Minimally invasive procedures involve tiny incisions made instead of one large opening. The surgeon inserts a thin tube through the tiny incision with a small camera attached at the end. These procedures are carried out using minimally invasive devices. The main advantages of these devices are that they cause less pain, enable shorter hospital stay, impose less injury to tissue and have a higher accuracy rate. The largest product segment of the minimally invasive devices market are surgical devices (stents, catheters and guide wires).
Technology
Cardiothoracic applications are the less invasive surgeries than the traditional open-heart ones, with concomitant advantages in terms of shorter recovery times and are expected to dominate the Global minimally invasive devices market. Orthopedic surgery on damaged joints is often conducted using MIS (Minimally Invasive Surgery) techniques, such as arthroscopy.
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Gallbladder removals, Nissen fundoplication, adhesiolysis, appendectomies, colon resections and hernia repairs are among the most frequently performed gastrointestinal surgical procedures using MIS techniques. Gynecological surgeons were among the initial ones to use MIS techniques. The urology surgical procedures that involve MIS techniques are Nephrectomy, Cystocele/Rectocele Repair, and Pediatric Urology. The other MIS applications include vascular, thoracic and cosmetic.
Market Dynamics
The major driver in the growth of the minimally invasive devices market is the ever-increasing demand for minimally invasive procedures to be undertaken at medical facilities and the ultimate goal of having a better quality of patient life. Advancements in technology, the rise in physician-owned ASCA, Reduced healthcare expenditure, an increase in the aging population around the globe and the increasing prevalence of spinal disorders are the other driving factors.
New products have been developed with innovative platforms. Better equipped devices help in improving the precision of the surgery, thereby minimizing surgical errors and improving the overall clinical outcomes of the patient. Conversely, factors inhibiting the market growth are the lack of skilled surgeons and the high cost of treatment. The number of skilled surgeons available for laparoscopic surgeries is also lacking. Difficulty in handling devices and restricted operating area vision also add to the complexity of the procedure.
Market Segmentation
The global minimally invasive devices market is segmented on the basis of type of products (surgical equipment, monitoring & visualization equipment, CT scanners, X-Ray and ultrasound equipment, robotic-assisted surgical systems, electrosurgical systems, and laparoscopic instruments), technology (laparoscopy, endoscopy, robot – assisted methods, arthroscopic techniques and ablative techniques), applications (cardiac surgery, colorectal surgery, dermatological surgery, ENT surgery, gastrointestinal surgery, gynecologic surgery, lung & respiratory care, neurosurgery, ophthalmology, orthopedic, urology and weight loss) and by end user (hospitals, stand-alone outpatient surgery centers, individual physicians/surgeon, medical education institutes and others).
Geographic Analysis
The global minimally invasive devices market in North America is bound to attain the largest share by 2022 owing to the presence of the leading vendors. US and Canada have advanced infrastructure-based medical facilities which has led to the high adoption of MI spinal procedures. Increasing medical tourism toward the Asia-Pacific owing to the low cost of surgery will drive the market revenue in countries such as India, China, Singapore, and Malaysia. The market here is anticipated to grow at a significant pace, with Japan being the leading contributor. Developed countries such as the UK, Spain, Germany, France, and Italy in the European Continent also have advanced medical infrastructure to adapt MIS procedures.
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Key Players
Some of the major players in the Minimally Invasive Devices market are Abbot Laboratories, Arthro Care Corp., Arthrex, Biomet, Boston Scientific, Covidien Ltd., C. R. Bard, Inc., Conmed Corp., Cooper Surgical Inc., Ethicon Inc., Getinge AB, Given Imaging Ltd., Hill-Rom Holdings, Inc., Hitachi High- Technologies Corporation, Hologic, Inc., Integrated Endoscopy Inc., Intuitive Surgical, Inc., Karl Storz GmbH & Co. KG, MAKO Surgical Corp, Medtronic Inc., NovaTract Surgical Inc., Olympus Optical Co. Ltd., Omniguide Surgical, Philips Healthcare, REMA Medizintechnik GmbH, Smith & Nephew Plc., Stryker Corp., Surgical Innovations Group Plc., Teleflex Inc., Toshiba Medical Systems, and Zimmer-Biomet Holdings Inc. Boston Scientific and Ethicon Inc. are two major companies in the industry to look out for.
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