The introduction of new technologies, practices, and methodologies has a significant impact on the global minimally invasive surgical systems market. Constant competition among market players ensures that leading players in the market are innovative in terms of the usability of the systems as well as their features. Several factors, such as the shift in preference for safer options than open surgeries, increasing preference for instruments with more dexterity, increasing affordability, and technological advances in the field of artificial intelligence (AI), haptics, and telesurgery are expected to play a key role in the growth of the market during the forecast period.
As per the U.S. Food and Drug Administration (FDA), “Different types of computer-assisted surgical systems can be used for pre-operative planning, surgical navigation, and to assist in performing surgical procedures. Robotically assisted surgical (RAS) devices are one type of computer-assisted surgical system. Sometimes referred to as robotic surgery, RAS devices enable the surgeon to use computer and software technology to control and move surgical instruments through one or more tiny incisions in the patient’s body (minimally invasive) for a variety of surgical procedures.”
The global minimally invasive surgical systems market is estimated to be valued at $27,882.8 million in 2020 and is anticipated to reach $55,716.7 million by the end of 2031, growing at a CAGR of 6.3% during 2021–2031.
Market Segmentation
Minimally Invasive Surgical Systems Market (by Product Type)
Under this segmentation, the market in divided into conventional technologies and surgical robotics.
The conventional technologies segment dominates the market with a share of 80.4% of global minimally invasive surgical systems market mainly due to the increase in the number of minimally invasive surgical procedures.
The surgical robotics segment is expected to register a higher CAGR then external beam radiation segment, the CAGR is 10.2% during the forecast period.
Minimally Invasive Surgical Systems Market (by Application)
Under this segmentation, the market in divided into general surgery, urology surgery, orthopedic surgery, cardiovascular surgery, neurosurgery, others (cosmetic and bariatric surgery)
These above-mentioned applications are based on conventional technologies and surgical robotics segment.
Orthopedic surgery under the conventional technology segment is expected to register the highest CAGR of 7.0% during the forecast period.
Minimally Invasive Surgical Systems Market (by End-User)
Under this segmentation, the market in divided into hospitals, ambulatory surgical centers (ABCs), specialty clinics.
The hospitals segment dominates the minimally invasive surgical systems market with a share of 73.3% of global market mainly due to the number of hospitals providing access to the surgical treatments for the patients.
Ambulatory surgical centers (ASCs) segment is expected to register the highest CAGR of 8.0% during the forecast period.
Minimally Invasive Surgical Systems Market (by Region)
The different regions covered under the market report includes North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
North America dominates the market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and many companies being located in the U.S.
Latin America, and Middle East and Africa market is expected to grow with the highest CAGR of 7.8% during the forecast period.
Key Market Players and Competition Synopsis
Some of the key players operating in the market, include Arthrex Inc., Asensus Surgical, Inc., Boston Scientific Corporation, Conmed Corporation, Fujifilm Holdings Corporation, Intuitive Surgical, Inc., Karl Storz SE Co. KG, Medtronic plc, Olympus Corporation, Hoya Corporation (Pentax Medical), Siemens Healthineers AG, Smith Nephew plc, Sony Corporation, Stryker Corporation, and Zimmer Biomet Holdings, Inc.
The minimally invasive surgical systems market market has witnessed several strategic and technological developments from January 2017- July 2021, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and upgradations, partnerships, collaborations, business expansions, funding activities, regulatory approvals, mergers, and acquisitions. The preferred strategy for companies has been partnerships, collaborations, and business expansions
Key questions answered in the Report
• What are the key regulations governing the minimally invasive surgical systems market, across the globe?
• What are the key technological developments on which the current industry leaders are spending their major share of research and development (RD) investment?
• How is the role of minimally invasive surgery technologies expected to evolve in the future?
• Who are the leading players who hold significant dominance on the global minimally invasive surgical systems market, currently?
• How likely are current business models to persist in the future?
• What are the key market drivers, challenges, growth opportunities, and trends?
• How do minimally invasive procedures function as compared to each other?
• How is the expiration of patents likely to disrupt the market dynamics?
• What are the key strategies incorporated by the leading players in the minimally invasive surgical systems landscape?
• What is the likelihood of new players entering the market in near term?
• What is the current revenue contribution for different endoscopes and endoscopy systems, and what are the expected modifications in the forecast period?
• What is the current revenue contribution for the different types of conventional minimally invasive surgical systems, and what are expected modifications in the same forecast period?
• What is the current revenue contribution for the different types of surgical robotic systems, and what are the expected modifications in the same forecast period?
• Which countries contribute to the major share of current demand and which countries hold significant scope for business expansion activities, by the key players?
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The scope of the research study on global minimally invasive surgical systems market is aimed at assessing the market potential for both conventional minimally invasive surgical systems (MISS) and surgical robotics technologies. Following were the types of approaches in which the minimally invasive surgical systems market was estimated, and its growth potential for the forecast period was evaluated. The report also includes pre, during, and future impact of COVID-19 on the global minimally invasive surgical market with emphasis on procedure volume and hospital procurement.
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