Minimally-invasive Surgery Devices Market Opportunities, Size, Share, Emerging Trends
The minimally-invasive surgery devices market was valued at USD 27,053.23 million in 2020, and it is expected to reach USD 39,556.62 million by 2026, registering a CAGR of 6.88% during the forecast period.
The Pandemic has had ramifications for ways of working, of various surgical procedures including minimally invasive procedures. Due to the lockdown, a delay in diagnosis and treatments are being observed in patients with various lifestyle and chronic diseases as a result of reduction in hospital visits. In August 2020, research was published in the SAGE Public Health Emergency Collection. The researchers studied the overall impact of the COVID-19 pandemic on interventional radiology services in Canada. The study found out that there was a 49.3% overall decrease in demand for acute interventional radiology services across Canada. 88% of the respondents in the study also reported an overall decrease in elective interventional radiology services during the pandemic. This data clearly indicates that minimally invasive surgical procedures are declining owing to the current pandemic scenario which is going to affect the procurement of minimally invasive surgical procedure devices.
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The major factors for the growth of the minimally invasive surgery devices market include the higher acceptance rate of minimally-invasive surgeries over traditional surgeries, increasing prevalence of lifestyle-related and chronic disorders, and technological advancements.
According to the World Health Organization (WHO), 2021 fact sheet, Noncommunicable diseases (NCDs), also known as chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years; 85% of these “premature” deaths occur in low- and middle-income countries. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million).
Few organizations, such as the American Association of Gynecologic Laparoscopists (AAGL) and the International Society of Gynecologic Endoscopy (ISGE), are collaborating with healthcare agencies in South Africa, to create awareness about the benefits of MIS and improve the adoption rate, which may boost the market in the coming years.
In addition, the increasing geriatric population across the globe is one of the major factors attributing to the growth of the market globally for instance, according to the World Ageing 2019 report, in 2019, there were around 703 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally.
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