CHICAGO, June 20,
2024 /PRNewswire/ -- The minimally invasive surgical
instruments market is projected to grow from USD 31.7 Billion in 2024 to USD 49.9 Billion by 2029, achieving a compound
annual growth rate (CAGR) of 9.5%. This expansion is fueled by
increasing global surgical procedure volumes, the advantages of
minimally invasive techniques compared to traditional surgery, and
the growing adoption of advanced robotics in outpatient settings.
However, challenges such as evolving regulatory environments and
substantial capital investments present significant hurdles to
market expansion. Major industry players including Medtronic PLC,
Johnson & Johnson, and Intuitive Surgical maintain dominance
through expansive global distribution networks and substantial
investments in research and development, solidifying their
leadership positions in the sector.
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Instruments Market"
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The June 2024 edition of the
minimally invasive surgical instruments market report introduces
significant enhancements and updates to provide a comprehensive
view of the market:
- Recession Impact Analysis: The latest edition includes
an assessment of the recession's impact on the market overview
section of minimally invasive surgical instruments.
- Market Scope Changes: The May
2024 report expands coverage by providing market size and
forecasts for specific regions and countries. Latin America now includes separate data for
Brazil, Mexico, and the Rest of Latin America, while the report also covers
the GCC Countries. Additionally, the segmentation by method now
distinguishes between robotic and non-robotic methods, with robotic
instruments detailed as a subsegment.
- Enhanced Financial Representation: Financial information
for each listed company is graphically represented in a single
diagram, facilitating easier analysis of their current financial
status, profitability, primary revenue-generating
regions/countries, and business segment focus (highlighting the
most profitable segment), extending up to 2023.
- Recent Market Developments: The latest report covers
updated market trends and growth strategies through recent
developments such as product launches, approvals, acquisitions,
agreements, and expansions.
- Updated Product Portfolio: The report features an
up-to-date product portfolio overview for the profiled
companies.
- Competitive Landscape: The competitive landscape section
now includes the market evaluation matrix for 2023, updated
competitive leadership mapping, and trends. It introduces a vendor
dive matrix that offers an extensive study of key vendors,
including competitive leadership mapping for start-ups and
SMEs.
These enhancements in the June
2024 edition aim to deliver deeper insights and a more
comprehensive understanding of the minimally invasive surgical
instruments market, aiding stakeholders in strategic
decision-making and market evaluation.
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Product Segment Dominance in 2023: Handheld Instruments Lead
Minimally Invasive Surgical Instruments Market
By product, the minimally invasive surgical instruments market
includes handheld instruments, inflation devices, surgical scopes,
cutting instruments, guiding devices, electrosurgical &
electrocautery instruments, robotic instruments, and others. In
2023, handheld instruments held the majority share, driven by
increasing surgical volumes, affordability, and technological
advancements.
Technology Trends: Non-Robotic Surgery Leads, Robotic Surgery
Gains Traction
The market is segmented into non-robotic surgery and robotic
surgery. Non-robotic surgery dominated in 2023 due to lower risks
and costs. However, robotic surgery is expected to grow faster,
driven by increasing adoption of minimally invasive surgical (MIS)
procedures.
Surgery Type Dynamics: Cardiothoracic Surgery Leads Market
Share
Segmented by type of surgery into cardiothoracic,
gastrointestinal, orthopedic, gynecological, cosmetic &
bariatric, urological, and other surgeries, cardiothoracic surgery
held the largest share in 2023. This segment's growth is fueled by
rising cardiac ailments and increased use of MIS instruments.
End-User Insights: Hospitals and Specialty Clinics Drive
Market
The market is segmented into hospitals & specialty clinics
and ambulatory surgery centers. In 2023, hospitals & specialty
clinics held the larger share due to high volumes of MIS procedures
and skilled healthcare professionals.
Regional Market Overview: North America Leads Minimally
Invasive Surgical Instruments Market
The market spans North America,
Europe, Asia Pacific, Latin
America, Middle East &
Africa, and GCC Countries.
North America led in 2023, driven
by high chronic disease rates, healthcare spending, and advanced
infrastructure in the US and Canada.
Recent developments in the industry include:
- Intuitive obtained FDA clearance for the da Vinci 5, its
fifth-generation robotic system, in May
2024.
- Boston Scientific Corporation initiated an acquisition
agreement with Axonics, Inc. in January
2024, aiming to expand into sacral neuromodulation and
increase patient access to care.
- Medtronic received FDA approval for its Symplicity Spyral renal
denervation (RDN) system in November
2023, targeting hypertension treatment.
- Johnson & Johnson MedTech achieved regulatory approval in
China for its MONARCH Platform and
MONARCH Bronchoscope in November
2023.
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Related Reports:
Surgical Sutures Market
Surgical Procedures Market
Spinal Implants Market
Surgical Robots Market
Surgical Instrument Tracking System Market
Get access to the latest updates on Minimally Invasive
Surgical Instruments Companies and Minimally Invasive
Surgical Instruments Market Size
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