(I-BusinessNews.Com, August 22, 2020 ) 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.
According to research report the global minimally invasive surgical 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.
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The major players in the Minimally Invasive Surgical 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 Minimally Invasive Surgical instruments market.
Medtronic (Ireland) dominated the global MIS instruments 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.
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.
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In 2018, 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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