North America Minimally Invasive Devices Market Forecast 2017-2025
KEY FINDINGS The North America minimally invasive devices market is expected to grow at a CAGR of 6.0% during the forecast period of 2017-2025. The market is anticipated generate a revenue of $17584.31 million by 2025 and hold the largest market share by the end of the forecast years.The advances in technology have led to the development of new products with innovative platforms in the North American market. These technologically advanced devices help in improving the precision of the surgery, thereby minimizing surgical errors and improving the overall clinical outcomes for the end-users.
MARKET INSIGHTS Countries such as the US and Canada have invested in advanced infrastructure-based medical facilities that have led to a high adoption of MI spinal procedures in the region. This subsequently has increased the demand for the minimally invasive market. Also, implementation of Medicare’s new payment model and the rise of robot-guided spine surgeries are some of the current market trends that are aiding the minimally invasive market growth. The market segmentation in this region can be done on the basis of equipment type, application, and end-users. At present, the surgical device type is anticipated to lead the minimally invasive equipment type market, although the robotics/computer-assisted equipment is also expected to grow at a CAGR of 8.40% during the forecast period. The cardiovascular application of the minimally invasive market is expected to dominate in near future, closely followed by the orthopedic application which is touted to grow at a CAGR of 7.11% during the forecast period and the gastrointestinal application, which currently holds a market share of 10.50%. The end-users for the minimally invasive market include individual physicians/surgeons, medical education institutes, hospitals, and stand-alone outpatient surgery centers. In spite of the progress observed in all these areas, the market is facing minor restraints because of the high cost involved in these treatments and a lack of availability of skilled surgeons.
COMPETITIVE INSIGHTS Boston Scientific is a major public company that develops, manufactures and markets less-invasive medical devices and its products are used in a broad range of medical specialties like, electrophysiology, interventional cardiology, neurovascular intervention, pulmonary medicine, gastroenterology, interventional radiology, urology, vascular surgery, and oncology. Another company, Ethicon Inc a subsidiary of Johnson & Johnson group, is one of the leading companies in this region providing with advanced surgical instruments for minimally invasive and traditional surgeries. Other prominent companies in the region include C. R. Bard Inc, Olympus Optical Co. Ltd, Cooper Surgical Inc, Abbot Laboratories, Stryker Corp, Smith & Nephew Plc, Zimmer-Biomet Holdings Inc, Philips Healthcare, Toshiba Medical Systems and Conmed Corp.