Minimally Invasive Surgical (Mis) Device Market was Estimated at USD 44787.25 Million, and its anticipated to Reach USD 52920.74 Million in 2031, with a CAGR of 5.72% During the Forecast Years.
Minimally Invasive Surgical (MIS) Device Market Overview
COVID-19 Impact
Market Recovery After COVID-19
Latest Trends
Driving Factors
RESTRAINING FACTORS
- High Cost of MIS Devices: Minimally invasive surgical devices are often more expensive than traditional open surgical instruments. The cost of MIS devices can be a significant barrier for healthcare providers, particularly in regions with limited financial resources.
- Steep Learning Curve: Minimally invasive surgery requires specialized skills and training for surgeons and healthcare professionals. The learning curve associated with MIS procedures can be steep, which may limit the adoption of these techniques.
- Potential Complications: While MIS procedures are generally less invasive than open surgery, they may still carry certain risks and potential complications. Surgeons need to be adequately trained and experienced to minimize these risks and ensure patient safety.
- Limited Reimbursement: Reimbursement policies for MIS procedures may vary across different healthcare systems. In some cases, reimbursement rates for MIS may be lower than those for traditional open surgery, which can discourage healthcare providers from adopting MIS techniques.
- Concerns About Long-Term Outcomes: While MIS procedures are often associated with shorter recovery times and reduced postoperative pain, there may be concerns about the long-term outcomes of MIS compared to traditional open surgery. More research and data are needed to address these concerns and build confidence among surgeons and patients.
- Technological Limitations: The development of MIS devices is constantly evolving, and there may be limitations in the current technologies. Some MIS procedures may require specialized equipment or devices that may not be widely available or affordable for all healthcare providers.
MARKET OPPORTUNITIES
- Increasing Demand for Minimally Invasive Procedures: The demand for minimally invasive surgical procedures is growing due to the numerous benefits they offer, such as reduced pain, shorter recovery times, and improved cosmetic outcomes. This trend is likely to continue, further propelling the growth of the MIS device market.
- Technological Advancements: Advancements in technology are leading to the development of new and improved MIS devices. These innovations can enhance the precision, safety, and efficacy of MIS procedures, making them even more attractive to surgeons and patients.
- Expanding Applications: The applications of MIS are expanding beyond traditional surgical fields into new specialties. For example, MIS techniques are increasingly used in cardiology, urology, and orthopedics. This expansion creates new opportunities for growth in the MIS device market.
- Rising Healthcare Expenditure: The global healthcare expenditure is increasing, driven by factors such as population growth, aging populations, and rising healthcare costs. This trend is expected to continue, providing a favorable environment for the growth of the MIS device market.
- Government Initiatives: Governments worldwide are taking initiatives to promote the adoption of minimally invasive surgical techniques. These initiatives include funding research, providing training programs for surgeons, and implementing policies that encourage the use of MIS procedures.
Minimally Invasive Surgical (MIS) Device MARKET SEGMENTATION
- Laparoscopic Instruments
- Endoscopic Instruments
- Robotic Surgical Systems
- Other MIS Devices
- General Surgery
- Gynecology
- Urology
- Orthopedics
- Cardiology
- Other Applications
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Other End-Users
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Minimally Invasive Surgical (MIS) Device MARKET REGIONAL INSIGHTS
- North America is the largest market for MIS devices due to the high prevalence of chronic diseases, advanced healthcare infrastructure, and favorable reimbursement policies.
- Europe is another significant market for MIS devices, with strong demand from countries such as Germany, France, and the United Kingdom.
- Asia-Pacific is expected to witness the fastest growth in the MIS device market due to rising healthcare expenditure, increasing awareness of minimally invasive procedures, and expanding healthcare infrastructure.
- Latin America and the Middle East and Africa are emerging markets for MIS devices, with increasing adoption rates driven by government initiatives and growing healthcare investments.
MARKET PROJECTION
Companies
- Headquarters: Santa Clara, California, United States
- Revenue: $10.2 million (2022)
- Headquarters: Menlo Park, California, United States
- Revenue: $5.6 million (2022)
- Headquarters: Cincinnati, Ohio, United States
- Revenue: $10.3 billion (2022)
- Headquarters: Delft, Netherlands
- Revenue: Not available
- Headquarters: London, United Kingdom
- Revenue: Not available
- Headquarters: Ness Ziona, Israel
- Revenue: Not available
- Headquarters: Amsterdam, Netherlands
- Revenue: Not available
- Headquarters: San Diego, California, United States
- Revenue: Not available
- Headquarters: Boston, Massachusetts, United States
- Revenue: Not available
- Headquarters: Carlsbad, California, United States
- Revenue: Not available
Recent Developments
- In March 2023, DistalMotion secured $6 million in seed funding to advance its MIS robotic platform for peripheral vascular interventions.
- In April 2023, BriteSeed raised $3.8 million in seed funding to accelerate the development of its intraoperative imaging platform for MIS procedures.
- In May 2023, Ethicon Endo-Surgery launched its next-generation Harmonic ACE+7 Shears, designed to enhance precision and efficiency in MIS surgeries.
- In June 2023, Delft University of Technology unveiled a novel robotic MIS platform capable of performing complex tasks with improved accuracy and dexterity.
- In July 2023, Human Extensions LTD announced the commercial availability of its groundbreaking MIS robotic system for minimally invasive spine surgery.
Report Coverage
New Products
Report Scope
Report Coverage | Report Details |
---|---|
Top Companies Mentioned |
DistalMotion Company, BriteSeed Company, Ethicon Endo-Surgery, Inc. Company, Delft University of Technology Company, Human Extensions LTD Company, ES Vascular Ltd. Company, Fortimedix B.V. Company, VenX Medical LLC Company, FlexDex Company, Actuated Medical, Inc. Company |
By Applications Covered |
Cardiothoracic Surgery, Cosmetic Surgery / Bariatric Surgery, Gastrointestinal Surgery, Orthopedic Surgery, Gynecological Surgery, Vascular Surgery, Urological Surgery, Others |
By Type Covered |
Handheld Instruments, Electrosurgical Instruments, Guiding Devices, Inflation Systems |
No. of Pages Covered |
119 |
Forecast Period Covered |
2023 to 2031 |
Growth Rate Covered |
CAGR of 5.72% during the forecast period |
Value Projection Covered |
USD 52920.74 million by 2031 |
Historical Data Available for |
2017 to 2022 |
Region Covered |
North America, Europe, Asia-Pacific, South America, Middle East, Africa |
Countries Covered |
U.S. ,Canada, Germany,U.K.,France, Japan , China , India, GCC, South Africa , Brazil |
Market Analysis |
It assesses Minimally Invasive Surgical (Mis) Device Market size, segmentation, competition, and growth opportunities. Through data collection and analysis, it provides valuable insights into customer preferences and demands, allowing businesses to make informed decisions |
Reasons to Purchase the Minimally Invasive Surgical (Mis) Device Market Report:
-
Market Insights and Trends:
Market reports provide valuable insights into the current state of the market, including trends, growth drivers, and challenges. Understanding these trends can help you anticipate market changes and stay ahead of the competition.
-
Industry Analysis:
Market reports often include in-depth industry analysis, including market size, market share of key players, and market segmentation. This information is crucial for understanding the competitive landscape and identifying potential opportunities.
-
Customer Behavior and Preferences:
Market reports often include data on customer behavior, preferences, and buying patterns. This information can help you tailor your products or services to meet customer needs and improve customer satisfaction.
-
Competitive Intelligence:
By purchasing a market report, you gain access to valuable competitive intelligence. You can analyze the strategies of key market players, their strengths, weaknesses, and market positioning, which can guide your own business strategies.
-
Market Forecasts and Projections:
Market reports often include future market forecasts and projections. These predictions can help you make strategic decisions and plan for future growth.
-
Risk Assessment and Mitigation:
Understanding market risks is crucial for any business. Market reports can help you assess potential risks and develop mitigation strategies to safeguard your business interests.
-
Investment Decision Support:
If you are an investor, market reports can provide you with comprehensive information about the potential of a market or industry, helping you make well-informed investment decisions.
-
New Market Opportunities:
Market reports can uncover emerging market opportunities, niche segments, or untapped regions that may offer significant growth potential for your business.
-
Regulatory and Policy Analysis:
For businesses operating in regulated industries, market reports often provide insights into relevant policies and regulations that can impact your operations.
-
Strategic Planning:
Market reports serve as a valuable resource for strategic planning. They provide data-driven information that can guide your business decisions and help you set realistic goals.
-
Market Entry or Expansion:
If you are considering entering a new market or expanding your existing operations, a market report can offer valuable insights to assess the feasibility and potential success of such moves.
-
Decision-making Support:
Market reports provide objective, data-backed information that supports decision-making across various departments within a company, from marketing to product development and sales.