How is Expanding Medical Tourism Industry Driving Minimally Invasive Surgical Instruments Market?
As per a report by P&S Intelligence, the global minimally invasive surgical instruments market is predicted to reach a value of $53.1 billion in 2023, increasing from $28.7 billion in 2016, and is projected to progress at a 9.3% CAGR during the forecast period (2017–2023).
On the basis of application, the minimally invasive surgical instruments market is categorized into urology, laparoscopy, neurosurgery, cardiovascular, ophthalmology, cosmetic surgery, obstetrics and gynecology, and orthopedic surgery. The laparoscopy division dominated the market in the past and is predicted to account for a 25.1% share of the market by 2023. The surging prevalence of obesity and the rising using usage of laparoscopy for weight reduction surgeries is resulting in the growth of the category. The cardiovascular division is predicted to register the fastest growth during the forecast period.
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Geographically, the market was led by North America in the past because of the rising prevalence of chronic diseases, increasing geriatric population, enhanced healthcare infrastructure, and growing number of surgical procedures. The Asia-Pacific region is expected to progress at the fastest pace during the forecast period because of the rising number of patients suffering from chronic diseases. In addition to this, the growing per capita income and developing healthcare facilities are also contributing to the growth of the regional domain.
A key trend being witnessed in the minimally invasive surgical instruments market is the expansion of the medical tourism industry. The industry is particularly growing in developing countries, such as Mexico, Brazil, Malaysia, China, South Korea, Malaysia, and India, where the rising number of surgical procedures are projected to offer a number of opportunities to the players operating in the domain. People from developed go for medical procedures in these countries as they provide high-quality care at lower costs.
Hence, the market is witnessing growth due to the rising healthcare expenditure and expanding medical tourism industry.