(PharmaNewsWire.Com, October 22, 2021 ) According to research report the global MIS Instruments Market is expected to grow from USD 20.1 billion in 2019 to USD 32.7 billion by 2025, at a CAGR of 8.5% during the forecast period.
Market growth is largely driven by factors such as the advantages of minimally invasive surgeries over traditional open surgeries and the increasing number of minimally invasive surgical procedures performed across the globe. On the other hand, the uncertain regulatory framework in the medical device industry is a major factor restraining the growth of this market.
Handheld instruments accounted for the largest share of the MIS instruments market in 2018. The large share of this segment can be attributed to the increasing number of surgical procedures and the development of high-dexterity, low-cost articulating laparoscopic handheld surgical instruments.
The cardiothoracic surgery segment accounted for the largest share of the MIS instruments market in 2018. The large share of this segment can be attributed to the rising prevalence of cardiac diseases, growing awareness about the benefits of early detection of cardiovascular complications, the growing number of coronary and percutaneous cardiology interventions, and increasing adoption of MIS instruments owing to their convenience and better results as compared to other techniques.
The major players in the MIS instruments market include Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), B. Braun Melsungen AG (Germany), Smith & Nephew plc (US), Boston Scientific Corporation (US), and CONMED Corporation (US). These players have adopted various growth strategies such as product launches, acquisitions, agreements, partnerships & collaborations, and expansions to increase their presence in the global MIS instruments market.
Medtronic (Ireland) dominated the global MIS devices market in 2018. The company focuses on product commercialization and R&D activities to maintain its leading position in the market. The key products offered by the company include handheld instruments such as surgical stapling devices, retractors, dissectors, trocars, vessel-sealing instruments, hernia mechanical devices, and electrosurgical instruments. The company strengthens its market position by expanding its product portfolio and improving its existing portfolio by adding advanced products. The company also focuses on acquiring other companies and entering into certain agreements with strong players in the market to gain a competitive edge. In 2019, the company partnered with KARL STORZ SE & Co. KG to integrate KARL STORZs three-dimensional (3D) vision systems and visualization components into its forthcoming robotic-assisted surgical platform.
Johnson & Johnson (US) held the second position in the market in 2018. The company operates in the minimally invasive surgical instruments market through its subsidiaries, Ethicon, Inc. and DePuy Synthes. The company focuses on various organic and inorganic growth strategies to gain a competitive edge in the market. In the past three years, the company has launched various surgical staplers and cutting devices in order to add specific products to its portfolio for spine surgeries. The company also focuses on acquisitions (such as the acquisition of Sentio LLC, Orthotaxy SAS, and Interventional Spine, Inc.) as a key growth strategy to expand its product portfolio and geographic presence in the MIS instruments market.
The MIS instruments market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global minimally invasive surgical instruments market, followed by Europe. The large share of the North American market can be attributed to the large volume of surgical procedures performed in North American countries due to early diagnosis and treatment, high cost of procedures as compared to developing regions, increasing number of surgical centers, and growing adoption of minimally invasive surgical techniques.
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