PUBLISHER: Orion Market Research | PRODUCT CODE: 1078128
PUBLISHER: Orion Market Research | PRODUCT CODE: 1078128
Global Minimally Invasive Surgical Instruments Market Size, Share & Trends Analysis Report By Product (Inflation Systems, Cutter Instruments, Guiding Devices, Handheld Instruments, Stents, Sutures, And Robotic Assisted Surgical Systems), By Technology (Endoscopy, Laparoscopy, Robot-Assisted Methods, Arthroscopic Techniques, and Ablative Methods) and by Applications (Cardiac Surgery, Colorectal Surgery, Dermatological Surgery, Ent Surgery, Gastrointestinal Surgery, Gynecologic Surgery, Lung & Respiratory Care, Neurosurgery, Ophthalmology, Orthopedics) Forecast Period (2022-2028)
The global MIS instrument market is anticipated to grow at a substantial CAGR of 8% during the forecast period. The increasing technological advancement in the field of surgery such as robotic surgery among others and other benefits offered by the MIS instruments technologies in comparison with conventional surgery methods are anticipated to be the major factors that are propelling the market growth. For instance, in October 2020, Intuitive launched Intuitive Ventures, an inaugural $100 million fund to Accelerate the Future of Minimally Invasive Care. The new technology ventures are focused on investment opportunities in digital tools, precision diagnostics, and focal therapeutics and platform technologies.
The MIS instruments are segmented on the basis of product, technology, and application. Based on product, the market is fragmented into inflation systems, cutter instruments, guiding devices, handheld instruments, stents, sutures, and robotic-assisted surgical systems. On the basis of technology, the market is segmented into endoscopy, laparoscopy, robot-assisted methods, arthroscopic techniques, and ablative methods. Furthermore, based on application, the market is sub-classified into cardiac surgery, colorectal surgery, dermatological surgery, Ent surgery, gastrointestinal surgery, gynecologic surgery, lung & respiratory care, neurosurgery, ophthalmology, and orthopedics. Among the product segment, the handheld instrument segment holds a prominent share owing as these instruments are used majorly and this reduces the amount of damage to extraneous tissues during the procedures. Moreover, with this patient's recovery is been speeded and it reduces discomfort and side effects rather than other surgical instruments this is single time used products.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is holding a prominent share in the market owing to growing awareness about MIS procedures and increasing adoption of minimally invasive devices. Moreover, the new and innovative technological advancements in several surgery devices and the presence of key players in the region are developing and launching new products and getting approval for them, which are factors that drive the market growth in the region. For instance, in April 2021, Olympus Corp., in collaboration with Veran Medical Technologies, Inc., launched the US bronchoscopy portfolio of the 510(k) H-SteriScope™ Single-Use Bronchoscopes for us in advanced diagnostic and therapeutic procedures. Additionally, the increasing prevalence of chronic diseases such as cardiovascular diseases, cancer, and neurological diseases are also propelling the market growth in the region.
The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Abbot, B Braun Melsungen AG, Boston Scientific Corp., Conmed Corp., Covidien Ltd., Johnson & Johnson Service Inc., Medtronic Plc, and many others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, Boston Scientific Corp. signed an agreement with Baring Private Equity Asia (BPEA) to acquire the business of Lumenis LTD. This acquisition is for the laser technology to expand the global kidney stone management portfolio, Laser lithotripsy for minimally-invasive surgery of kidney and urinary stones.
Research Methodology
The market study of the global MIS instrument market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
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The Report Covers
Category- Medical Device