Minimally Invasive Surgical Instruments Market - Industry Development, Demand Trends, Top Key Players Outlook, Competitor Analysis and Forecasts to 2023
Global minimally invasive surgical instruments market is forecasted to attain revenue of more than $50.0 billion by 2023, P&S Market Research.
Mainly led growing geriatric population, surge in prevalence of chronic diseases, increasing government healthcare expenditure, and growing demand for minimally invasive surgeries globally.
The minimally invasive surgical instruments market is classified into neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy, and others, on the basis of application. Laparoscopy held the largest share in the market during the entire analysis period and the category is expected to occupy a share of more than 20.0% by 2023, due to the rising prevalence of obesity and increasing use of laparoscopy for weight reduction (bariatric) surgeries.
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The Asia-Pacific (APAC) minimally invasive surgical instruments market is predicted to witness the fastest growth in demand, with a CAGR higher than 10% during the forecast period, owing to the increasing number of patients suffering from chronic diseases, rising geriatric population, increasing per capita income, and improving healthcare facilities in the region.
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According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above constituted approximately 11.4% of the population in 2013, and the count is estimated to increase by approximately 20% by 2050. With rising population there are also chances for the population to get subjected to diseases. Thus, these rising figures, with respect to the geriatric population, are an important factor leading to the increasing demand for minimally invasive surgical instruments in the region.
Some of the other major players operating in the minimally invasive surgical instruments market Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Medtronic plc, Smith & Nephew plc, Stryker Corporation, Zimmer Biomet Holdings Inc.
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