The North America minimally invasive surgical instruments market is projected to grow at a CAGR of 9.24% during the forecast period to reach US$12.229 billion by 2027, from US$6.588 billion in 2020.
Medical instruments or equipment used by doctors required for minimally invasive surgery are referred to as minimally invasive surgical instruments. They are superior to traditional devices because they allow for smaller incisions, resulting in faster healing. The increasing frequency of lifestyle-related and chronic illnesses, as well as the greater acceptance rate of minimally invasive operations over traditional surgeries, are driving the expansion of the minimally invasive surgical instruments market. Furthermore, the rising prevalence of procedures related to the aging population, such as orthopedic surgery and cardiac surgery, is propelling the North American minimally invasive surgical instruments market forward. The lack of experienced experts, on the other hand, is impeding the expansion of the market in the region.
According to the United States Census Bureau, 40.3 million Americans aged 65 and up in the 2010 Census, and 54.1 million as of July 2019. In addition, as per the U.S. Census Bureau Population Projections, the number of Americans aged 65 and above is expected to nearly double from 52 million in 2018 to 95 million by 2060, with the 65-and-older age group accounting for 23% of the total population. According to Canadian population figures from 2019, 17% of the population, or 6.5 million people, are over 65. This number is rapidly increasing. The population of seniors in Canada (those aged 65 and up) is predicted to increase by 68 percent during the next 20 years, as per Statistics Canada. Moreover, according to UN Population Division, Mexico's population of people aged 65 and more is expected to increase by 277 percent by 2050, from 8.2 million in 2015. The growing geriatric population in the region is expected to increase the number of surgeries as this section is at a higher risk of developing chronic diseases. This will further propel North America's minimally invasive surgical instruments market.
According to the World Health Organization (WHO), chronic diseases such as cardiovascular disease, cancer, respiratory disease, and diabetes accounted for 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths worldwide in 2021. As per the National Center for Chronic Disease Prevention and Health Promotion, every year, about 868,000 Americans die from heart disease or stroke, accounting for one-third of all deaths. These diseases also have a financial burden, costing the healthcare system $214 billion per year. The American Society of Plastic Surgeons (ASPS) projected 13.2 million minimally invasive cosmetic operations in 2020, representing a 174 percent growth in minimally invasive cosmetic procedures since 2000. Soft tissue fillers account for 25.68 percent of the 13.2 million treatments performed each year in the United States (US).
The market's growth has been accelerated by individuals in the region becoming more aware of the benefits of non-invasive procedures. This has opened many opportunities for players in the market to grow. For instance, in September 2020, the Oblique Lumbar Interbody Fusion (OLIF) Instrument Set from CoreLink was launched. The OLIF method is a minimally invasive approach to the lower lumbar spine that allows for speedier healing and less psoas disruption. Similarly, in January 2020, Titan Medical Inc., a medical device company, focused on the design, development, and commercialization of a robotic surgical system for use in minimally invasive surgery.
Cambridge Design Partnership Ltd., a supreme patient-centric product and technology innovation company specializing in the healthcare sector, announced an expanded engagement regarding Titan's single-port robotic surgical system instrument development program. In addition, the global debut of Bolder Surgical's CoolSealTM Vessel Sealing platform was announced in September 2021. The company supplies doctors with precision electrosurgical devices that allow them to perform minimally invasive surgery safely and successfully in pediatric and adult treatments such as general, gynecological, and bariatric operations.
North America Minimally Invasive Surgical Instruments Market Segmentation: