Minimally Invasive Surgical Instruments Market Growth & Trends

The global minimally invasive surgical instruments market size is estimated to reach USD 51.49 billion by 2028, registering a CAGR of 14.5% over the forecast period, according to a new report by Grand View Research, Inc. The cost of these instruments is significantly lower than in-patient and open surgeries. Thus, it is beneficial for patients and payers as well. Factors, such as reduction in healing time, smaller incisions, reduced anastatic use, decreased hospital stays, and increased accuracy, have also improved product adoption by most surgeons across the globe. Furthermore, an increase in investments by several organizations and hospitals to improve healthcare infrastructure is expected to create opportunities for manufacturers. To deliver a high standard of medical care, surgical wards in newly built hospitals are expected to be equipped with advanced surgical equipment, which is likely to propel market growth over the forecast period.

According to a research article published in the medical journal, JAMA Surgery, in March 2015, the use of Minimally Invasive Surgeries (MIS) for routine operations of the colon, lungs, and appendix can result in the reduction of postoperative complications, thereby saving nearly USD 280 million to USD 340 million per year. Investments in MIS instruments are gradually rising in hospitals, thereby driving the market. Collaborative strategies undertaken by leaders in the market and constant updates & launches of new products have improved the market. The market saw a dip during 2020 due to the COVID-19 pandemic. Reduction in elective and planned surgeries by nearly 50% has declined the market dramatically. In addition, restrictions on logistic movement, disturbed raw material supplies, and economic instability of hospitals led to a dip in the market. However, it is said to stabilize by early 2022.

Minimally Invasive Surgical Instruments Market Report Highlights

  • The handheld instrument segment accounted for the largest revenue share in 2020 due to high demand on account of benefits, such as improved recovery time and reduced side effects
  • The orthopedic application segment held the largest market share in 2020. However, the cosmetic application segment will register the fastest CAGR from 2021 to 2028
  • The Ambulatory Surgery Centers (ASCs) segment is estimated to register the fastest CAGR from 2021 to 2028
  • ASCs offer low-cost surgeries and provide greater flexibility of scheduling as compared to hospitals
  • North America dominated the global in 2020 due to the high rate of unintentional injuries and increasing geriatric population