The US minimally invasive surgery device market has been estimated at USD 4.4 billion in 2017. The market is expected to register a CAGR of 8.65% during the forecast period (2018-2023).
Minimally invasive surgeries are increasing now and gaining importance among people. Minimally invasive surgeries are now preferred over conventional invasive surgeries, due to the satisfaction of patients, as these surgeries have multiple benefits, such as quick recovery time, reduced post-operative pain, and reduced duration of hospital stay, hence, resulting in overall reduction in the total cost of treatment.
Minimally Invasive Surgeries are Preferred over Traditional Surgeries
Minimally invasive surgeries (MIS) have been reported to cause less post-operative pain, when compared to normal open surgeries and, hence, receive smaller dosages of pain killers. As there are no cuts or stiches involved in the surgery, hospital stay is reduced, and patients are not required to visit the hospital frequently. Traditional open surgeries involve long incisions that have to be made through the muscle, and these muscles take significant time to heal. Whereas, MIS procedures involve smaller incisions, leading to quicker recovery. Moreover, the body scars involved in MIS are barely noticeable. The prime advantage that MIS has over traditional open surgeries is the higher degree of precision, owing to the video-assisted equipment involved, which generate better and magnified images of the organs or body parts that are operated upon. There is also wider acceptance rate among the old adult population, due to the relatively shorter recovery time. Benefits, such as improved patient quality of life, and the increasing patient acceptance and preference over traditional open surgeries, along with the increasing prevalence of chronic disorders, are driving the minimally invasive surgery device market.
Shortage of Skilled Professionals
Lack of skilled surgeons in minimally invasive surgery, who need to perform the surgery and use these surgery devices efficiently, is restricting the use of minimally invasive surgery devices in the market. Although patients who prefer MIS are increasing every day, the number of well-trained surgeons are falling short of the demand. According to the American Cancer Society, in 2018, it is estimated that 63,230 new cases of cancer of the ‘body of the uterus’ (uterine body or corpus) will be diagnosed in the United States. For these patients, the standard treatment for endometrial cancer is the removal of the uterus or hysterectomy. As patients who are opting for these minimally invasive surgery are increasing every year and market is falling short of skilled professional surgeons, the shortage is becoming a major restraint, along with stringent regulatory framework and insurance plans for medical devices, which are restraining the market growth.
North America to Dominate the Market Growth
The minimally invasive surgery device market is segmented on basis of the type of device, type of technology, and application. Under the device-type segments, minimally invasive surgical devices is going to witness a profitable growth during the forecast period . These surgical devices are used for carrying out all sorts of invasive surgeries and minimally invasive interventions. Hence, this segment is estimated to grow along with the overall growth of the market. And endoscopy devices are also expected to experience a positive growth rate, due to their extensive use by the surgeons as the guide for the movement of surgical instruments and also for locating the surgical site.
Key Developments in the Market
- December 2017: Smith & Nephew completed the acquisition of tissue regeneration developer, Rotation Medical Inc.
- March 2017: Ethicon completed the acquisition of Torax Medical Inc.
- August 2017: Ethicon launched the ProxiSure suturing device, designed to improve precision in minimally invasive surgery
Major Key Players: GE Healthcare, Philips Healthcare, Siemens Healthcare, Medtronic Inc., Stryker Corporation, Zimmer Biomet, Depuy Synthes Inc., Intuitive Surgical Inc., Ethicon Inc., and Smith & Nephew PLC, among others.
Reasons to Purchase this Report
- Current and future market outlook for minimally invasive surgery in developed and emerging markets
- Analyzing various perspectives on the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- Three-month analyst support, along with the Market Estimate sheet in Excel
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter’s Five Forces
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Higher Acceptance Rate of Minimally Invasive Procedures over Traditional Procedures
6.1.2 Improved Patient Quality of Life and Increasing Number of Surgeries among the Aging Population
6.1.3 Minimally Invasive Surgeries Help Reduce Healthcare Cost and Time
6.1.4 Increasing Prevalence of Lifestyle and Chronic Disorders
6.2.1 Shortage of Experienced Professionals
6.2.2 Stringent Regulatory Framework and Insurance Plans for Medical Devices
6.4 Key Challenges
7. Market Segmentation
7.1 By Product
7.1.1 Surgical Equipment
220.127.116.11 Guide Wire
18.104.22.168 Metal Shaft
7.1.2 Monitoring and Visualization Equipment
22.214.171.124 MRI Scanner
126.96.36.199 CT Scanner
188.8.131.52 X-Ray Equipment
184.108.40.206 Ultrasound Equipment
7.1.3 Robotic-assisted Surgical System
220.127.116.11 Da Vinci System
18.104.22.168 Zeus Robotic Surgical System
7.1.4 Electrosurgical System
22.214.171.124 Bipolar Forceps
126.96.36.199 Electrosurgical Accessory
188.8.131.52 Suction Coagulator
184.108.40.206 Laparoscopic Instrument
7.2 By Technology
7.2.3 Robot-assisted Method
7.2.4 Arthroscopic Technique
7.2.5 Ablative Technique
7.3 By Application
7.3.1 Cardiac Surgery
7.3.2 Colorectal Surgery
7.3.3 Dermatological Surgery
7.3.4 ENT Surgery
7.3.5 Gastrointestinal Surgery
7.3.6 Gynecologic Surgery
7.3.7 Lung & Respiratory Care
7.3.12 Weight Loss
7.4 By Geography
7.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest Of APAC
7.4.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
7.4.5 South America
18.104.22.168 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisitions
8.2 Agreements, Collaborations, and Partnerships
8.3 New Product Launches
9. Key Players
9.1 GE Healthcare
9.2 Philips Healthcare
9.3 Siemens Healthcare
9.4 Medtronic Inc.
9.5 Stryker Corporation
9.6 Zimmer Biomet
9.7 Depuy Synthes Inc.
9.8 Intuitive Surgical Inc.
9.9 Ethicon Inc.
9.10 Smith & Nephew PLC
10. Future of the Market