The North America Minimally Invasive Devices Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 8.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rise in the number of patients along with insurance providers, reduced cost of the minimally surgery procedure, and convenience in the open surgeries. Growing geriatric population and rising number of surgeries performed is anticipated to drive the market.
Minimally invasive surgery is a type of surgical technique, which decreases the size of incisions required and also has a lesser recovery time. The minimally device is an instruments and equipments that are used to do this type of surgeries. The medical device is placed within the patients at the time of surgery. There are various procedures they require the need of laparoscopic or arthroscopic devices and endoscope along with large display panel for indirect observations as well as remote control manipulation of equipments.
The surgery is majorly carried out through the small body cavity or through the skin or an anatomical opening and it can also involve a robot assisted system. Minimally invasive devices are a simply invasive device that enters the body by using a minimal footprint. These devices pack more controls and tools into rapidly growing compact architectures are posing different new challenges in manufacture, engineering, and design.
Market Trends, Drivers, Restraints, and Opportunities
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Rising number of surgeries is expected to boost the market growth in the coming years.
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Rapid growth of the hospital sector is major factor propelling the market expansion during the forecast period.
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High cost of the minimally invasive devices is estimated to restrict the market growth in the coming years.
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Lack of knowledge about devices to the people acts as main challenge that can impede the market expansion during the forecast period.
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R&D investment and technological advancement in minimally invasive devices are projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the North America minimally invasive devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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North America Minimally Invasive Devices Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Inflation devices, Handheld Instruments, and Surgical Scopes), Applications (Gastrointestinal, Urological, Cardiovascular, Orthopedic, Aesthetic, Gynecological, and Others)
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Regional Scope
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North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Smith & Nephew; Abbott Laboratories; Medtronic Plc.; Zimmer Biomet; Intuitive Surgical Inc.; Johnson & Johnson; B.Braun Melsungen AG; Boston Scientific Corp.; Stryker Corp.; CONMED Corp.; GE Healthcare; Siemens Healthineers; Olympus Corp.; and Koninklijke Philips NV
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Market Segment Insights:
Handheld instruments segment is projected to account for a large market share
Based on products, the North America minimally invasive devices market is divided into inflation devices, handheld instruments, and surgical scopes. The handheld instruments segment is expected to constitute a key share of the market during the forecast period owing to the development of dexterity, rising number of surgical procedures, and decreasing cost of articulating laparoscopic handheld surgical instruments. However, the inflation devices segment is anticipated to expand at a rapid pace during the forecast period due to growing adoption of inflation devices.
Cardiovascular segment is projected to hold a key market share
On the basis of applications, the market is segmented into gastrointestinal, urological, cardiovascular, orthopedic, aesthetic, gynecological, and others. The cardiovascular segment is expected to represent a key share of the market in the coming years due to increasing awareness regarding the importance of early detection of cardiovascular competitions and rising prevalence of cardiac diseases. On the other hand, the orthopedic segment is anticipated to expand at a rapid pace during the forecast period owing to growing adoption of minimally invasive devices and convenience.
Segments
The North America minimally invasive devices market has been segmented on the basis of
Products
- Inflation devices
- Handheld Instruments
- Surgical Scopes
Applications
- Gastrointestinal
- Urological
- Cardiovascular
- Orthopedic
- Aesthetic
- Gynecological
- Others
Region
Key Players
- Smith & Nephew
- Abbott Laboratories
- Medtronic Plc.
- Zimmer Biomet
- Intuitive Surgical Inc.
- Johnson & Johnson
- B.Braun Melsungen AG
- Boston Scientific Corp.
- Stryker Corp.
- CONMED Corp.
- GE Healthcare
- Siemens Healthineers
- Olympus Corp.
- Koninklijke Philips NV
Competitive Landscape
Key players competing in the North America minimally invasive devices market include Smith & Nephew; Abbott Laboratories; Medtronic Plc.; Zimmer Biomet; Intuitive Surgical Inc.; Johnson & Johnson; B.Braun Melsungen AG; Boston Scientific Corp.; Stryker Corp.; CONMED Corp.; GE Healthcare; Siemens Healthineers; Olympus Corp.; and Koninklijke Philips NV. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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