Minimally Invasive Surgery Equipment Market: Introduction
- Minimally invasive surgery is a procedure performed using a small incision or accessing body’s natural orifice to reduce trauma to patient. The aim of minimally invasive surgery is to reduce blood loss, lessen scarring, and fast recovery.
- Advantages over traditional surgery procedures such as shorter hospital stay and minimum tissue damage, and increase in the geriatric population with chronic diseases are the factors anticipated to boost the growth of the global minimally invasive surgery equipment market.
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Key Drivers and Opportunities of Global Minimally Invasive Surgery Equipment Market
- Changes in lifestyle, dietary habits, and reduced physical activity among the population leads to chronic diseases such as cardiovascular, urology, and cancer. Hence, rise in prevalence of chronic diseases is anticipated to drive the market.
- According to the World Health Organization, globally, the burden of chronic diseases increased rapidly in the last few decades. Chronic diseases accounted for an estimated 60% of 56.5 million deaths in 2001 and is expected to account for 57% by 2020.
- According to the World Health Organization, cardiovascular diseases account for around 17.9 million deaths across the globe each year. It also stated that cancer is the second most common cause of death and accounted for an estimated 9.6 million deaths in 2018.
- Moreover, inclination toward minimally invasive procedures is expected to fuel the growth of the global minimally invasive surgery equipment market. According to the American Society of Plastic Surgeons, over 17.7 million surgical and minimally invasive cosmetic procedures are performed each year in the U.S., with an estimated 15.9 million minimally invasive cosmetic procedures performed in 2018.
- Increase in awareness about minimally invasive procedures is likely boost the growth of the market. For instance, in November 2014, SAGES launched “Get Well Sooner” program in order to increase adoption of minimally invasive surgery among health care providers and to increase awareness about the benefits of MIS.
- Adoption and urbanization of lifestyle, increase in the geriatric population, and rise in awareness about technologically advanced procedures in developing regions create lucrative opportunities in the market. Lower cost of devices enables medical centers and rural hospitals to purchase these devices.
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North America to Capture Major Share of Global Minimally Invasive Surgery Equipment Market
- North America is projected to account for major share of the global market owing to early technology adoption and presence of key players. Moreover, rise in the burden of cardiovascular diseases is anticipated to drive the market in the region. According to the Journal of the American Medical Association, in 2016, cardiovascular diseases accounted for an estimated 900,000 deaths in the U.S.
- The minimally invasive surgery equipment market in Asia Pacific is expected to account for significant share of the global market during the forecast period. The market in the region is likely to grow at a rapid pace from 2019 to 2027. Increase in the burden of chronic diseases, surge in the geriatric population, and rise in awareness about technological advances are factors anticipated to propel the market in the region. According to PLOS One, in China, 23.9% of urban and 22.1% of rural residents had at least one chronic condition in 2013.
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Key Players Operating in Global Minimally Invasive Surgery Equipment Market
The global minimally invasive surgery equipment market is highly concentrated due to the presence of key players. A large number of manufacturers hold a major share in their respective regions. These players engage in the development of new products, merger & acquisition, and product launch and approval to strengthen the product portfolio and enhance position in respective markets. For instance, in September 2019, Integra LifeSciences acquired Rebound Therapeutics. This acquisition enabled the company to enhance the technological platform for minimally invasive surgery and expand the portfolio of neurosurgical products. In August 2017, Ethicon launched ProxiSure suturing device in the U.S. In June 2017, DePuy Synthes acquired Innovative Surgical Solutions, LLC. This acquisition enabled rapid innovation in minimally invasive spine surgery. In January 2016, CONMED Corporation acquired SurgiQuest, Inc. Leading players operating in the global minimally invasive surgery equipment market are:
- Ezisurg Medical Co., Ltd.
- Johnson & Johnson
- Olympus Corporation
- Zimmer Biomet Holdings, Inc.
- Becton Dickinson & Company
- Pentax Medical
- Smith & Nephew
- Precision Medical Products
- Braun Melsungen AG
- CONMED Corporation
- FUJIFILM Holdings America Corporation
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