The minimally-invasive surgery devices market was valued at USD 27,053. 23 million in 2020, and it is expected to reach USD 39,556. 62 million by 2026, registering a CAGR of 6. 88% during the forecast period.
New York, July 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Minimally-invasive Surgery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06101204/?utm_source=GNW
The Pandemic has had ramifications for ways of working, of various surgical procedures including minimally invasive procedures. Due to the lockdown, a delay in diagnosis and treatments are being observed in patients with various lifestyle and chronic diseases as a result of reduction in hospital visits. In August 2020, research was published in the SAGE Public Health Emergency Collection. The researchers studied the overall impact of the COVID-19 pandemic on interventional radiology services in Canada. The study found out that there was a 49.3% overall decrease in demand for acute interventional radiology services across Canada. 88% of the respondents in the study also reported an overall decrease in elective interventional radiology services during the pandemic. This data clearly indicates that minimally invasive surgical procedures are declining owing to the current pandemic scenario which is going to affect the procurement of minimally invasive surgical procedure devices.
The major factors for the growth of the minimally invasive surgery devices market include the higher acceptance rate of minimally-invasive surgeries over traditional surgeries, increasing prevalence of lifestyle-related and chronic disorders, and technological advancements.
According to the World Health Organization (WHO), 2021 fact sheet, Noncommunicable diseases (NCDs), also known as chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years; 85% of these "premature" deaths occur in low- and middle-income countries. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million).
Few organizations, such as the American Association of Gynecologic Laparoscopists (AAGL) and the International Society of Gynecologic Endoscopy (ISGE), are collaborating with healthcare agencies in South Africa, to create awareness about the benefits of MIS and improve the adoption rate, which may boost the market in the coming years.
In addition, the increasing geriatric population across the globe is one of the major factors attributing to the growth of the market globally for instance, according to the World Ageing 2019 report, in 2019, there were around 703 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally.
New product launches based on emerging technologies, collaboration, mergers and acquisitions, and regional expansion are the key strategic initiatives undertaken by the industry players. Thus, due to the development of innovative solutions, the market studied is expected to experience stable growth. For instance, in April 2021, Olympus Corporation in collaboration with Veran Medical Technologies, Inc., launched the U.S. bronchoscopy portfolio of the 510(k)-cleared H-SteriScope Single-Use Bronchoscopes, a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures. Hence, the increasing technological advancements and novel product launches by the players coupled with the growing adoption of minimally invasive procedures are expected to drive the growth of the market
Key Market Trends
Gastrointestinal Segment is Expected to be the Fastest Growing Segment over the Forecast Period.
The gastrointestinal segment is expected to be registed rapid growth, owing to the rising incidence of gastrointestinal diseases in the young, adult, and geriatric groups, worldwide. Dyspepsia, irritable bowel syndrome, and constipation are some of the examples of gastrointestinal disorders. A gastroesophageal reflux disease is also a prevalent form of organic gastrointestinal disorder. Minimally-invasive surgery has gained popularity for benign diseases and has proved its safety and efficacy over traditional methods, owing to which, it has gained substantial attention in the past several years. According to the data published by the Centers for Disease Control and Prevention (CDC, 2018), there were 32.3 million visits to physician offices, with diseases of the digestive system as the primary diagnosis in the United States.
As per the GLOBOCAN’s estimates in 2020, there were 1,148,515 new cases of colon cancer and 732,210 new cases of rectum cancer globally 2020. This high incidence of colorectal cancers indicates the rising demand for minimally invasive surgical devices for treatment and this, in turn, drives the growth of the market. With the increase in the government’s continuous effort to improve the health of people, the number of gastrointestinal surgeries is bound to rise, which, in turn, may improve the scope for minimally invasive devices meant for gastrointestinal surgery.
Additionally, technological advances and the rise in product approvals have the potential to push market growth. For instance, in September 2020, HuiZhou Xzing Technology Co., Ltd. received United States Food and Drug Administration’s premarket approval for its Endofresh Digestive Endoscopy System, which consists of XZING-W200B Disposable Gastrointestinal Endoscope, XZING-C200B Disposable Colonoscope and XZING-S2 Camera System for endoscopic observation, diagnosis, and treatment of the adult upper gastrointestinal tract. Thus, these developments currently happening in the market are anticipated to fuel market growth.
North America accounted for the Largest Share in the Global Market
North America held a major share of the minimally-invasive surgery devices market in the past few years and is expected to show a similar trend over the forecast period, without significant fluctuations. The factors attributed to the high growth of the region are the increasing number of neurological, cardiovascular, and several other disorders the growing adoption of minimally-invasive surgeries in the region.
According to the American Heart Association Research Report 2018, heart disease accounts for 1 in 7 deaths in the United States. In 2018, coronary heart disease is the leading cause (43.8%) of deaths attributable to cardiovascular disease in the United States, followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%). This scenario is leading to a higher demand for minimally invasive devices as cardiovascular diseases often associated with a large number of cardiovascular minimally invasive surgeries.
In addition, according to the estimates of the American Cancer Society, in 2020, there were approximately 89,500 cancer cases diagnosed and about 9,270 cancer deaths among adolescents and young adults (AYAs) aged between 15 and 39 years, in the United States.
Furthermore, advancements in various surgical devices from established key players, in the United States. For example, in March 2021 the company Asensus Surgical, Inc. had announced the FDA clearance of Senhance Surgical System in United States. In addition, This robotic system is indicated in general surgery including endoscopy procedures. Hence, these factors are likely to drive the market growth in North America
The market studied is moderately consolidated, owing to the presence of a few key players in the market. The companies are focusing on the technological advancement of devices, in order to gain significant market share. Some of the market players are Abbott Laboratories, GE Healthcare, Intuitive Surgical Inc., Koninklijke Philips NV, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith & Nephew, Stryker Corporation, and Zimmer Biomet.
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