The minimally invasive surgical instruments market is poised for rapid growth in the coming years, according to a MarketsandMarkets.
Here are seven things to know:
1. The market is expected to reach $14.13 billion by 2019.
2. The market is currently valued at $10.52 billion and it is expected to grow at a compound annual growth rate of 6.1 percent from 2014 to 2019.
3. The increasing number of surgical procedures among the elderly, the advantages of minimally invasive surgeries over traditional open surgeries as well as reduced healthcare costs due to MIS are the key factors driving the growth of this market.
4. On the other hand, the high cost of MIS instruments, reimbursement challenges in the medical device industry and an uncertain regulatory framework in the industry are factors that are hindering the growth of the MIS instruments market.
5. The handheld instruments segment accounted for the largest share — 31.6 percent — of the global MIS instruments market in 2014.
6. North America accounted for the largest share of the MIS instruments market, followed by Europe and Asia Pacific.
7. The major players in this market include Medtronic, Smith & Nephew, Aesculap, Ethicon and Stryker.
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