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Minimally Invasive Surgery Market Expected to Reach $94.421 Billion by 2030

 
2022
Minimally Invasive Surgery Market

Report Code : A02253

quote Alarming rise in prevalence of chronic diseases, advancements in technology for development of diagnostic instruments, rise in government initiative for development of healthcare sectors, and surge in demand for minimal invasive surgical procedure are expected to notably contribute toward growth of the global minimally invasive surgery market during the forecast period. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, Minimally Invasive Surgery Market by Service Type, Condition, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global minimally invasive surgery market was valued at $60.643 billion in 2020, and is estimated to reach $94.421 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Minimally invasive surgery is defined as a surgical procedure in which instruments enter the body with minimum incision. Incision is done through various instruments on skin, a body cavity or a physical opening. There are various advantages of minimal invasive surgical procedure such as decrease in postoperative pain, decrease in bleeding, and decrease in inflammatory reaction to the surgical site.

Growth of the global minimally invasive surgery market is attributed to increase in number of surgical procedures, advancements in diagnostic instruments, and surge in demand for minimally invasive surgical procedure. In addition, rise in prevalence of chronic diseases such as cardiovascular disease, respiratory disease, kidney disease, heart disease, orthopedic, gastrointestinal, and urinalysis notably contributes toward growth of the global minimally invasive surgery market. According to the World Health Organization, in 2021, approximately 4.1 million individuals in the world were reported to be diagnosed with respiratory disease. According to the Journal of the Rheumatologist, in 2018, approximately 250 million individuals in the world were reported to be diagnosed with knee osteoarthritis. This increases need for minimally invasive surgical procedures and drive growth of the minimally invasive surgery market.

Minimally Invasive Surgery Market players are focused on development of advanced instruments for conducting minimal invasive surgery. For instance, in April 2021, Genesis MedTech, announced agreement with LivsMed, a medical device company, to launch laparoscopic technology and perform minimal invasive surgery and increase quality of life. Furthermore, in 2021, Medtronik, a world leader in serving science, launched novel robot-assisted surgery systems to perform minimally invasive surgical procedures.

Moreover, rise in disposable income and improvement in the healthcare sector are anticipated to drive growth of the minimally invasive surgery market. In addition, increase in demand for effective, fast, and accurate treatment has led to development of innovative technologies in the healthcare sector, which propels growth of the market.

Moreover, initiatives taken by governments for development of advanced diagnostic instruments and increase in number of hospitals and clinics to conduct surgical procedures are the key factors that boost growth of the minimally invasive surgery market. Furthermore, advancements in technology in the healthcare sector and surge in geriatric population, who are more vulnerable to chronic disease propel growth of the market. In addition, increase in demand for laparoscopy surgery and surge in awareness among individuals about advantages of minimally invasive surgery fuels the minimally invasive surgery market growth.

The global minimally invasive surgery market is segmented on the basis of service type, condition, end user, and region. On the basis of service type, the market is divided into laparoscopic surgery and robotic surgery. The laparoscopic surgery segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to advancements in technology in the healthcare sector, increase in demand for laparoscopic surgery, and rise in number of surgical procedures.

Depending on condition, the minimally invasive surgery market is classified into gastrointestinal conditions, spinal conditions, gynecologic conditions, and other conditions. The gynecologic conditions segment exhibited the highest growth in 2020, and this trend is expected to continue during the forecast period, owing to increase in incidence of gynecology disorder, rise in female population and stringent government regulations to develop advanced instruments. As per end user, the market is classified into hospitals & clinics and ambulatory surgical centers. The hospitals & clinics segment led the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of hospitals and initiatives taken by governments for development of healthcare infrastructure. 

Impact of COVID-19 Pandemic on Minimally Invasive Surgery Market-

The COVID-19 outbreak is anticipated to have a negative impact on growth of the global minimally invasive surgery services market. COVID-19 has presented some new challenges for surgeons, hospitals, and patients. Some hospitals and healthcare systems reduced non-emergency surgeries, including robotic-assisted procedures, endoscopies, laparoscopies as well as minimally invasive diagnostic procedures. Most non-essential surgeries were halted for unknown period.  For instance, according to the Journal of National Library of Medicine, in 2021, it was reported that a small survey was conducted in July 2020 to August 2020, among the minimal invasive surgery surgeons by online questionnaire form, in India. It was observed that only half of surgeons are using intraoperative modification in minimal invasive surgery to mitigate the COVID-19 transmission. This has significantly contributed toward decline of the global minimally invasive surgery market.

Key Findings Of The Study

  • By service type, the laparoscopic surgery segment was the highest contributor to the market in 2020.
  • Depending on condition, the gynecologic conditions segment was the highest contributor to the market in 2020.
  • As per end user, the hospital and clinic segment was the highest contributor to the market in 2020.
  • Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global minimally invasive surgery market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, development of the healthcare sector, and advancements in technology for diagnostic instruments in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of surgical procedures, rise in demand for minimally invasive surgery, improvement in healthcare infrastructure, and technological advancements in minimal invasive surgical instruments.

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quote Minimally Invasive Surgery Market by Service Type (Laparoscopic Surgery and Robotic Surgery), Condition (Gastrointestinal Conditions, Spinal Conditions, Gynecologic Conditions, and Other Conditions), and End User (Hospitals & Clinics and Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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