Minimally Invasive Surgery Devices Market size is estimated to be valued at USD 13,951.2 million in 2021 and is expanded to grow at a significant CAGR of 6.5% over 2022-2028. Increasing patient population, improvements in healthcare infrastructure, and rising healthcare expenditure boost the market. The prevalence of cardiovascular disorders and other non-communicable diseases also surge the minimally invasive surgery devices market over the forecast years. According to the World Health Organization, around 13.2 million people died in Brazil, with 74 percent of those deaths caused by noncommunicable diseases. The rise in R&D activities and fundraising by public and private sectors for the development of technologically advanced minimally invasive surgery devices may enhance the market’s revenue. Increased patient demand also boosts the market. Strategic partnership and collaborations among the market players create an opportunity for the minimally invasive surgery devices market. Moreover, innovative, disruptive technology and continued acceptance and future growth of open-to -MIS (Minimally invasive surgery) create an excellent opportunity for the market. Based on End User, the hospitals segment accounted for the highest revenue share of 60% in 2021 and is estimated to dominate the market throughout the forecast period to reach USD 11,295.3 mn by 2028. An increasing number of hospitals with high skilled professionals and a growing number of surgeries due to increasing diseases are significant factors driving the growth of this segment.
Recent Market Developments:
In March 2021, Boston Scientific announced that it has entered into a definitive agreement with an affiliate of Baring Private Equity Asia (BPEA) to acquire the global surgical business of Lumenis LTD., a privately-held company that develops and commercializes energy-based medical solutions.
In February 2020, Medical technology company Medtronic has announced the acquisition of Digital Surgery, a UK-based firm with a focus on surgical artificial intelligence (AI), data and analytics.