Market Trends of Minimally Invasive Surgery Devices Industry
Endoscopic Devices is Expected to be the Fastest-growing Segment During the Forecast Period
Endoscopic devices are minimally invasive and can be inserted into natural openings of the human body to observe an internal organ or a tissue in detail. The surgeries performed using endoscopic devices are generally imaging procedures and minor surgeries. Endoscopy can be indicated for various types of conditions, such as gastrointestinal disorders, pancreatitis, gastric/stomach cancer, respiratory tract disorders, urinary tract disorders, etc. Due to the clinical significance of endoscopic devices, these devices are gaining market demand and are expected to continue their growth at a faster rate over the next few years.
Endoscopic devices pose various advantages for the detection of various diseases. For instance, as per an article published in December 2021 in Cancers Journal, the detection and diagnosis of stomach lesions have improved due to the ongoing advancements in endoscopic technologies over time. Endoscopic technologies have been continuously advancing to facilitate improvement in the detection and diagnosis of gastric lesions. Thus, owing to the burden of cancer globally, the demand for endoscopic devices is likely to rise. This is expected to propel the endoscopic devices segment during the forecast period.
The market for an endoscope is expected to be driven by favorable reimbursement policies, technological advancements, and an increasing number of new players in the endoscopy devices market. As per the September 2022 update by KARL STORZ, the company manufactures best-in-class endoscopes in Sydney, Australia. In addition to the Sydney location, the company operates in more than 40 countries worldwide. Thus, the presence of such global and regional manufacturers focused on developing innovative endoscopes is anticipated to garner the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America held a major share of the minimally invasive surgery devices market in the past few years, and it is expected to show a similar trend over the forecast period, primarily due to the high burden of diseases requiring minimally invasive procedures, increasing awareness about MIS.
In North America, the United States is expected to hold a major market share during the forecast period due to the high prevalence of chronic diseases such as cardiovascular diseases, cancer, and neurological diseases. For instance, according to the data updated by CDC in October 2022, every 34 seconds, a person suffers from cardiovascular disease in the United States, showing a high burden of the disease in the country, creating the need for surgeries. This is expected to create opportunities for minimally invasive surgical procedures in the country and drive the market's growth over the forecast period.
Technological advancements in various surgical devices used for MIS developed by key market players and new device launches are further expected to complement the growth of the market in the region. For instance, in May 2021, the Food and Drug Administration approved the NaviCamTM Magnetically Controlled Capsule Endoscopy (MCCE) system for premarketing. In addition, in March 2021, Misonix Inc., a provider of minimally invasive therapeutic ultrasonic medical devices and regenerative products, received a Health Canada license for the neXus Ultrasonic Surgical System. neXus is a powerful, highly-integrated, and easy-to-use system incorporating the latest advances in ultrasonic technology for increased efficiency and efficacy in treating procedures across various surgeries, including laparoscopic surgery. Thus, such product launches are anticipated to fuel the market's growth in the region over the forecast period.
