Technological advancements in robotics, image guidance systems, and equipment such as laparoscopic instruments and sutures continue to enhance the benefits of minimally invasive surgery (MIS) techniques. The adoption of laparoscopic techniques, particularly in general surgery, has been one of the key drivers of the growth in the MIS market. The surge in laparoscopic procedures performed globally over the past few decades has generated massive revenues for the market players. Medtech companies have also earned significant revenues from the sales of surgical equipment made of innovative materials, such as in handheld equipment. Moreover, a rise in the number of MIS procedures in cardiology, particularly for transcatheter aortic valve replacement (TAVR), has offered growth opportunities for the key players in the MIS market. The growing adoption of robot-assisted surgeries in multiple specialties has allowed companies to increase their share in the minimally invasive surgery market. The global MIS market is projected to surpass USD 325 billion by 2031, driven by growing patient awareness of the advantages of MIS over open surgeries, continuous innovation in surgical robots, and constant advancements in other MIS-associated technologies during the 2022-2031 forecast period.
These are the latest findings of Transparency Market Research (Albany, NY, USA), a global market intelligence company.
Continuous innovation in robotic surgery systems has contributed significantly to the growth of the MIS market. Increasing adoption of and preference for robotics-assisted surgical systems, particularly in complex surgeries, has driven the revenue growth of the market players. Over the past few years, there has been rapid commercialization of surgical robots in the MIS market due to their adoption in the fields of orthopedic and neurology. There has been increased preference for MIS among surgeons as well as patients in orthopedic procedures over the past few decades. The demand for MIS for orthopedic procedures, including knee replacement, continues to grow, thereby expanding the MIS market.
The adoption of cutting-edge 3D visualization technology and innovations in surgical instruments and sutures has opened up huge growth opportunities for the players in the MIS market. Medtech and healthcare IT companies have been increasing their R&D activities and investments in surgical instruments to capitalize on the growth in the MIS market. Growing awareness among the elderly population about the benefits of MIS such as short hospital stay and rapid post-surgery recovery is propelling the demand in the MIS market. Moreover, increased access to medical reimbursements for chronic diseases is contributing to the demand for MIS in hospitals.
Additionally, the remarkable pace of adoption of laparoscopic procedures in various specialties is driving constant advancements in MIS-associated technologies. As the application of laparoscopic instruments continues to grow in the near future, growing awareness of the advantages of surgical robots over conventional laparoscopy, and new-age instruments in the MIS market, such as the highly popular single-incision laparoscopic surgery, are likely to open up new opportunities for the market players.
Geographically, Europe held a substantial share of the global MIS market in 2020 mainly due to a rise in the region’s elderly population and is anticipated to hold a significant share of the global MIS market during the forecast period. Latin America is expected to emerge as an extremely lucrative MIS market and register a high CAGR during 2022-2031, as the high prevalence of chronic illness in the region will propel the demand for MIS.
Transparency Market Research