PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420382
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420382
The global minimally invasive surgical instruments market is experiencing robust growth, driven by factors such as the rising geriatric population, increased demand for surgeries among this demographic, and the numerous advantages of minimally invasive procedures over traditional surgeries. This trend is further fueled by technological innovations and the growing popularity of medical tourism in developing countries. However, concerns about surgical quality and improper sterilization procedures are challenging the market's growth.
According to Fairfield Market Research, the global minimally invasive surgical instruments market is projected to reach approximately US$ 37.15 billion by 2031, with a promising Compound Annual Growth Rate (CAGR) during the assessment period.
North America Market Dominance
The North American region is poised to dominate the global minimally invasive surgical instruments market in terms of value, with a sustained growth trend projected throughout the assessment period. The North American market is considered the most attractive, displaying a robust CAGR.
Handheld Instruments Segment Flourishes
The handheld instruments segment is forecasted to achieve a value of around US$ 5.6 billion in 2024, signifying a strong CAGR between 2024 and 2031. This segment is expected to account for over one-fourth of the total revenue share within the product type segment by the end of 2024, with further gains in market share anticipated by 2031.
Hospitals Drive Market Growth
Hospitals are set to play a significant role in the growth of the minimally invasive surgical instruments market, exhibiting a CAGR of more than 7% during the assessment period, with a projected figure of about US$ 14 billion in 2024. This end-user segment is estimated to account for nearly three-fourths of the total revenue share within its category by the end of 2024, and it is expected to gain further market share by 2031.
Key Players in the Industry
Prominent companies contributing to the expansion of the global minimally invasive surgical instruments market through 2024 include Medtronic Plc., Aesculap, Inc., B. Braun Melsungen AG, Stryker Corporation, Smith & Nephew Plc., Abbott Laboratories Inc., Boston Scientific Corporation, CONMED Corporation, Microline Surgical, Inc., and Zimmer Biomet Holdings, Inc.
The global minimally invasive surgical instruments market continues to demonstrate substantial growth potential, driven by advancements in technology and the increasing adoption of these procedures worldwide. While challenges persist, the industry's commitment to innovation and quality assurance ensures a promising future.
Market Segmentation
Product Type
End User
Application
Region