How is Expanding Medical Tourism Industry Driving Minimally Invasive Surgical Instruments Market?
As per a report by P&S Intelligence, the global minimally invasive surgical instruments market is predicted to reach a value of $53.1 billion in 2023, increasing from $28.7 billion in 2016, and is projected to progress at a 9.3% CAGR during the forecast period (2017–2023). The market is growing due to the rising prevalence of chronic diseases, increasing geriatric population, surging requirement for minimally invasive surgeries, and rising government healthcare expenditure across the globe.
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In terms of product, the minimally invasive surgical instruments market is divided into inflation systems, handheld instruments, guiding devices, and electrosurgical instruments. Out of these, the handheld instruments category accounted for a major share of 36.4% in 2016, owing to the fact that these devices lead to reduced strain on fingers when operative procedures are going on. Because of this, the adoption of minimally invasive handheld instruments is growing amongst surgeons across the globe. Handheld instruments include spatulas, graspers, sutures, forceps, retractors, and dilators.
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Geographically, the market was led by North America in the past because of the rising prevalence of chronic diseases, increasing geriatric population, enhanced healthcare infrastructure, and growing number of surgical procedures. The Asia-Pacific region is expected to progress at the fastest pace during the forecast period because of the rising number of patients suffering from chronic diseases. In addition to this, the growing per capita income and developing healthcare facilities are also contributing to the growth of the regional domain.
A key trend being witnessed in the minimally invasive surgical instruments market is the expansion of the medical tourism industry. The industry is particularly growing in developing countries, such as Mexico, Brazil, Malaysia, China, South Korea, Malaysia, and India, where the rising number of surgical procedures are projected to offer a number of opportunities to the players operating in the domain. People from developed go for medical procedures in these countries as they provide high-quality care at lower costs.
Hence, the market is witnessing growth due to the rising healthcare expenditure and expanding medical tourism industry.