Global Minimally Invasive Surgery Market: Low Scope of Product Differentiation to Intensify Competition, says TMR

GE Healthcare, Siemens Healthcare, Medtronic Inc., Philips Healthcare, and Intuitive Surgical Inc. are the leading players in the global minimally invasive surgery market due to their wide product portfolios, extensive geographic presence, and robust distribution networks. Transparency Market Research finds that companies in this market usually enter into contracts with their end users such as hospitals and provide them with a long-term warranty and post-purchase services. “They have limited growth opportunities in terms of manufacturing cost and product differentiation,” says TMR’s lead analyst. These factors will enhance the competitive rivalry in the near future. 

The opportunities in the global minimally invasive surgery market were valued at US$33.89 bn in 2015 and are expected to reach US$50.59 bn by 2019, rising at a significant CAGR of 10.5% from 2013 to 2019. Geographically, North America will continue to dominate the market until 2019. The rising prevalence of diseases such as diabetes, cancer, and cardiovascular diseases is contributing to the growth of this region. In addition, FDA approvals for distribution and commercialization of various minimally invasive devices in the region will augment the market. Asia Pacific is poised to exhibit a noteworthy CAGR of 13.3% during the forecast period.

Recent FDA Approvals to Trigger Sales of Surgical Devices

The surgical devices segment is estimated to command a leading share throughout the forecast period, accounting for nearly 54% by 2019 in terms of revenue. Growth of this segment can be attributed to the recent FDA approvals for various devices including ablation and electrosurgical devices. The enhanced accuracy provided by these devices with minimal invasion and maximum patient comfort is propelling the demand for surgical devices. Owing to these factors, the segment is anticipated to expand at an impressive CAGR of 11.8% during the same period.

Rising Geriatric Population to Fuel Growth Prospects

Aged people usually suffer from several health disorders such as high blood pressure (BP) that render them high-risk patients for open surgeries. Due to this, surgeons now prefer minimally invasive surgeries to make sure speedy recovery and maximum patient comfort. Hence, the growing target patient population worldwide is bolstering the growth of the global minimally invasive surgery market. Moreover, the alarming increase in the number of patients suffering from diseases such as cancer, cardiovascular diseases, and arthritis is likely to boost the demand for various minimally invasive surgery devices. Furthermore, technological advancements and increasing per capita healthcare expenditure are playing important roles in accelerating the growth of this market.

Lack of Reimbursement Policies to Take its Toll on Minimally Invasive Surgery Market

Various minimally invasive surgeries such as cardiovascular, gynecological, and urological surgeries are not reimbursed by insurance companies in several countries across the globe. In addition, the high price of minimally invasive devices is leading to the increased cost of surgeries. Despite the fact that the total cost of treatment may be reduced for patients as compared to conventional surgical procedures, these factors are limiting the adoption of minimally invasive surgeries, thereby hampering the growth of the market. “The excise duty levied on the sale of medical devices in the U.S. will add to the expenses of minimally invasive surgical, and visualization and monitoring device manufacturers,” says a TMR analyst. This may negatively impact the growth of the overall market. Nevertheless, the rising disposable income and the increasing incidence of various chronic diseases in emerging economies will keep the global minimally invasive surgery market on the growth track in the forthcoming years.

The information presented in this review is based on a Transparency Market Research report, titled,“Minimally Invasive Surgery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”

The global minimally invasive surgery market has been segmented as below:

Minimally Invasive Surgery Market, by Product Type

  • Surgical Devices
    • Ablation Devices
    • Electrosurgical Devices
    • Medical Robotic Systems
  • Monitoring & Visualization Devices
    • X-Ray Devices
    • Computed Tomography (CT) Scanners
    • Magnetic Resonance Imaging (MRI) Equipment
    • Ultrasound Equipment
    • Others
  • Endoscopy Devices

Minimally Invasive Surgery Market, by Surgery Type

  • Orthopedic Surgery
    • Spinal Surgery
    • Joint Replacement Surgery
  • Cosmetic Surgery
  • Breast Surgery
  • Vascular Surgery
  • Thoracic Surgery
  • Gynecological Surgery
  • Bariatric Surgery
  • Cardiac Surgery
  • Gastrointestinal Surgery
  • Urological Surgery

Minimally Invasive Surgery Market, by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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