The minimally invasive surgery market is anticipated to witness growth over the forecast period. Minimally invasive surgery has evolved to be the gold standard for low risk and highly efficient surgical interventions. Minimally invasive surgeries are capturing more market share as compared to the conventional surgeries owing to the satisfaction of patients in terms of quick recovery and reduced post-operative pain. The market for minimally invasive surgeries is also augmented by benefits such as superior cosmetic results and faster recovery rates resulting in reduced length of hospitalization. The growth of the minimally invasive surgery market can also be attributed to technological advancements in fields of medical robotics and telemedicine.
Minimally invasive surgery market is segmented into device type and surgery type. Under the device type segment, surgical devices will witness lucrative growth during the forecast period. These devices are used for carrying out all the minimally invasive interventions and thus will grow in tune with the overall growth in the market. The endoscopy devices under the device type segment are expected to have a healthy growth rate owing to their extensive use by surgeons as the guide for the movement of surgical instruments, and also for locating the surgical site. With the advent of stereoscopic 3D endoscopy this, the segment is expected to be boosted further. Under the surgery type segment, cosmetic surgeries is expected to have largest the market share in revenue terms during the forecast period. The growing efficacy of people to have an aesthetically appealing body will drive this segment. The orthopedic surgery market will grow significantly during the forecast period as a consequence of the rising geriatric population base which is more prone towards orthopedic disorders.
Regionally, North America has the largest revenue share in the global market. Presence of large patient pool suffering from chronic disorders and the demand for technologically advanced products is the major factor attributing to the growth of this region. Asia Pacific will have a lucrative growth rate in the coming six years. The high unmet needs of people in this region and a rise in medical tourism to nations such as India and China will contribute to the growth of this region. Key manufacturers of the minimally invasive surgery market include Biomet Inc., Medtronic Inc., GE Healthcare, Intuitive Surgical Inc., and Stryker Corporation.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
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