The minimally invasive surgical instruments market generated a revenue of $28.7 billion in 2016, and it is predicted to advance at a 9.3% CAGR during the forecast period (2017–2023).
Minimally invasive surgeries (MISs) involve minimal surgical incisions and are aimed at reducing trauma to the body. These are most commonly performed with the help of electrosurgical instruments, inflation systems, handheld instruments, and guiding devices.
Sutures, forceps, graspers, spatulas, retractors, and dilators are the types of handheld devices that find application in virtually all types of MISs.
The minimally invasive surgical instruments market is being positively impacted by the growing geriatric population. Owing to their weakened immune system and diminished physical strength, the elderly are more susceptible to various diseases that require surgical intervention.
The major causes of the growing elderly population are falling birth rates and increasing life expectancy. A United Nations Department of Economic and Social Affairs report mentioned that the number of people over 60 years and above is going to grow to 1.4 billion by 2030, globally.
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Similarly, the surging prevalence of chronic diseases, such as arthritis, cancer, and cardiovascular diseases, is also expected to drive the minimally invasive surgical instruments market.
As per the American Heart Association (AHA), the deaths per year due to cardiovascular disease are expected to rise to 23.6 million by 2030. Cancer, which is among the leading causes of global mortality, accounted for 8.8 million deaths in 2015.
The growing prevalence of chronic diseases is expected to increase the demand for surgeries, thereby supporting the growth of the market.
The application segment of the minimally invasive surgical instruments market is subdivided into urology, laparoscopy, neurosurgery, cardiovascular, obstetrics and gynecology, ophthalmology, cosmetic surgery, and orthopedic surgery. The category of cardiovascular diseases is projected to attain the fastest growth at an around-10.0% CAGR during the forecast period.
Cardiac MISs are used to manage and treat valvular heart disease, ischemic heart disease, and congenital heart disease as well as the complications associated with these.
In 2016, North America was the largest revenue generator in the minimally invasive surgical instruments market with a contribution of more than $12.1 billion. Developed healthcare facilities, rising geriatric population, and growing prevalence of lifestyle-associated and chronic diseases in the continent are the factors contributing to the growth of this category.
The North American market for these instruments would be further driven throughout the forecast period as a result of surging investments in research and development (R&D) in the healthcare sector.
Therefore, the market is slated to advance due to the advantages offered by minimally invasive procedures and increasing R&D.
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