Minimally Invasive Surgical Instruments Market to Cross $50 Billion by 2023: P&S Market Research

NEW YORK, March 27, 2018 -- According to P&S Market Research, Minimally invasive surgical instruments market is forecasted to attain revenue of more than $50.0 billion by 2023, mainly led by growing geriatric population, surge in prevalence of chronic diseases, increasing government healthcare expenditure, and growing demand for minimally invasive surgeries globally.

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On the basis of product type, the minimally invasive surgical instruments market has been categorized into handheld instruments, electrosurgical instruments, guiding devices, and inflation systems. Handheld instruments held a share of more than 35.0% in 2016, since these instruments lead to decreased strain on fingers during operative procedures, further increasing its adoption amongst surgeons globally.

The minimally invasive surgical instruments market is classified into neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy, and others, on the basis of application. Laparoscopy held the largest share in the market during the entire analysis period and the category is expected to occupy a share of more than 20.0% by 2023, due to the rising prevalence of obesity and increasing use of laparoscopy for weight reduction (bariatric) surgeries.

The Asia-Pacific (APAC) minimally invasive surgical instruments market is predicted to witness the fastest growth in demand, with a CAGR higher than 10% during the forecast period, owing to the increasing number of patients suffering from chronic diseases, rising geriatric population, increasing per capita income, and improving healthcare facilities in the region.

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Globally, key players in the minimally invasive surgical instruments industry are acquiring other firms to gain a larger market share. For instance, in June 2017, Johnson & Johnson acquired Actelion Pharmaceuticals Ltd. (Actelion). Actelion manufactures the surgical devices. Moreover, in January 2017, the company acquired Abbott Medical Optics (AMO), a subsidiary of Abbott Laboratories. The acquisition includes ophthalmic products in three areas of patient care: cataract surgery, laser refractive surgery, and consumer eye health. These product lines joined the world- leading ACUVUE Brand Contact Lenses business, and the combined organization will operate with the name Johnson & Johnson Vision.

Some of the other major players operating in the minimally invasive surgical instruments market Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Medtronic plc, Smith & Nephew plc, Stryker Corporation, Zimmer Biomet Holdings Inc.

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