. Therefore, the rising affordability of the general population towards healthcare services is driving the growth of the Minimally Invasive Surgery market in China.
- Increased investments in healthcare infrastructure by various organizations and hospitals are expected to create opportunities for manufacturers. Surgical wards in newly built hospitals are envisioned to be equipped with advanced surgical equipment to provide a high standard of medical care in China, which is expected to propel market growth over the forecast period.
- The increasing prevalence and fatality of chronic diseases in China demand innovative and advanced solutions to counter evolving health problems. According to SpringerLink, last year, approximately 2.79 million cases and 1.94 million deaths occurred in older Chinese people. This presents 55.8% and 68.2% of cases and deaths in all populations in the country.
