Minimally Invasive Surgery Market
Minimally Invasive Surgery Market (Procedure: Laparoscopic Surgery, Robotic Surgery, Endoscopic Mucosal Resection, and Endoscopic Sub-mucosal Dissection; Disorder Type: Orthopedic, Cosmetic & Bariatric, Gynecological, Cardiothoracic, Gastrointestinal, Urological, and Others; and End User: Hospitals, Ambulatory Surgical Centers, Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
COVID-19 Poses Great Challenges for Clinical Work of Surgeons Practicing MIS
As elective operations are being cancelled and surgeons are being called to perform only emergency or carcinological surgeries, increased precautions are being taken while operating on patients who are potentially or proven to be COVID-19 positive. Such trends are altering the way stakeholders function in the minimally invasive surgery market.
The laparoscopic surgery is associated with the establishment and maintenance of an artificial pneumoperitoneum, which increases the risk of exposure to aerosol by the operation team. This is anticipated to create business expansion challenges for stakeholders in the minimally invasive surgery market, as previously HIV, activated Corynebacterium, and papillomavirus have been detected in surgical smoke where several doctors were infected. Hence, stakeholders are following guidelines laid down by the Centers for Disease Control and Prevention (CDC) to ensure continuity in healthcare services.
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High Level Training, Lack of Development in MIS Inhibit Market Growth
The minimally invasive surgery market is slated to surpass US$ 23.6 Bn by 2031. However, minimally invasive surgery (MIS) techniques are still in their nascent stage, especially in context with spinal surgeries, as they have been recently introduced in the healthcare landscape. Moreover, MIS requires high level of training, which is potentially increasing costs for healthcare facilities and medical professionals aiming for healthcare education. As such, advantages such as smaller cuts as opposed to large incisions by traditional surgeries and relatively less trauma are boosting the popularity for MIS.
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Rapid Innovations in Compact, Flexible Robotic Systems
Robotic-assisted surgical systems are becoming compact, flexible, and deploy precision in MIS. Med-tech companies in the minimally invasive surgery market are increasing their R&D muscle to develop robotic systems that mimic the features of the daVinci surgical system where the latter is gaining prominence in urology and gynecology. As such, the Senhance surgical robotic system by TransEnterix - a specialist in laparoscopy and robotic-assisted surgery are posing as a rival to the daVinci surgical system.
Manufacturers in the minimally invasive surgery market are increasing the availability of robotic systems that are equipped with standard reusable instruments utilized during oncology and cancer surgery. The proliferation of artificial intelligence (AI) and complex algorithms in robotic systems are contributing to market growth.
Robot-assisted Technology Possesses Potential to Achieve Exact Insertion of Cochlear Implants
Tubular continuum robots hold promising potentials for minimally invasive surgeries. Companies in the minimally invasive surgery market are increasing their production capabilities in such robotic systems, which help to remove tumors in hard-to-reach regions including the pituitary gland. Medical experts at the Hannover Medical School and the International Neuroscience Institute are gaining recognition for increasing their research to innovate in tubular continuum robots.
It is challenging to achieve exact placement and insertion of cochlear implants and ensure the best hearing results. Thus, manufacturers in the minimally invasive surgery market are innovating in the robot-assisted technology, which supports surgeons in such kinds of difficult tasks.
Ergonomically Sound Laparoscopy Devices Provide Best Postural Comfort during MIS
FDA, ISO, and CE clearance have become crucial for supply of MIS tools and instruments. Dex Surgical - a France-based manufacturer of robotized instruments for laparoscopic surgery, is boosting its credibility by complying with regulations of the FDA, CE, and ISO standards for its MIS tools and instruments which help to improve medical outcomes. Companies in the minimally invasive surgery market are setting their collaboration wheels in motion with medical experts and surgeons to acquire patents in MIS devices.
Manufacturers in the minimally invasive surgery market are developing mechatronics system, which involve a combination of micromechanics, software engineering, and embedded electronics to deliver safe and precise MIS procedures that are ergonomically sound during laparoscopic surgeries. Manufacturers are developing articulated handles in laparoscopy devices that provide best postural comfort and eliminate wrist strain.
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Unexpected, unprecedented, and radical modifications caused by the coronavirus pandemic are reflecting in MIS procedures, as healthcare professionals and surgeons increase efforts to prevent and manage aerosol dispersion in operating rooms. Telesurgery and virtual reality applications are opening up new possibilities for robotic-assisted surgical systems that help to achieve exact placement and insertion of cochlear implant to ensure the best hearing results. However, risks associated with minimally invasive spine surgery involve infection or pain at the surface area of the procedure. Hence, companies in the minimally invasive surgery market should recommend patients to consult doctors to receive a full list of potential complications and acquire extensive MIS treatment options.
Minimally Invasive Surgery Market: Overview
- The global minimally invasive surgery market was valued over US$ 8.7 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Lowered risk of infection & decreased risk of complications, reduced scarring & quicker recovery with less pain, less expensive than traditional surgery, favorable reimbursement scenario, and rise in cancer awareness & patient support programs by governments are anticipated to propel the global minimally invasive surgery market.
- Key industry developments, including partnerships, mergers & acquisitions, and collaborations are expected to fuel the growth of the global minimally invasive surgery market
- An estimated one in 24 patients develops a surgical site infection following a procedure; however, minimally invasive procedures result in smaller wounds, reducing the likelihood of infections
- MIS procedures use video-assisted devices. Hence, surgeons have superior visualization and amplification of internal organs and structure, which translates into a precise and quality procedure for patients.
- Introduction of minimally invasive surgical techniques has reduced the perioperative mortality of patients exposed to an open surgery approach, which corresponded to 8.6% to 11.8%
- Most minimally invasive surgeries are performed in a surgical center and cost about 45% to 60% less than the same procedure performed in a traditional hospital settings, as hospitals have higher overhead costs than surgical centers. Moreover, patients undergoing minimally invasive surgery in hospitals have shorter hospital stay, resulting in lower out-of-pocket costs, making MIS the preferred option over traditional open surgery for both patients and surgeons.
Minimally Invasive Surgery Market: Segmentation
- The global minimally invasive surgery market has been segmented based on procedure, disorder type, end user, and region
- In terms of procedure, the global minimally invasive surgery market has been classified into laparoscopic surgery, robotic surgery, endoscopic mucosal resection, and endoscopic sub-mucosal dissection. The endoscopic mucosal resection segment dominated the global minimally invasive surgery market, owing to the multipurpose usage feature of endoscopic mucosal resection surgery. This feature plays a vital role during various medical surgeries.
- Based on disorder type, the global minimally invasive surgery market has been categorized into orthopedic, cosmetic & bariatric, gynecological, cardiothoracic, gastrointestinal, urological, and others. The gynecological segment captured the largest market share in 2020, due to advancements in technology, rise in maternal age, and high prevalence of various gynecological conditions.
- In terms of end user, the global minimally invasive surgery market has been divided into hospitals, ambulatory surgical centers, clinics, and others. The hospitals segment accounted for significant share of the market in 2020. Rise in demand for personal care & healthcare and presence of a large number of players are likely to drive the segment during the forecast period.
Minimally Invasive Surgery Market: Regional Segmentation
- In terms of region, the global minimally invasive surgery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to be a highly attractive market from 2021 to 2031. Increase in geriatric population has led to rise in the number of patients visiting hospitals & clinics. Moreover, advanced technologies and consumption of topical medications are anticipated to drive the market in North America during the forecast period.
- The minimally invasive surgery market in Asia Pacific is expected to be driven by availability of trained and well-qualified technicians and rise in adoption of technologically advanced devices
Minimally Invasive Surgery Market: Major Players
- Key players operating in the global minimally invasive surgery market are
- University of Pittsburgh Medical Center
- Rutland Medical Center
- Huntington Hospital
- Washington Hospital Healthcare System
- The Ottawa Hospital
- Michael's Hospital
- Charité - Universitätsmedizin Berlin
- Ipswich Hospital
- Apollo Hospitals Enterprise Limited
- HealthCare Global Enterprises Ltd.
- These players focus on adopting various strategies to expand product offerings and strengthen geographic presence across the globe. Technological advancements, mergers & acquisition, expansion of product portfolio, and rise in research & development are strategies adopted by companies to expand market presence.
Minimally Invasive Surgery Market - Scope of the Report
TMR’s report on the global minimally invasive surgery market studies the past as well as current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides the overall revenue of the global minimally invasive surgery market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global minimally invasive surgery market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ literature, annual reports, press releases, and relevant documents to understand the global minimally invasive surgery market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of top-down and bottom-up approaches to study various phenomena in the global minimally invasive surgery market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global minimally invasive surgery market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global minimally invasive surgery market. The next section of the global minimally invasive surgery market report highlights the USPs, which include technological advancements, Key industry events (mergers, acquisitions, strategic partnerships, etc.), top 3 players operating in the market, and COVID-19 pandemic impact on the global minimally invasive surgery market.
The report delves into the competitive landscape of the global minimally invasive surgery market. Key players operating in the global minimally invasive surgery market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global minimally invasive surgery market report.
Key Questions Answered in Global Minimally Invasive Surgery Market Report
- What are the sales/revenue generated by end-users of minimally invasive surgery across all regions during the forecast period?
- What are the key trends in the global minimally invasive surgery market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2031 and which segment will expand at the highest CAGR during the forecast period?
- Market ranking of different companies operating in the global market in 2020
Global Minimally Invasive Surgery Market - Research Objectives and Research Approach
The comprehensive report on the global minimally invasive surgery market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and health care compliances laid down by accredited agencies in the purview of research in the global minimally invasive surgery market. It is followed by market introduction, market dynamics, and an overview of the global minimally invasive surgery market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global minimally invasive surgery market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key players has been mapped to ascertain the size of the global minimally invasive surgery market in terms of value. The forecast presented here assesses the total revenue generated in the global minimally invasive surgery market. In order to provide an accurate forecast, we initiated by sizing up the current minimally invasive surgery market with the help of the parent market.
The report analyzes the global minimally invasive surgery market in terms of procedure, disorder type, end-user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2031 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global minimally invasive surgery market.
Global Minimally Invasive Surgery Market - Segmentation