The global minimally invasive surgical (MIS) instruments market accounted for 18.2 billion in 2019 and is projected to register growth at a CAGR of 7.2% during forecast period.
COVID-19 has impacted the MIS instruments market. In order to control the transmission of corona virus, the government has imposed nationwide lockdown across major countries. This has decreased the demand for minimally invasive surgical instruments as the number of surgeries is decreasing around the world. The number of patients visit is decreasing in the hospitals and surgeries are getting delayed. The COVID-19 is likely to decrease growth in the MIS instruments market.
For more details, visit: Global Minimally Invasive Surgical Instruments Market By Product (Surgical Scopes, Cutting Instrument, Others), By Application (Aesthetic, Cardiovascular, Others), By End-Users (Hospitals, others), By Region, Forecast & Opportunities to 2026
The MIS instruments market is transforming due to rapidly increasing technological advancements in the field of orthopedic, cardiac, neurological and ophthalmic around the world. The higher technological advancement provides high quality instruments that allow surgeons to perform surgeries efficiently without sacrificing safety of patients. This increases adoption of MIS instruments and drives growth in MIS instruments market during forecast period.
On the basis of application, the MIS instruments market is segmented into aesthetic, cardiovascular, gastrointestinal, orthopedic, urological, gynecological and others. The gastrointestinal segment is estimated to be fastest growing segment during forecast period. The incidence of gastrointestinal diseases in geriatric, adult and young groups around the world is increasing. The gastroesophageal reflux disease is a prevalent form of the organic gastrointestinal disorder. The MIS is increasing due to safety and efficacy it provides over traditional methods. This increases the adoption of MIS instruments in gastrointestinal application and drives growth in gastrointestinal segment during forecast period.
On the basis of end-users, the MIS instruments market is segmented into hospitals and ambulatory surgery centers & clinics. The ambulatory surgery centers & clinics segment is estimated to witness fastest growth during forecast period. The ambulatory surgery centers & clinics offer surgeries to patients at lower cost and greater flexibility of scheduling as compared to hospitals. This increases growth in ambulatory surgery centers & clinics in MIS instruments market during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The population in this region is higher and the patient pool undergoing surgical treatments is higher in this region. The awareness about modern surgical techniques and instruments is increasing in this region. The geriatric population in countries such as Japan and China is increasing and the economic developments rising the demand for MIS procedures. This rising demand for MIS drives growth in MIS instruments market in Asia-Pacific region during forecast period.
The key market players in MIS instruments segment are Medtronic PLC, Johnson & Johnson, Stryker Corporation, Braun Melsungen AG, Conmed Corporation, Smith & Nephew Plc, Abbott Laboratories, Zimmer Biomet Holdings Inc., Boston Scientific Corporation, Becton, Dickson and Company, Hoya Corporation, The Cooper Companies Inc., Surgical Innovations Group, Applied Medical Resources Corporation and Omniguide Holdings Inc.
- What are the expected industry trends over the next three to five years?
- Which of the MIS product is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?