Summary
Major players in the minimally invasive and non invasive product and service market are Medtronic Plc., Integra LifeSciences Corporation, NuVasive Inc., Olympus Corporation, Smith & Nephew Plc., Stryker Corporation, Teleflex Incorporated, Boston Scientific Corporation, CONMED Corporation, Surgical Innovations Group Plc., Clarus Medical LLC, Intuitive Surgical Inc., Fujifilm Holdings Corporation, Zimmer Biomet Holdings Inc., B. Braun Holding GmbH & Co KG, Alphatec Holdings Inc., Auris Health Inc., and CooperSurgical Inc.
The global minimally invasive and non invasive product and service market is expected to grow from $125.79 billion in 2022 to $133.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The minimally invasive and non invasive product and service market is expected to grow to $167.76 billion in 2027 at a CAGR of 5.8%.
The minimally invasive and non invasive product and service market consists of revenues earned by entities by providing medical services such as X-rays, a standard eye exam, CT (computed tomography) scan, MRI (magnetic resonance imaging), ECG (electrocardiogram), and Holter monitoring.The market value includes the value of related goods sold by the service provider or included within the service offering.
The minimally invasive and non invasive product and service market also includes sales of catheter shafts, specialty needles, and subassemblies which are used in providing minimally invasive and non invasive services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Minimally invasive and non-invasive products and services refer to medical devices and therapeutics that don’t enter the body, and such procedures do not use instruments that directly penetrate the body or breach the skin. These products and services are used to make several surgeries dramatically safer and more tolerable.
North America was the largest region in the minimally invasive and non invasive product and service market in 2022. The regions covered in the minimally invasive and non invasive product and service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of minimally invasive and non-invasive products and services are surgical devices, electrosurgical devices, imaging devices, robotic systems, and others.Major technologies involved are non-visual imaging, transcatheter surgery, and laparoscopic surgery.
These are used for several applications, such as cardio thoracic surgery, vascular surgery, neurological surgery, cosmetic surgery, gastrointestinal surgery, and dental surgery, and are used by many end-user industries, such as hospital surgical departments, outpatient surgical centers, group practices, individual surgeons, medical schools, and others.
The rising geriatric population is expected to propel the growth of the minimally invasive and non-invasive product and service market going forward.The geriatric population refers to a group of older people whose age is 65 or above and who are retired from work.
With the progression of age, the growing geriatric population results in an increased demand for non-invasive products and surgeries that include hearing aids and external splints. For instance, in October 2020, according to a report published by the United Nations Department of Economic and Social Affairs, a US-based population statistical agency, there were 727 million people aged 65 or older in 2020, and by 2050, it is anticipated that this population will have more than doubled to almost 1.5 billion people. The percentage of elderly people in the world’s population is predicted to rise from 9.3% in 2020 to 16.0% in 2050. One in six individuals worldwide will be 65 or older by the middle of the century. Therefore, the rising geriatric population is driving the growth of the minimally invasive and non-invasive product and service market.
The introduction of new technologies in surgeries is a key trend gaining popularity in the minimally invasive and non-invasive product and service market.Major market players are concentrating their efforts on innovative technologies to sustain their position in the market.
For instance, in September 2021, Acclarent, a US-based medical device company and a developer of minimally-invasive ear, nose, and throat (ENT) technologies, launched TruDi, the first ENT navigation technology powered by artificial intelligence.It is created to make surgical planning simpler and offer immediate feedback during ENT navigation procedures.
With the help of a machine learning algorithm, the new software package, which includes TruSeg and TruPath for use with the TruDi Navigation System, offers accurate and effective image-guided preoperative planning and navigation for ENT operations, including endoscopic sinus surgery. An important step in the development of image-guided ENT and skull base procedures has been made with the introduction of this AI-powered program for TruDi.
In May 2022, Medtronic Plc., an Ireland-based medical technology company, acquired Intersect ENT, Inc. for $1.1 billion. The acquisition helps Medtronic expand its product portfolio in ENT surgeries, post-operative sinus implants, surgical navigation systems, and product reach in North America. Intersect ENT Inc. is a US-based healthcare equipment manufacturing company specializing in drug delivery devices, surgical navigation, and robotic procedures to assist minimally invasive surgical operations.
The countries covered in the minimally invasive and non invasive product and service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The minimally invasive and non invasive product and service market research report is one of a series of new reports that provides minimally invasive and non invasive product and service market statistics, including minimally invasive and non invasive product and service industry global market size, regional shares, competitors with a minimally invasive and non invasive product and service market share, detailed minimally invasive and non invasive product and service market segments, market trends and opportunities, and any further data you may need to thrive in the minimally invasive and non invasive product and service industry. This minimally invasive and non invasive product and service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
