Global Minimally Invasive Surgery Market, By Device Type (Surgical Devices (Ablation Devices, Electrosurgical Devices, and Medical Robotic Systems), Monitoring & Visualization Devices, and Endoscopy Devices), By Surgery (Orthopedic Surgery, Cosmetic Surgery, Breast Surgery, Vascular Surgery, Thoracic Surgery, Gynecological Surgery, Bariatric Surgery, Cardiac Surgery, Gastrointestinal Surgery, and Urological Surgery) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 72,554.0 Million in 2023, exhibiting a CAGR of 11.0% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on the adoption of organic growth strategies such as product launches to expand their product portfolio, and this is expected to drive the market growth over the forecast period. For instance, in September 2022, Olympus Corporation, a Japan-based manufacturer of optics and reprography products, announced the launch of VISERA ELITE III, its newest surgical visualization platform that addresses the needs of healthcare professionals (HCPs) for endoscopic procedures across multiple medical disciplines.
Global Minimally Invasive Surgery Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had a negative impact on the global minimally invasive surgery market as the supply and demand were hampered due to COVID-19. For instance, on January 8, 2023, EY, a global leader in assurance, consulting, strategy and transactions, and tax services, in an article stated that the COVID-19 pandemic was a global disruption across trade, finance, health and education systems, businesses and. The companies who responded to the survey stated that they were fully prepared for the pandemic. Serious disruptions affected 57% companies, with 72% reporting a negative effect.
Global Minimally Invasive Surgery Market- Key Developments
Increasing launches of products is expected to drive the global minimally invasive surgery market growth.
- For instance, in March 2022, Zsquare, a medical device company that develops a single-use endoscopic platform, announced that it has raised US$15 Million in a financing round to launch its single-use ear, nose and throat (ENT) endoscope
- On January 31, 2023, Senet, a leading provider of cloud-based software and services platforms that enable global connectivity and on-demand network build-outs for the Internet of Things (IoT), and Telli Health, the industry leader in medical remote patient monitoring devices, announced the launch of the first remote patient monitoring (RPM) hardware powered by LoRaWAN
- In February 2020, Medtronic, a medical device company, acquired Digital Surgery, a U.K.-based privately-held pioneer in surgical artificial intelligence, data and analytics, and digital education and training program for the operating room. This acquisition strengthened Medtronic’s robot-assisted surgical platform and its broader portfolio. This acquisition advanced the minimally invasive surgery and expanded patient access to high-quality surgical care.
- In September 2022, Brainlab AG, a privately held Germany-based medical technology company, announced the acquisition of Dr. Langer Medical GmbH, a leading provider of digital medical technology, for the development of intraoperative neuromonitoring solutions and related equipment for surgical interventions
Browse 28 Market Data Tables and 18 Figures spread through 170 Pages and in-depth TOC on “Global Minimally Invasive Surgery Market”- Forecast to 2030, Global Minimally Invasive Surgery Market, by Device Type (Surgical Devices (Ablation Devices, Electrosurgical Devices, Medical Robotic Systems), Monitoring & Visualization Devices, Endoscopy Devices), by Surgery (Orthopedic Surgery, Cosmetic Surgery, Breast Surgery, Vascular Surgery, Thoracic Surgery, Gynecological Surgery, Bariatric Surgery, Cardiac Surgery, Gastrointestinal Surgery, Urological Surgery) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Minimally Invasive Surgery Market:
- Global minimally invasive surgery market is expected to exhibit a CAGR of 0% during the forecast period due to increasing product launch. For instance, in October 2022, A.B.Industries, a company that specializes in the maintenance, repair, and remanufacture of critical mechanical equipment, announce the launch of new medical devices to cater increasing demand in healthcare.
- Among surgery, cardiac surgery segment is estimated to hold a dominant position in the global minimally invasive surgery market over the forecast period. For instance, in October 2021, according to an article published by DayToDay, a comprehensive care management platform, doctors perform over 500,000 open heart surgeries worldwide every year.
- Among region, North America is expected to be the dominant region in the global minimally invasive surgery market, owing to increasing technological advancement by key market players, to expand their product portfolio and strengthen their market presence. For instance, in September 2022, Olympus Corporation, a global medtech company, announced the launch of the THUNDERBEAT Open Fine Jaw Type X surgical energy devices for open surgery.
- Major players operating in the global minimally invasive surgery market include Abbott, ArthroCare Corporation, Integer Holdings Corporation, Zimmer Biomet, DePuy Synthes, Inc., Conmed Corporation, GE Healthcare, Given Imaging Ltd., Intuitive Surgical, Inc., Medtronic plc., NuVasive, Inc., Philips Healthcare, InMode Ltd., Titan Medical Inc., Fractyl Inc., Biom’up SA, Integrated Endoscopy
