Minimally Invasive Surgical Instruments Market: Opportunities, Challenges and Future Outlook
According to research report the global minimally invasive surgical instruments market is projected to reach USD 28.9 billion by 2026 from USD 20.2 billion in 2021, at a CAGR of 7.4% during the forecast period. Growth in this market is mainly driven by factors such as the increasing number of surgical procedures worldwide, the advantages of MIS over open surgical techniques, and the increasing adoption of advanced robotics in ASCs. However, the high degree of market consolidation among market players and the requirement of high capital investments are the major factors hampering the growth of this market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=682
Opportunities: Increasing adoption of advanced robotics in ASCs
Ambulatory surgery centers (ASCs) are freestanding facilities specializing in surgical, diagnostic, and preventive procedures that do not require hospital admission. The cost-effectiveness of ASCs provides significant savings for governments, third-party payers, and patients. A study conducted by Healthcare BlueBook (a provider of data for healthcare services) and HealthSmart (a provider of health plans for self‐funded employers) concluded that ASCs decreased the cost of outpatient surgery by USD 38 billion annually since these facilities offer a lower-cost site of care in comparison with hospital outpatient departments. Owing to this, ASCs, especially in the US, are increasingly acquiring advanced robotics to treat complex cases.
Challenges: Shortage of trained professionals
The minimally invasive surgical instruments market is highly consolidated. The top players— Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), and Boston Scientific Corporation (US)-in the MIS instruments market accounted for a combined majority market share in 2020. There is a high degree of competition among the market players. Only major companies can afford high-capital investments as well as the high cost of R&D and manufacturing. This will prevent new entrants from entering this market.
The key players in this market are Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), B. Braun Melsungen AG (Germany), CONMED Corporation (US), Smith & Nephew plc (UK), Zimmer Biomet Holdings, Inc. (US), Becton, Dickinson and Company (US), The Cooper Companies Inc. (US), HOYA Corporation (Japan), Surgical Innovations Group plc (UK), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Applied Medical Resources Corporation (US), KLS Martin Group (Germany), Scanlan International, Inc. (US), Wexler Surgical (US), STRAUSS SURGICAL (US), AMNOTEC International Medical GmbH (Germany), EndoMed Systems GmbH (Germany), TROKAMED GmbH (Germany), and Surgical Holdings (UK).
In 2020, Medtronic plc held the leading position in the minimally invasive surgical instruments market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in June 2019, the company acquired Titan Spine (Germany). This acquisition strengthened Medtronic’s position as a leading innovator in procedural solutions for spine surgery. Such developments will enable Medtronic to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the minimally invasive surgical instruments market.
Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=682
Asia Pacific is expected to be the fastest growing region during the forecast period.
The rising incidence of chronic diseases, the continuous increase in the number of hospitals and doctors and the increase in affordability, presence of a large patient pool undergoing surgical treatments, increasing medical tourism, and the favorable government policies are some of the major factors which are expected to fuel the growth of the regional market during the forecast period. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This has drawn key players in the minimally invasive surgical instruments market to focus on APAC countries.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com