Minimally invasive surgeries are intended to be performed with minimal incision made in the patient’s body and ensure quick recovery along with minimal duration of hospital stay. The benefits of minimally invasive robotic surgery can include, small incisions, less pain, low risk of infection, short hospital stay, quick recovery time, less scarring, and reduced blood loss.
The global Minimally Invasive Surgery Market is estimated to account for US$ 113,866.8 Mn in terms of value by the end of 2027.
Global Minimally Invasive Surgery Market: Drivers
R&D in minimally invasive approaches is expected to propel growth of the global minimally invasive surgery market over the forecast period. For instance, in December 2019, Misonix, Inc., a manufacturer of minimally invasive ultrasonic medical devices used for precise bone sculpting, removal of soft and hard tumors and tissue debridement, announced publication of two new large real-world studies proving the clinical effectiveness of its all human split thickness skin allograft TheraSkin for the treatment of complex wounds.
Global Minimally Invasive Surgery Market: Opportunities
Increasing funding for hospital services is expected to offer lucrative growth opportunities for players in the global minimally invasive surgery market. For instance, in August 2019, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on average in public hospitals and by 2.9% per year on average in private hospitals in Australia.
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Global Minimally Invasive Surgery Market: Restraints
Excise duty imposed on sale of medical devices in the U.S. is expected to hinder growth of the market. A medical device manufacturer is expected to pay an additional medical device excise tax (MDET) of 2.3% on the sale of medical devices in the U.S. market, under the Patient Protection and Affordable Care Act (PPACA) of the U.S. As a result of this, manufacturers and importers of medical devices are required to pay a certain amount on the sale of specific medical devices.
The global minimally invasive surgery market was valued at US$ 50,599.8 Mn in 2019 and is forecast to reach a value of US$ 113,866.8 Mn by 2027 at a CAGR of 10.7% between 2020 and 2027. Increasing demand for minimally invasive procedures for treatment of chronic disorders is expected to propel growth of the global minimally invasive surgery market over the forecast period.
Cardiac Surgery segment held dominant position in the global minimally invasive surgery market in 2019, accounting for 29.8% share in terms of value, followed by Gastrointestinal Surgery and Orthopedic Surgery, respectively. Increasing prevalence of cardiovascular disorders in developed and developing economies is expected to propel the market growth during the forecast period.
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Integer Holdings Corporation acquired Inomec, an Israel-based manufacturer of medical devices, including minimally invasive tools, delivery systems, metal implants, drug-device combination devices, and laser processing services.
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Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in October 2019, Biom’up SA received approval for its HEMOBLAST Bellows – a hemostatic product to control bleeding in a broad range of open and minimally invasive surgical procedures including laparoscopy for multiple specialties such as cardiac, general, and orthopedic surgery, from the Australian TGA regulatory authority.
Global Minimally Invasive Surgery Market: Competitive Landscape
Major players operating in the global minimally invasive surgery market include, Abbott Laboratories, Inc., ArthroCare Corporation, Integer Holdings Corporation, Biomet, Inc., DePuy Synthes, Inc., GE Healthcare, Given Imaging Ltd., Intuitive Surgical, Inc., Medtronic, plc., NuVasive, Inc., Philips Healthcare, InMode Ltd., Titan Medical Inc., Fractyl Inc., and Biom’up SA.
Global Minimally Invasive Surgery Market: Key Developments
June 2020: Fractyl Inc. received approval from the U.S. Food and Drug Administration of an Investigational Device Exemption to begin a pivotal study of Revita DMR, a same-day, outpatient endoscopic procedure that uses heat to resurface the lining of the upper intestine (duodenal mucosa) in a minimally invasive, outpatient procedure, in type 2 diabetes patients treated with insulin
October 2019: InMode Ltd. completed the establishment of two new subsidiaries in the Asia Pacific region - InMode India, located in Delhi, and InMode Australia, located in Sydney
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