Minimally Invasive Surgery Devices Market Size

Minimally Invasive Surgery Devices Market Analysis

The Minimally Invasive Surgery Devices Market size is estimated at USD 34.24 billion in 2024, and is expected to reach USD 47.11 billion by 2029, growing at a CAGR of 6.59% during the forecast period (2024-2029).

The COVID-19 pandemic impacted the market significantly. Due to restricted hospital visits and delayed surgeries, the demand for MIS devices declined and hampered the market's growth during the initial phase of the pandemic. However, the lockdowns and restrictions were lifted, and the surgical procedures started operating following specialized regulations from the beginning of 2021. For instance, according to an article published in July 2022 in the Global Journal of Medical Pharmaceutical and Biomedical Update, minimal access approaches were found safe during the COVID-19 pandemic with proper patient selection and additional precautions. As MIS reduces the hospital stay, it needs to be considered as a means of decreasing disease transmission. Hence, developing and implementing proper guidelines has undeniably minimized the incidence of COVID-19 infection during the later phases. Consequently, the pandemic considerably affected the demand generation of MIS, which may continue in the future. Thus, as per the analysis, the market's growth is expected to increase and reach pre-pandemic levels during the forecast period.

Factors such as an increasing prevalence of lifestyle-related and chronic disorders and a rising preference for minimally invasive procedures are the major contributors to the market's growth.

MIS has several advantages, such as fewer incisions, less chance of infection, and rapid recovery time. Therefore, physicians recommend procedures to treat chronic disorders such as gynecological, urological, gastrointestinal, and others due to such advantages. Thus, the adoption of these surgeries is increasing. For instance, according to the article published in the Annals of Medicine and Surgery Journal in October 2021, multiple facets of the conventional surgical method have been replaced by MIS while gaining interest due to improved survival, fewer complications, and rapid recoveries in recent years. Therefore, an increasing number of MIS is anticipated to propel the market's growth in the future.

Global and regional market players are developing and innovating advanced products in the country. For instance, in April 2021, Ambu Inc. received approval from Health Canada for aScope 4 Cysto, a single-use endoscopes platform for urology. In addition, in April 2021, Olympus Corporation, in collaboration with Veran Medical Technologies Inc., launched the US bronchoscopy portfolio of the 510(k)-cleared H-SteriScope Single-Use Bronchoscopes, a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures. Thus, such activities are anticipated to create opportunities for MIS device innovation and development and fuel the market's growth over the forecast period.

However, the lack of skilled professionals and the high cost of minimally invasive surgeries and devices are expected to hinder the market's growth over the forecast period.