Market Size of North America Minimally Invasive Surgery Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Minimally Invasive Surgery Devices Market Analysis
North America minimally invasive surgical devices market is being driven by the growing burden of chronic diseases leading to the surgical interventions and high adoption of minimally invasive devices.
According to the data published by Centers for Disease Control and Prevention (CDC, 2018), there were 32.3 million of visits to physician offices, with diseases of the digestive system as the primary diagnosis in the United States. With the increase in the government's continuous effort to improve the health of people, the number of gastrointestinal surgeries is bound to rise, which, in turn, may improve the scope for minimally-invasive devices meant for gastrointestinal surgery. Similarly, about Nearly 18 million people in the United States underwent cosmetic surgical and minimally invasive procedures in 2018, states the ASPS. There has been a rise in the number of procedures in recent years, with over a quarter more million procedures performed in 2018 than 2017.
North America Minimally Invasive Surgery Devices Industry Segmentation
As per the scope of this report, minimally-invasive surgical devices refer to electrosurgical systems, robot-assisted surgical systems, and surgical equipment, which are used during the minimally-invasive procedure. The minimally-invasive neurosurgery device market is growing at a significant rate, due to various benefits associated with minimally-invasive procedures, such as less recovery time, minimal pain to the patients, shortened hospital stay, and high accuracy.
North America Minimally Invasive Surgery Devices Market Size Summary
The North America minimally invasive surgical devices market is experiencing growth driven by the increasing prevalence of chronic diseases that necessitate surgical interventions and the high adoption rate of minimally invasive devices. The rising incidence of gastrointestinal diseases, such as dyspepsia and irritable bowel syndrome, particularly among young, adult, and geriatric populations, is a significant factor contributing to this market expansion. The government's ongoing efforts to enhance public health are expected to lead to a rise in gastrointestinal surgeries, thereby expanding the market potential for minimally invasive devices designed for these procedures. Additionally, the cosmetic surgery sector is witnessing a surge in minimally invasive procedures, further bolstering market growth.
The market is moderately consolidated, with a few key players dominating the landscape. Companies like Abbott Laboratories, GE Healthcare, Intuitive Surgical Inc., Koninklijke Philips NV, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith & Nephew, Stryker Corporation, and Zimmer Biomet are at the forefront, focusing on technological advancements to capture a larger market share. These players are leveraging innovation to enhance the functionality and efficiency of minimally invasive devices, which is crucial for maintaining competitiveness in the evolving healthcare market.
North America Minimally Invasive Surgery Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Higher Acceptance Rate of Minimally-invasive Surgeries over Traditional Surgeries
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1.2.2 Increasing Prevalence of Lifestyle-related and Chronic Disorders
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1.3 Market Restraints
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1.3.1 High Cost of Advanced Devices
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Products
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2.1.1 Handheld Instruments
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2.1.2 Guiding Devices
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2.1.2.1 Guiding Catheters
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2.1.2.2 Guidewires
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2.1.3 Electrosurgical Devices
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2.1.4 Endoscopic Devices
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2.1.5 Laproscopic Devices
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2.1.6 Monitoring and Visualization Devices
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2.1.7 Robotic Assisted Surgical Systems
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2.1.8 Ablation Devices
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2.1.9 Laser Based Devices
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2.1.10 Other MIS Devices
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2.2 By Application
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2.2.1 Aesthetic
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2.2.2 Cardiovascular
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2.2.3 Gastrointestinal
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2.2.4 Gynecological
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2.2.5 Orthopedic
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2.2.6 Urological
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2.2.7 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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North America Minimally Invasive Surgery Devices Market Size FAQs
What is the current North America Minimally Invasive Surgery Devices Market size?
The North America Minimally Invasive Surgery Devices Market is projected to register a CAGR of 8.5% during the forecast period (2024-2029)
Who are the key players in North America Minimally Invasive Surgery Devices Market?
Medtronic Plc, Smith & Nephew, Zimmer Biomet, Abbott Laboratories and Intuitive Surgical Inc. are the major companies operating in the North America Minimally Invasive Surgery Devices Market.
