MARKET OVERVIEW
In minimally invasive surgery, doctors use different operating procedures with less destruction to the body than with open surgery. In general, minimally invasive surgery is linked with less pain, fewer complications, and a shorter hospital stay. One of the types of minimally invasive surgery is robotic surgery. It delivers a magnified, 3D view of the surgical site and helps the surgeon control with accuracy, control, and flexibility. Continual inventions in minimally invasive surgery make it beneficial for people with a wide spread of conditions.
The “Global Minimally Invasive Surgery Market Analysis to 2028” is a specialized and in-depth study of the medical devices industry with a special focus on global market trend analysis. The report aims to provide an overview of the minimally invasive surgery market with detailed market segmentation by product, type of surgery, end-user, and geography. The report provides key statistics on the market status of the leading minimally invasive surgery market players and offers key trends and opportunities in the market.
MARKET DRIVERS
Factors driving the minimally invasive surgery market growth are improvements of minimally invasive surgery over open surgical procedures, improving the prevalence of lifestyle-related and chronic disorders, and the accessibility of innovative minimally invasive surgery devices. However, the need for more expert specialists and modifying the regulatory landscape in the medical device industry are the factors restraining the minimally invasive surgery market growth.
The accessibility of innovative minimally invasive surgery devices is raising the market growth, according to the National Library of Medicine, introducing new technologies or techniques starts a change in how things are done. Since the beginning of the 1980s, however, there have been continuous innovations to improve MIS, and its concepts are staying the same. Technological innovations in surgical instruments, e.g., instrument and suture or MIS-associated technology such as robotic visual guidance systems for Lasixoscopic Single Incisioning surgery, are also part of this category. The accessibility of innovative minimally invasive surgery devices has revolutionized surgical procedures by offering several advantages over traditional open surgeries, including smaller incisions, reduced trauma to the patient, faster recovery times, and lower post-operative complications. This increased accessibility of these devices has contributed to the widespread adoption of minimally invasive techniques across various surgical specialties. Thus, the accessibility of innovative minimally invasive surgery devices fueling the growth of the minimally invasive surgery market.
GLOBAL SEGMENTAL ANALYSIS
The global minimally invasive surgery market is segmented based on product into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, and other instruments. Further, handheld instruments are segmented as graspers, retractors/elevators, suturing instruments, dilators, and other handheld instruments. Further, inflation devices are segmented as balloons and balloons inflation devices. Further, surgical scopes are segmented as laparoscopes, urology endoscopes, arthroscopes, neuroendoscopes, and other surgical scopes. Further, cutting instruments are segmented as trocars and other cutting instruments. Further, guiding devices are segmented as guiding catheters and guidewires. Further, electrosurgical & electrocautery Instruments are segmented as electrosurgical instruments and electrocautery devices. Based on type of surgery, the market is segmented into cardiothoracic surgery, gastrointestinal surgery, orthopedic surgery, gynecological surgery, cosmetic & bariatric surgery, urological surgery, and other surgeries. The market is segmented into hospitals, specialty clinics, and ambulatory surgery centers based on end-user.
Based on the type of surgery, the orthopedic surgery segment dominated the global minimally invasive surgery market share. The orthopedic application segment dominated the market, with a revenue share exceeding 23.6% in 2021. In orthopedic MIS procedures, no muscles need to be cut or separated from the bone. Consequently, patients' satisfaction has improved, and the healing process is more rapid with this approach. In the case of hip or knee substitute surgery, MIS is most used. Surgical procedures which minimize the time to operate, as well as post-operative complications and shorten hospital stays, are sought by hospitals and surgeons. On the other hand, pats are looking for surgical procedures that reduce trauma and speed up recovery. Thus, the orthopedic surgery segment drives the minimally invasive surgery market growth.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides minimally invasive surgery market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & central America. The minimally invasive surgery market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The minimally invasive surgery market report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The minimally invasive surgery market report also provides an exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the minimally invasive surgery market in these regions.
In 2021, North America accounted for a revenue share of 44,8 % in the Regional MS market owing to an excessive incidence of accidental injury and a growing elderly population. The Organization for Economic Co-operation and Development (OECD) report found that per capita health expenditure in the United States is significantly higher than all other countries of the world. Moreover, patients in the U.S. are allowed to choose treatment methods as well as health care providers. In North America, it is likely to have a favorable impact on the managed information systems market. In contrast, from 2022 to 2030, Asia Pacific is anticipated to grow at the highest pace of all regional markets.
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The report covers key developments in the minimally invasive surgery market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market payers from the Minimally Invasive Surgery market are anticipated to have lucrative growth opportunities in the future with the rising demand for minimally invasive surgery in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the minimally invasive surgery market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Abbott Laboratories
- B.Braun Melsungen
- AG, Becton, Dickinson and Company
- Boston Scientific Corporation
- CONMED Corporation
- Johnson&Johnson Services, Inc.
- Medtronic plc,
- Smith&Nephew plc,
- Stryker Corporation
- Zimmer Biomet
Recent Developments
- In May 2023, Stryker Corporation announced today that surgeons began early product surveillance cases for its Q Guidance system with cranial guidance software. This technology provides surgeons with image planning and an intraoperative guidance system to support cranial surgery. Its uses include intraoperative guidance, where a reference to a rigid anatomical structure can be identified. The system tracks navigation tools in inpatient imaging and displays their position and orientation.
- In Oct 2022, Medtronic plc a global healthcare technology leader, has announced three significant global market-entrance and indication expansion approvals for its Hugo robotic-assisted surgery (RAS) system.
- In April 2021, Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal health and one of America's most respected healthcare providers, announced The FDA 510k clearance of the ROSA Partial Knee System for robotic-assisted partial knee replacement surgery. The ROSA Partial Knee System is the newest addition to ROSA Robotics, Zimmer Biomet's multiple-application robotics platform, which includes the ROSA Knee System for total knee replacement surgery and ROSA ONE for neurosurgical and spine procedures.
The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The List of Companies
1. Abbott Laboratories
2. B.Braun Melsungen
3. AG, Becton, Dickinson and Company
4. Boston Scientific Corporation
5. CONMED Corporation
6. Johnson&Johnson Services, Inc.
7. Medtronic plc,
8. Smith&Nephew plc,
9. Stryker Corporation
10. Zimmer Biomet
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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