Minimally invasive surgery market to double by 2019
The global market for minimally invasive surgery (MIS) is expected to reach $50.6 billion by 2019, according to Minimally Invasive Surgery Market (Surgical Devices, Monitoring & Visualization Devices, and Endoscopy Devices) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 through 2019
, a new market report published by Transparency Market Research of Albany, N.Y.
The global MIS market was valued at $25 billion in 2012 and is expected to grow at a compound annual growth rate of 10.5 percent from 2013 to 2019. This growth is attributed to the increasing prevalence of diseases such as arthritis, cancer and cardiovascular diseases that usually require surgical treatment. Aging of the global population, especially in developed countries, will also trigger growth of the market because MIS ensures minimal trauma to the already compromised health of elderly patients. Technologically advanced products in the market such as confocal micro-endoscopes, narrowband imaging endoscopes and high-definition cameras will further propel the growth as these technologies provide better visualization during the surgery.
MIS involves three major categories of devices: surgical, monitoring and visualization, and endoscopy. The market for surgical devices, including ablation, electrosurgery and medical robotic systems, accounted for the largest share of revenue in the 2012 MIS market. This segment is also expected to show the highest growth during the forecast period at a compound annual growth rate of 11.8 percent.
Cardiac surgery accounted for the largest share of revenue of the 2012 MIS market due to the large patient population suffering from cardiovascular diseases and its increasing incidence rates.
However, the cosmetic surgery market is expected to show the highest compound annual growth rate – 14 percent – during the seven-year forecast period.
MIS is performed with minimal incision in the patient’s body, ensuring a shorter hospital stay, minimal patient trauma and reduced recovery time. North America accounted for the largest share by revenue of the 2012 global MIS market due to the large number of elderly people, a well-established reimbursement scenario and the presence of leading device manufacturers in the region. However, Asia-Pacific is expected to show the highest growth rate of 13.3 percent during the forecast period due to economic development and subsequent rise in disposable income in markets such as India and China.