A recent study by Transparency Market Research (TMR) forecasts that the global minimally invasive surgery market will grow at a CAGR of 10.5% between 2013 and 2019. TMR a market intelligence firm based in the United States, in its report states that the global minimally invasive surgery market, which was valued at US$25.03 billion in 2012, will reach a worth of US$50.60 billion by 2019. The report titled ‘Minimally Invasive Surgery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’ is available for sale on the website.
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Factors such as rising per capita expenditure on healthcare, technological developments, and a growing global geriatric population stimulate the global minimally invasive surgery market. Greater preference for minimally invasive procedures and rising incidence of target diseases such as cancer also drive the market for minimally invasive surgery. The preference for minimally invasive procedures over the conventional surgical procedures can be attributed to the benefits of the former type which includes low degree of patient trauma, quick recovery time, and a lesser duration of hospital stays.
The global minimally invasive surgery market is segmented on the basis of type of device, type of surgery, and geography. Based on device type, this market is categorized into surgical devices, monitoring and visualization devices, and endoscopy devices. In 2012, the segment for surgical devices held the dominant position in the minimally invasive surgery market. The market for surgical devices is anticipated to witness robust growth during the forecast period owing to widespread utilization of these devices in minimally invasive surgeries. On the basis of type of surgery, the minimally invasive surgery market is segmented into urological, cardiac, gastrointestinal, bariatric, gynecological, thoracic, vascular, breast, cosmetic, and orthopedic surgeries. Owing to rising income levels and high demand for cosmetic surgeries, the segment for cosmetic surgeries is expected to expand substantially in the forecasting horizon.
From the regional perspective, the global minimally invasive surgery market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America held the dominant position in the overall minimally invasive surgery market. The growth of this market can be attributed to a well-defined reimbursement policy, the presence of a large pool of key manufacturers, and a large patient population. However, between 2013 and 2019, the Asia Pacific minimally invasive surgery market will record highest rate of growth because of the growth of the medical tourism industry in countries such as Thailand and India. Some of the prominent companies operating in the global minimally invasive surgery market include Varian Medical Systems Inc., Teleflex Inc., Stryker Corporation, Siemens Healthcare, NuVasive Inc., and Given Imaging Ltd.
The presence of a large patient pool in most developing economies is anticipated to create several opportunities for growth of the global minimally invasive surgery market in the near future. Lack of reimbursement, high costs of minimally invasive surgeries, and the imposition of excise duty on the sale of medical devices in the American market will hamper the growth of the global minimally invasive surgery market in the years to come.