Sweden Minimally Invasive Surgery Devices Market Size

Sweden Minimally Invasive Surgery Devices Market Analysis

Sweden's minimally invasive surgery devices market is expected to register a CAGR of 6.5% during the forecast period.

The COVID-19 pandemic has had ramifications on various surgical procedures, including minimally invasive procedures. Due to lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases as a result of a reduction in hospital visits, which impacted the market studied. For instance, as per the study published in July 2022 by BMC Surgery, a total of 1,329 patients underwent hernia surgery during the study period; 579 were operated on during the COVID-19 period and 750 during the control period. The number of emergency ventral hernia repairs increased during the COVID-19 pandemic, but no difference in the inguinal hernia repair rate was seen.

The major factors for the growth of the market studied include the higher acceptance rate of minimally invasive surgeries over traditional surgeries, the increasing prevalence of lifestyle-related and chronic diseases, and technological advancements in the area.

MIS procedures have several advantages over conventional procedures, such as less post-operative pain, fewer major operative and post-operative complications, faster recovery times, less scarring, less stress on the immune system, and smaller incisions. These benefits of minimally invasive procedures reduce the overall cost of the treatment, due to which MIS procedures are being preferred all over the world, driving the market growth. Further, the growing prevalence of chronic diseases, such as cancer and cardiovascular diseases, among others, is driving the demand for surgical procedures for treatment, augmenting the growth of the market. For instance, as per Country Health Profile 2021, nearly two in five Swedish adults (38%) reported having at least one chronic condition - a slightly higher proportion than in the European Union as a whole (36%). This proportion increases with age; 55% of people aged over 65 reported at least one chronic condition. Many of these conditions increase the risk of severe complications from COVID-19. As with self-reported health, there is a gap in the prevalence of chronic conditions by income group: 46% of Swedish adults in the lowest income group report having at least one chronic condition, compared to 30% of those in the highest. Thus, due to the high burden of mortality due to chronic diseases, the demand for treatment procedures is increasing. As minimally invasive procedures have more advantages over traditional procedures, they are gaining traction. Thus, the market studied is expected to grow over the forecast period.

Additionally, new product launches due to technological advancements, collaborations, mergers, and acquisitions are the key strategic initiatives undertaken by the industry players, which are expected to have a positive impact on the market. Thus, due to the development of innovative solutions, the market is expected to experience stable growth over the forecast period. For instance, in July 2022, Accelus, a privately held medical technology company focused on accelerating the adoption of minimally invasive surgery (MIS) as the standard of care in the spine, announced the closing of a USD 12 million lead investment in the company's Series D equity financing by Concord Innovation Fund II, LP.

The rising awareness about the benefits of minimally invasive procedures and increasing adoption of robotic-assisted surgery systems around the world are further expected to boost market growth over the forecast period. However, the lack of trained professionals and uncertain regulatory policies in different parts of the world are expected to restrain the market growth during the forecast period.