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(Health-NewsWire.Net, November 30, 2021 ) According to the new market research report "Minimally Invasive Surgical Instruments Market by Product (Handheld Instruments, Inflation Devices, Surgical Scopes), Type of Surgery (Cardiothoracic, Gastrointestinal, Orthopedic, Urological), End User (Hospitals, ASCs), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 28.9 billion by 2026 from USD 20.2 billion in 2021, at a CAGR of 7.4%.
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Growth in this market is mainly driven by factors such as the increasing number of surgical procedures worldwide, the advantages of MIS over open surgical techniques, and the increasing adoption of advanced robotics in ASCs. However, the high degree of market consolidation among market players and the requirement of high capital investments are the major factors hampering the growth of this market.
The key players in this market are Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), B. Braun Melsungen AG (Germany), CONMED Corporation (US), Smith & Nephew plc (UK), Zimmer Biomet Holdings, Inc. (US), Becton, Dickinson and Company (US), The Cooper Companies Inc. (US), HOYA Corporation (Japan), Surgical Innovations Group plc (UK), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Applied Medical Resources Corporation (US), KLS Martin Group (Germany), Scanlan International, Inc. (US), Wexler Surgical (US), STRAUSS SURGICAL (US), AMNOTEC International Medical GmbH (Germany), EndoMed Systems GmbH (Germany), TROKAMED GmbH (Germany), and Surgical Holdings (UK).
In 2020, Medtronic plc held the leading position in the minimally invasive surgical instruments market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in June 2019, the company acquired Titan Spine (Germany). This acquisition strengthened Medtronic’s position as a leading innovator in procedural solutions for spine surgery. Such developments will enable Medtronic to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the minimally invasive surgical instruments market.
In 2020, Johnson & Johnson accounted for the second-largest share of the minimally invasive surgical instruments market. The company’s leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its products in various countries effectively. In addition, Johnson & Johnson invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. In March 2021, the company launched its ECHELON+ Stapler. Additionally, in September 2019, the company launched its ECHELON Circular Powered Staplers. This stapler was developed to help address anastomotic leaking, a serious complication associated with colorectal, gastric, and thoracic surgery.
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Stryker Corporation’s (US) leading position in this market can be attributed to its strong sales and distribution network across the globe, which enables it to effectively market its products in various countries. It has a wide geographic presence that spans North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with a strong distribution network across the globe. To sustain its leading position in the market, the company pursues organic growth strategies. For instance, in November 2018, the company acquired K2M Group to strengthen and expand its product offerings in the arthroscopy and minimally invasive spine portfolio and expand its manufacturing capabilities. Additionally, in February 2018, the company acquired Entellus Medical (US). This acquisition helped expand Stryker’s portfolio of MIS instruments for ENT surgery applications. Such developments have helped the company significantly expand its product line and enhance its visibility in the minimally invasive surgical instruments market.
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