Rising Incidence of Chronic Diseases Fueling Minimally Invasive Surgical Instrument Sales

With the rising incidence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, and mushrooming population of geriatric people, the requirement for minimally invasive surgical instruments is rising sharply across the world. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are majorly responsible for deaths all over the world and claim around 17.9 million lives every year. Furthermore, the organization reported that 9.6 million across the world lost their lives because of cancer in 2018. 

Besides the aforementioned factors, the surging population of geriatric people is also driving the global minimally invasive surgical instruments market. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As older people are vulnerable to various diseases, their ballooning population is positively impacting the worldwide demand for these instruments. 

Owing to the above-mentioned factors, the value of the minimally invasive surgical instruments market is expected to rise from $28.7 billion in 2016 to $53.1 billion by 2023, exhibiting a CAGR of 9.3% between 2017 and 2023. Depending on product, the market is classified into electrosurgical instruments, inflation systems, guiding devices, and handheld instruments. Out of these, the handheld instruments category dominated the market in the years gone by, as these instruments reduce the strain on fingers, which assists healthcare practitioners during surgeries. 

Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the minimally invasive surgical instruments market in the coming years. This is credited to the soaring population of patients suffering from various chronic illnesses, ballooning geriatric population, surging per capita income of people, and improving healthcare infrastructure and facilities in the region. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the population of people aged 65 years and above constituted around 11.4% of the population in 2013, and this share will rise by around 20% by 2050.

Thus, the surging incidence of chronic diseases, increasing healthcare expenditure of several countries, and mushrooming population of older people will drive the demand for minimally invasive surgical instruments in the coming years.