CHICAGO, March 12, 2024 /PRNewswire/ -- Minimally Invasive Surgery Market in terms of revenue was estimated to be worth $34.0 billion in 2024 and is poised to reach $74.6 billion by 2029, growing at a CAGR of 17.0% from 2024 to 2029 according to a new report by MarketsandMarkets. The expansion of the minimally invasive surgery market is propelled by several synergistic factors, including increasing demand for MIS procedures, escalating chronic disorder prevalence, increasing geriatric patient population, rising public-private investments to support for the clinical research and the presence of key market players in developing regions.
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Minimally Invasive Surgery Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $34.0 billion |
Estimated Value by 2029 | $74.6 billion |
Growth Rate | Poised to grow at a CAGR of 17.0% |
Market Size Available for | 2021-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Application, End User and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging markets- growth opportunities |
Key Market Drivers | Increase adoption of MIS over open surgeries |
Imaging & Visualization systems segment to register a significant growth rate over the forecast period of 2023-2029.
Based on the product, the minimally invasive surgery market is segmented into Surgical Devices, Imaging & Visualization Systems, Endoscopy Devices, Electrosurgical Devices, and Medical Robotics. The surge in chronic disorder and less invasive surgical procedures often involve imaging systems to visualize the affected area. Furthermore, these innovations provide surgeons with enhanced clarity and precision in observing the surgical site, resulting in reduced tissue trauma, shorter operative durations, expedited patient recovery, and improved overall outcomes.
Cardio-thoracic surgery segment accounted for the significant share of the minimally invasive surgery market in 2023-2029.
Based on the application, cardio-thoracic segment accounts largest market share in minimally invasive surgery market. Key drivers propelling the adoption of minimally invasive surgery (MIS) in cardio-thoracic procedures encompass technological advancements, particularly in precision surgical tools and imaging modalities. As clinicians accrue expertise in MIS methodologies, they exhibit greater confidence in applying these techniques to intricate cardio-thoracic interventions. Additionally, evolving healthcare policies and reimbursement frameworks incentivizing cost-effective and streamlined treatment pathways further bolster the uptake of MIS in cardio-thoracic surgery
North America to account for a significant market share in the minimally invasive surgery market in 2023.
Based on region, The minimally invasive surgery market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with North America dominating the market share in 2023. This dominance in North America is propelled by factors such as a growing aging population, a high incidence of chronic disorder, a rise in demand for minimally invasive surgical procedures, and the presence of strong players with robust minimally invasive surgery portfolios. Furthermore, growing research and funding initiatives from public and private organizations are expected to further boost the minimally invasive surgery market in North America.
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Minimally Invasive Surgery Market Dynamics:
Drivers:
1. Increase adoption of MIS over open surgeries
Restraints:
1. High cost of Robotic systems
Opportunities:
1. Emerging markets- growth opportunities
Challenge:
1. High degree of market consolidaton
Key Market Players of Minimally Invasive Surgery Industry:
As of 2023, prominent players in the minimally invasive surgery market are Medtronic (Ireland), Johnson & Johnson (US), NuVasive (US), Becton, Dickinson & Co. (US), Stryker Corporation (US), Zimmer Biomet Holdings (US), Abbott Laboratories (US) and Boston Scientific Corporation (US), GE healthcare (US), among others.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1-40%, Tier 2-30%, and Tier 3- 30%
- By Designation: C-level-- 27%, Director-level-18%, and Others-55%
- By Region: North America-50%, Europe-20%, Asia Pacific-15%, Latin America-10%, and the Middle East & Africa-5%
Recent Developments of Minimally Invasive Surgery Industry:
- In 2023, Medtronic receives CE Mark approval for Affera Mapping and Ablation System to treat atrial arrhythmias.
- In 2023, J&J MONARCH Platform is the first minimally invasive, robotic-assisted technology approved for bronchoscopy in China with significant burden of lung cancer.
- In 2023, Stryker's Q Guidance System for cranial applications received US FDA clearance to support cranial surgeries.
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Minimally Invasive Surgery Market - Key Benefits of Buying the Report:
The report will help the new entrants/ market leaders/smaller firms in this market with investment evaluation viability within the minimally invasive surgery market through a thorough analysis of comprehensive data, thereby facilitating robust risk assessment and enabling well-informed investment determinations. Benefit from meticulous market segmentation encompassing application, end-user, and regional dimensions, affording tailored insights for precise segment targeting. The report also provides an all-encompassing evaluation of encapsulating pivotal trends, challenges, growth catalysts and prospects, thereby empowering strategic decision-making with astute discernment.
The report provides insights on the following pointers:
- Analysis of key drivers (increasing prevalence of chronic disorder diseases, Increasing number of hospitals coupled with increasing number of surgical procedures worldwide, adoption of MIS over open surgeries), restraints (changing regulatory landscape in medical device industry and high cost of robotic systems), opportunities (increasing adoption of advanced robotics in ASCs, Emerging markets offers high-growth opportunities), and challenges (High degree of market consolidation) influencing the growth of the minimally invasive surgery market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the minimally invasive surgery market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the minimally invasive surgery market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the minimally invasive surgery market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Medtronic (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Boston Scientific Corporation (US), among others.
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Soft Tissue Repair Market - Global Forecasts to 2027
Patient Monitoring Devices Market - Global Forecasts to 2027
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