The minimally invasive surgical instruments market generated a revenue of $28.7 billion in 2016, and it is predicted to advance at a 9.3% CAGR during the forecast period (2017–2023). Minimally invasive surgeries (MISs) involve minimal surgical incisions and are aimed at reducing trauma to the body. These are most commonly performed with the help of electrosurgical instruments, inflation systems, handheld instruments, and guiding devices. Sutures, forceps, graspers, spatulas, retractors, and dilators are the types of handheld devices that find application in virtually all types of MISs.
The minimally invasive surgical instruments market is being positively impacted by the growing geriatric population. Owing to their weakened immune system and diminished physical strength, the elderly are more susceptible to various diseases that require surgical intervention. The major causes of the growing elderly population are falling birth rates and increasing life expectancy. A United Nations Department of Economic and Social Affairs report mentioned that the number of people over 60 years and above is going to grow to 1.4 billion by 2030, globally.
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Another contributing factor helping in the market prosperity is the growing inclination toward MISs. Being video-assisted, these surgeries are more accurate with minimal chances of error. They also offer advantages such as minimal blood loss, less scarring owing to smaller incisions, and less post-operative pain, making them a preferred choice over conventional surgeries among patients. In addition to life-threatening conditions, MISs are also used for cosmetic procedures, which are also being increasingly performed. Therefore, an increase in the volume of MISs is expected to boost the market growth.
Therefore, the market is slated to advance due to the advantages offered by minimally invasive procedures and increasing R&D.
