Minimally Invasive Surgery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast upto 2019
PR-Inside.com: 2017-01-11 14:57:11
Minimally invasive surgery has emerged as a beneficial alternative to traditional open surgery. The minimal incision in the patient’s body during the course of surgery leads to faster recovery and shorter hospital stay. This has led both doctors and patients to prefer minimally invasive surgeries over open surgeries. In 2012, the global minimally invasive surgery market was worth US$25.03 billion and with the rising demand for minimally invasive surgeries, the market is expected to grow at a healthy CAGR of 10.5% from 2013 to 2019. By 2019, the overall market is expected to reach US$50.60 billion.
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Minimally invasive surgery has been an effective approach in removing cancerous tumors and lymph nodes without causing unnecessary tissue damage, scarring, and pain. It is also used to collect tissue for biopsy to determine the various stages of cancer and devise the best treatment plan accordingly. The rising number of new cancer cases will fuel the global minimally invasive surgery market. Increase in geriatric population across the globe is also expected to boost market growth as minimally invasive surgeries are preferred while operating on elderly patients, to reduce the discomfort. Increase in per capita health expenditure, along with technological advancements in the devices used for minimally invasive surgeries, will propel the overall market during the forecast period.
However, lack of medical reimbursement and the high cost involved in minimally invasive surgeries might restrain the growth of the global minimally invasive surgery market. Also, implementation of taxes such as medical device excise tax in the U.S. will also limit market growth during the forecast horizon. Increase in disposable income, coupled with a large target patient pool in emerging economies, will open new avenues for the global minimally invasive surgery market.
On the basis of the type of devices, the global minimally invasive surgery market has been segmented into surgical devices, endoscopy devices, and monitoring and visualization devices. The surgical devices segment dominated the market in 2012, with an array of devices such as electrosurgical devices, ablation devices, and medical robotic systems used in various surgical procedures. During the forecast period, the segment is expected to grow rapidly.
Depending upon the type of surgery, the global minimally invasive surgery market has been divided into orthopedic surgery, breast surgery, cosmetic surgery, thoracic surgery, vascular surgery, bariatric surgery, gynecological surgery, gastrointestinal surgery, urological surgery, and cardiac surgery. The cosmetic surgery segment is expected to witness increasing demand during the forecast period between 2013 and 2019 owing to growing awareness and safety of the procedures.
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The global minimally invasive surgery market has been categorized into four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America led demand from the market in 2012, owing to the presence of key manufacturers and a large patient pool. However, by 2019, Asia Pacific is estimated to lead the global minimally invasive surgery market due to the growth of the medical tourism industry in countries such as India and Thailand.
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