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Minimally Invasive Surgery Market

Minimally Invasive Surgery Market

Minimally Invasive Surgery Market by Procedure (Laparoscopic, Robotic Surgery, Endoscopic Mucosal Resection), by Disorder Type (Orthopedic, Cosmetic & Bariatric, Gynaecological, Cardiothoracic, Gastrointestinal, Urological), by End User, by Region - Global Insights 2022-2032

Minimally Invasive Surgery Market
FACT5780MR
  • Apr-2022
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Healthcare

Minimally Invasive Surgery Industry Outlook (2022-2032)

The global minimally invasive surgery market is likely to be valued at US$ 6.31 Billion in FY 2022, up from US$ 6 Billion in 2021.

Report Attributes Details

Anticipated Base Year Value (2021)

US$ 6 Billion

Expected Market Value (2022)

US$ 6.31 Billion

Projected Forecast Value (2032)

US$ 10.5 Billion

Global Growth Rate (2022-2032)

5.2% CAGR

Growth Rate of the U.S Market (2022-2032)

4% CAGR

Expected Market Value of China (2032)

US$ 7.8 Billion

U.K Market Expansion Rate (2022-2032)

4.6% CAGR

Key Companies Profiled

  • University of Pittsburgh Medical Center
  • Rutland Medical Center
  • Huntington Hospital
  • Washington Hospital Healthcare System
  • The Ottawa Hospital
  • Michael’s Hospital
  • Ipswich Hospital
  • Apollo Hospitals Enterprise Limited
  • Healthcare Global Enterprises Ltd.

During the past year, the industry registered a Y-o-Y increase worth 5.2%. From 2022 to 2032, the market is poised to flourish at a CAGR of 5.2% to reach a value of US$ 10.5 Billion.

Demand for orthopedic surgery will continue to thrive, with a documented CAGR of 4% during the 2015-2021 historical period of assessment, hospitals & clinics remained the primary site for minimally invasive surgical procedures, proliferating at a rate of 5.1% during the same period.

Technological advancements in the healthcare industry and an upsurge in preference for hassle-free surgical procedures such as robotic surgery, laparoscopic surgery, and others are poised to fuel the sales of suppliers. Demand for bariatric minimally invasive surgery and cosmetic minimally invasive surgery is also seeing an incline.

2015 to 2021 Minimally Invasive Surgery Market Revenue Analysis vs. Market Outlook 2022-2032

According to Fact.MR- market research & competitive intelligence provider- global sales of minimally invasive surgery equipment and services expanded at a CAGR of around 4% from 2015 to 2021. A rising geriatric population pool and the snowballing prevalence of chronic diseases are encouraging the demand for minimally invasive surgery worldwide.

During the COVID-19 pandemic, prospects heightened substantially, as studies documented that open surgery was associated with elevated risks of nosocomial COVID transmission. Furthermore, MIS procedures permitted patients to secure an early discharge, preventing too much exposure to the novel coronavirus during their hospital stay.

According to WHO (2021), approximately 235 million major surgical procedures are undertaken worldwide every year. In North America, minimally invasive surgical techniques are most preferred by surgeons as this procedure aims to minimize damage to human tissues. Besides, the incorporation of robotic technology with MI surgeries has offered improved outcomes and allowed precise control of the process. Fact.MR expects the market to surge at a 5.2% CAGR through 2032, based on the aforementioned trends.

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Key Drivers Stimulating Minimally Invasive Surgery Industry Expansion

Heightened Incidences of Various Chronic Conditions Stimulating Growth

The rising geriatric population across the globe coupled with the increasing prevalence of arthritis, cancer, and cardiovascular diseases are impelling the demand for these surgeries as they are associated with fewer risks and minimal procedural trauma.

Latest technological advancements have incorporated robotic-assisted minimally invasive surgery which allows precise control over the surgery. This has resulted in higher success rates by ensuring greater accuracy, repeatability, control, and efficiency of these procedures which, in turn, is bolstering the market growth.

This surgery exhibits excellent medical traits such as fewer cuts, smaller incisions, reduced pain, faster recovery periods, considerable cost savings smaller incisions, reduced post-operative pain, and offer fast recovery, which steered surgeons in making it their primary choice despite open surgeries in their clinics. Consequently, the expanding number of physician-owned ambulatory surgical centers (ASCs) is providing impetus to the market growth.

Robotic-Assisted Surgeries Spell Favorable Conditions for MIS

The growing adoption of robotic-assisted surgeries and advancements in image guidance systems have shaped investments in the minimally invasive surgery market. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure.

As demand for automation across hospital workflows has surged, surgeons are adopting robotic-assisted surgeries to streamline operations and thus reduce the labor burden. Numerous healthcare companies have introduced advanced robotic systems, such as Hansen Medical (Magellan Robotic System), Diligent Robotics (Moxi), and Medrobotics (Flex® Robotic System).

Technological Advancements in Medical Surgery Stimulates the Demand

Technologically advanced products, such as narrow-band imaging endoscopes, and HD cameras have been introduced by manufacturers which are creating a positive outlook for the industry worldwide.

Patients, surgeons, and hospitals have benefited from high-precision, minimally invasive robotic surgery (MIRS) and are increasingly adopting it, leading to a double-digit annual growth rate over the past five years.

Currently, robotic surgery has been approved by the FDA for the use of more than 50 procedures in the branches like weight loss surgery, cardiothoracic surgery, and gynaecology which is poised to stimulate the demand for robot-assisted MIS over the years.

Cosmetic chemicals market forecast by Fact.MR

Key Challenges to Minimally Invasive Surgery Industry Expansion

Scarcity of Skilled Professional & Cost-effective Surgery Likely to Restrain Market Expansion

Prominent challenges that are confining the market growth for MIS comprise the high cost of surgical robotics systems, a dearth of skilled professionals, and a restraining settlement landscape.

The expensive cost of the surgical robotic system is amongst the most challenging factors for the end-user to purchase and treat patients. It has been remarked that several patients prefer international travel for their surgeries to take the benefit from the currency rate.

Similarly, the shortage of skilled professionals has led to a minimal increase in the expense of robotic surgery. The restraining reimbursement model is another factor impacting the global market growth of the minimally invasive surgical systems.

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Country-wise Analysis

How Opportunistic are Growth Prospects across the U.S Market?

Adoption of Robotic Surgery to Act as Principal Market Driver in North America

The United States is a pioneer in North America’s market for minimally invasive surgeries and is set to maintain its lead throughout the forecast period. The large share of the U.S. market can be attributed to the availability of funding for R&D in surgical robots and the swelling adoption of surgical robots for pediatric surgeries combined with the mounting prevalence of chronic disorders in the country.

According to a report titled “Industries at a Glance” by the Bureau of Labor Statistics, the medical and hospital industry is one of the best prospect industries, while its medical technologies sector is the largest in the world. As stated in the report, employment in this sector in thousands grew to 5,174.8 in December 2020 and is subject to grow further. Fact.MR expects the U.S market to reach US$ 5.4 Billion, following at a 4% CAGR through 2032. Historically, the market evaluated US$ 3.5 Billion in 2021.

Why are Minimally Invasive Surgery Providers Venturing into China?

Incessant investment in Healthcare Infrastructure to Upsurge Advocacy of Cheaper Surgeries

Driven by the advanced medical and hospital industry and growing manufacturing sector, China is the hotspot for players in minimally invasive surgery robotic companies. According to Fact.MR, China is expected to remain at the forefront of the Asian market through 2032, clocking a CAGR of 5% in 2032. As per the latest forecast report, the market valuation for the APAC region is estimated to reach US$ 7.8 Billion, estimated at nearly US$ 4.6 Billion in 2021.

The International Trade Administration estimated that in 2019, China had 34,354 hospitals, which offered over 6.8 million beds and received 3.84 billion patient visits. As per the report, in 2021, China’s medical devices sector accounted for 5.7% of China’s Gross Domestic Product (GDP), which grew to around 7% in 2020.

Country-wise Value CAGRs for Minimally Invasive Surgery (2022-2032)

U.S

4%

U.K

4.1%

China

5%

Japan

4.6%

South Korea

4.5%

Category-wise Insights

How are Hospitals & Clinics Spearheading Market Growth of Minimally Invasive Surgeries?

Minimally invasive surgery equipment is highly sought-after in clinics and hospitals, owing to gush in the adoption of advanced surgical procedures. Besides, the incorporation of cutting-edge technologies such as Artificial Intelligence (AI), and the presence of highly skilled healthcare professionals are driving growth. Collectively, both segments will account for 50% of market demand.

Fact.MR forecasts that these segments are likely to document a Y-o-Y growth rate of nearly 5.1% throughout the forecast period, backed by the snowballing investment in the healthcare infrastructure in the emerging countries.

Will Orthopedic Surgeries be the Primary Application Area for MIS?

Presently, orthopedic is the leading segment in terms of disorder and is set to maintain its lead throughout the forecast period. With the mounting prevalence of various orthopedic diseases such as osteoarthritis, carpal tunnel syndrome, and others, this segment is significantly catering to industry growth.

Minimally invasive surgeries in orthopedic ;have undergone significant advancements and are now fitting the desired model in the ;market. Attributed to increased healthcare expenditure, the orthopedic segment is gaining huge traction and exhibits huge growth potential in the upcoming future, clocking a CAGR of 4% until 2032.

Competitive Landscape

Prominent Minimally Invasive Surgery providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

  • In March 2019, the University of Pittsburgh Medical Centre firstly adopted RAMIE (Robot-Assisted Minimally Invasive Esophagectomy) Program and yielded excellent outcomes with increasing proficiency throughout the learning curve.
  • In February 2019, Huntington Hospital completed the acquisition of two da Vinci Xi Surgical Systems, the next generation in robotic surgical equipment. The da Vinci Xi System was designed to further advance the technology used in minimally invasive surgery, used across a spectrum of minimally invasive surgical procedures in gynaecology, urology, thoracic, colorectal, and general surgery.

Key Segments Covered in the Minimally Invasive Surgery Industry Survey

  • Minimally Invasive Surgery by Procedure :

    • Minimally Invasive Laparoscopic Surgery
    • Minimally Invasive Robotic Surgery
    • Minimally Invasive Endoscopic Mucosal Resection
    • Minimally Invasive Endoscopic Sub-Mucosal Dissection
  • Minimally Invasive Surgery by End User :

    • Minimally Invasive Surgery at Hospitals
    • Minimally Invasive Surgery at Clinics
    • Minimally Invasive Surgery at Ambulatory Surgical Centres
    • Minimally Invasive Surgery by Other End Users
  • Minimally Invasive Surgery by Disorder Type :

    • Orthopedic Minimally Invasive Surgery
    • Cosmetic & Bariatric Minimally Invasive Surgery
    • Gynaecological Minimally Invasive Surgery
    • Cardiothoracic Minimally Invasive Surgery
    • Gastrointestinal Minimally Invasive Surgery
    • Urological Minimally Invasive Surgery
    • Minimally Invasive Surgery for Other Disorder
  • Minimally Invasive Surgery by Region :

    • North America Minimally Invasive Surgery Market
    • Latin America Minimally Invasive Surgery Market
    • Europe Minimally Invasive Surgery Market
    • Asia Pacific Minimally Invasive Surgery Market
    • The Middle East & Africa Minimally Invasive Surgery Market

- FAQs -

As of 2021, Fact.MR estimated the minimally invasive surgery market to have reached US$ 6 Billion.
By 2022, Fact.MR expected demand for minimally invasive surgery to reach US$ 6.3 Billion.
From 2015 to 2021, the minimally invasive surgery market grew at a 4% value CAGR.
From 2022-to 2032, minimally invasive surgery demand is likely to surge at a 5.2% CAGR.
By 2032, the market for minimally invasive surgery is likely to be valued at US$ 10.5 Billion.
By 2032, Fact.MR expects the U.S market for minimally invasive surgery to reach US$ 5.4 Billion.
China is expected to register a 5% CAGR in the minimally invasive surgery industry.
South Korea and Japan are expected to document CAGRs worth 4.6% and 4.4% respectively in the Minimally Invasive Surgery market.
Orthopedic minimally invasive surgery will be maximum, expanding at a 4% CAGR.
Minimally Invasive Surgery in hospitals & clinics will remain most preferred, expanding at a CAGR of 5.1% until 2032.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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