US Minimally Invasive Surgery Devices Market - Segmented by Product Type, Technology, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The US minimally invasive surgery device market has been estimated at USD 4.4 billion in 2017. The market is expected to register a CAGR of 8.65% during the forecast period, 2018 to 2023.
Minimally invasive surgeries are increasing now and gaining importance among the people. Minimally invasive surgeries are now preferred over the conventional invasive surgeries due to the satisfaction of the patients as these surgeries have multiple benefits such as quick recovery time, reduced post-operative pain and reduced duration of hospital stay. Hence overall reduction in the total cost of the treatment.
Minimally Invasive Surgeries are Preferred more over the Traditional Surgeries
Minimally invasive surgeries (MIS) have been reported to cause less post-operative pain when compared with normal open surgeries and hence, receive smaller dosages of pain killers. As there are no cuts or stiches involved in the surgery, the hospital stay is reduced, and patients are not required to visit the hospital, frequently. Traditional open surgeries involve long incisions that have to be made through muscle, and these muscles take significant time to heal; whereas, MIS procedures involve smaller incisions leading to quicker recovery. Moreover, the body scars involved in MIS are barely noticeable. The prime advantage that MIS has over traditional open surgeries is the higher precision, owing to video-assisted equipment involved, which generate better and magnified images of the organs or body parts that are operated, and also wider acceptance rate in old adult population, due to the relatively shorter recovery time. And benefits such as improved patient quality of life and the increasing patient acceptance and preference over traditional open surgeries and along with the increasing prevalence of chronic disorders are driving the minimally invasive surgery devices market.
Shortage of Skilled Professionals
Lack of skilled surgeons in the minimally invasive surgery, to perform the surgery and use these surgery devices efficiently, is restricting the use of minimally invasive surgery devices in the market. Although Patients who prefer MIS are increasing every day in these countries but the number of well-trained surgeons are falling short of the demand who are required to carry out the surgery. According to the American Cancer Society, in 2018 it is estimated to be 63,230 new cases of cancer of the body of the uterus (uterine body or corpus) will be diagnosed in the US and for these patients are the standard treatment for endometrial cancer is removal of the uterus or hysterectomy. As patients who are opting for these minimally invasive surgery are increasing every year and market is falling short of skilled professional surgeons is becoming a major restrain along with stringent regulatory framework and insurance plans for medical devices is restraining for the market growth.
North America to Dominate the Market Growth
Minimally invasive surgery market is segmented based on the type of device, type of technology and by application. Under the device type segment minimally invasive surgical devices is going to witness a profitable growth during the forecast period. These surgical devices are used for carrying out all the invasive surgeries and minimally invasive interventions, Hence this segment will grow along with the overall growth of the market. And the endoscopy devices is also expected to have a positive growth rate due to their extensive use by the surgeons as the guide for the movement of surgical instruments, and also for locating the surgical site.
Key Developments in the market