The minimally invasive surgical instruments market is classified into neurosurgery, cosmetic surgery, urology, obstetrics and gynecology, ophthalmology, cardiovascular, orthopedic surgery, laparoscopy, and others, on the basis of application.
Laparoscopy held the largest share in the market during the entire analysis period and the category is expected to occupy a share of more than 20.0% by 2023, due to the rising prevalence of obesity and increasing use of laparoscopy for weight reduction (bariatric) surgeries.
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The Asia-Pacific (APAC) minimally invasive surgical instruments market is predicted to witness the fastest growth in demand, with a CAGR higher than 10% during the forecast period, owing to the increasing number of patients suffering from chronic diseases, rising geriatric population, increasing per capita income, and improving healthcare facilities in the region.
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The rising per capita income is likely to increase the affordability of people for expensive surgical procedures, involving minimally invasive surgical instruments. According to the World Bank, the GDP per capita of India increased from $1,345.8 in 2010 to $1,709.4 in 2016. A similar trend has been observed for other developing countries, such as Papua New Guinea, the Philippines, and Indonesia, which is contributing to the growth of the APAC market.
Some of the other major players operating in the minimally invasive surgical instruments market Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, HOYA Corporation, Medtronic plc, Smith & Nephew plc, Stryker Corporation, Zimmer Biomet Holdings Inc.