The Global Minimally Invasive Surgery Market Analysis | Coherent Market Insights

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2. MINIMALLY INVASIVE SURGERY MARKET ANALYSIS Minimally Invasive Surgery Market,ByDevice Type (Surgical Devices (Ablation Devices, Electrosurgical Devices, Medical Robotic Systems), Monitoring & Visualization Devices, Endoscopy Devices), By Surgery (Orthopedic Surgery, Cosmetic Surgery, Breast Surgery, Vascular Surgery, Thoracic Surgery, Gynecological Surgery, Bariatric Surgery, Cardiac Surgery, Gastrointestinal Surgery, Urological Surgery), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. The global minimally invasive surgery market is estimated to account for US$ 113,866.8 Mn in terms of value by the end of 2027. Drivers • Increasing prevalence of chronic disorders is expected to propel growth of the global minimally invasive surgery market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. • Moreover, increase geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

4. Figure 1:Global Minimally Invasive Surgery Market Share (%) Value, By Region, 2019

5. Market Restraints • Lack of reimbursement is expected to hinder growth of the market. Currently, a small number of minimally invasive surgeries such as cryosurgery of prostate cancer are reimbursed by various governments. Various minimally invasive surgeries such as cardiovascular, gynecological, cosmetic and urological surgeries are not reimbursed by private and government insurance players in various nations. Lack of reimbursement for these surgeries may hamper growth of the market. • Moreover, high cost of minimally invasive surgeries is also expected to limit growth of the market. For instance, the purchase and installation cost of the da Vinci system ranges between US$ 1.5 million to US$ 2.5 million and the procedure cost ranges between US$ 3,000 to US$ 8,000. Similarly, the price of an endoscope ranges between US$ 30,000 to US$ 40,000 and the procedure cost for the same ranges between US$ 2,000 to US$ 3,000.

7. Market Opportunities • Increasing public hospital expenditure is expected to offer lucrative growth opportunities for players in the global minimally invasive surgery market. For instance, in August 2019, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, public hospital expenditure increased by 3.3% between 2016-2017 and 2017-2018. • Moreover, R&D in polymeric microarray patches is also expected to aid in growth of the market. For instance, in May 2020, researchers from Medical Biology Center, U.K., reported comparing the performance of hydrogel-forming microarray patches cast using novel industrially manufactured micromoulds with a high needle density to that of microarray patches obtained using conventional moulds with a lower density.

8. Market Trends/Key Takeaways • The market is witnessing increasing M&A activities. For instance, in September 2019, Integra LifeSciences Holdings Corporation acquired Rebound Therapeutics, a developer of single-use medical devices that enable minimally invasive access in neurosurgery. • Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in November 2018, Medtronic plc received CE Mark approval for the Valiant Navion thoracic stent graft system for the minimally invasive repair of blunt traumatic aortic injuries, penetrating atherosclerotic ulcers, and others.

9. Competitive Section Major players operating in the global minimally invasive surgery market include, Abbott Laboratories, Inc., ArthroCare Corporation, Integer Holdings Corporation, Biomet, Inc., DePuy Synthes, Inc., GE Healthcare,  Given Imaging Ltd., Intuitive Surgical, Inc., Medtronic, plc., NuVasive, Inc., Philips Healthcare, InMode Ltd., Titan Medical Inc., Fractyl Inc., and Biom’up SA.

10. Key Developments • Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in June 2020, Titan Medical Inc. entered into a development and license agreement with Medtronic plc for R&D in robotic assisted surgical technologies. • Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in October 2019, InMode Ltd. received Health Canada Certification for AccuTite, a minimally invasive technology that delivers RF heating.

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