Market Size of Canada Minimally Invasive Surgery Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.50 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Minimally Invasive Surgery Devices Market Analysis
The Canada minimally invasive surgery devices market is poised to register a CAGR of 5.5% over the forecast period.
COVID-19 has impacted the growth of the market owing to the lockdown restrictions, which led to the suspension of non-urgent and elective procedures during the early period. For instance, according to an article published in the British Journal of Surgery in January 2021, it has been observed that about 30,033 surgical procedures were performed during the 2020 pandemic as compared to 255,501 surgical procedures performed in the pre-pandemic period. However, with the released restrictions, the companies are focusing on developing advanced products. For instance, in January 2021, PENTAX Medical, in collaboration with CapsoVision, Inc., increased the at-home availability of the CapsoCam Plus video capsule system, preventing virus transmission, with Health Canada licensing. Thus, the studied market has witnessed significant growth and is expected to grow over the forecast period.
Factors such as the increasing prevalence of lifestyle-related and chronic disorders, as well as technological advancements, are expected to boost the market growth. The advantages offered by minimally invasive surgical (MIS) procedures, such as less post-operative pain, fewer major operative, and post-operative complications, faster recovery times, less scarring, less stress on the immune system, and smaller incisions over conventional procedures, make it a more preferred choice for performing surgeries.
The growing prevalence of chronic diseases, such as cancer, diabetes, cardiovascular diseases, and others, is the key factor driving the demand for minimally invasive surgical procedures. This is anticipated to augment the market growth over the forecast period. For instance, as per the data published by the Canadian Cancer Society, in May 2022, colorectal cancer is expected to be the fourth most diagnosed cancer in Canada, 2022 and nearly 24,300 Canadians are predicted to be diagnosed with colorectal cancer, which represents 10% of all new cancer cases in Canada in 2022. Thus, the increasing burden of cancer among Canadian people increases the demand for surgical procedures, which is expected to increase the demand for surgical devices, thereby boosting the market growth.
Additionally, according to the 2022 statistics published by the International Diabetes Federation, 2.9 million people were living with diabetes in Canada in 2021. In addition, this number is projected to increase to 3.2 million in 2030. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is anticipated to raise the demand for surgical procedures, which is anticipated to fuel the demand for minimally invasive surgical devices, thereby boosting the market growth.
With the rising burden of heart disease, the demand for interventional devices is increasing. Also, governments across the Canadian province are investing heavily to improve the healthcare infrastructure. For instance, as per a press release by the Ontario Government in April 2022, Conavi Medical, a Toronto-based medical device company that develops, manufactures, and commercializes innovative medical technologies to guide common minimally invasive heart procedures, planned to invest USD 6.7 million to make substantial improvements to its existing facility and implement state-of-the-art IT systems to develop medical technologies used for heart procedures. Such investments are expected to fuel market growth.
Therefore, owing to the aforementioned factors, such as the high burden of chronic diseases, diabetes, and new product launches, are expected to increase the market growth over the forecast period. However, the shortage of experienced professionals is likely to impede the growth of the minimally invasive surgery devices market over the forecast period.
Canada Minimally Invasive Surgery Devices Industry Segmentation
As per the scope of the report, minimally invasive surgical devices refer to electrosurgical systems, robot-assisted surgical systems, and surgical equipment used during minimally invasive procedures. Minimally invasive surgery refers to any surgical procedure performed through tiny incisions instead of a large opening, leading to quicker recovery, minimal blood loss, and less pain than traditional open surgery. The Canada minimally invasive surgery devices market is segmented by products (handheld instruments, guiding devices, electrosurgical devices, endoscopic devices, laparoscopic devices, monitoring and visualization devices, robotic-assisted surgical systems, ablation devices, laser-based devices, and other devices), applications (cardiovascular, gastrointestinal, gynecological, orthopedic, urological, and other applications). The report offers the value (in USD) for all the above segments.
By Products | |
Handheld Instruments | |
Guiding Devices | |
Electrosurgical Devices | |
Endoscopic Devices | |
Laproscopic Devices | |
Monitoring and Visualization Devices | |
Robotic Assisted Surgical Systems | |
Ablation Devices | |
Laser Based Devices | |
Other MIS Devices |
By Application | |
Aesthetic | |
Cardiovascular | |
Gastrointestinal | |
Gynecological | |
Orthopedic | |
Urological | |
Other Applications |
Canada Minimally Invasive Surgery Devices Market Size Summary
The Canada minimally invasive surgery devices market is experiencing a positive growth trajectory, driven by the increasing prevalence of chronic diseases and technological advancements in surgical procedures. The market, which had faced challenges due to COVID-19 restrictions, is now rebounding as companies focus on developing advanced products to meet the rising demand. The advantages of minimally invasive surgical procedures, such as reduced post-operative pain, fewer complications, and faster recovery times, are making them a preferred choice for patients and healthcare providers. The growing burden of chronic conditions like cancer, diabetes, and cardiovascular diseases is significantly boosting the demand for these surgical procedures, thereby propelling the market forward.
The market is characterized by the introduction of innovative products and technologies, such as robotic-assisted surgical systems and advanced endoscopic devices, which are enhancing the capabilities of minimally invasive surgeries. The gastrointestinal segment, in particular, is expected to witness substantial growth due to the rising incidence of gastrointestinal diseases and the demand for endoscopic treatments. Additionally, the market is supported by significant investments in healthcare infrastructure and the presence of key players like Olympus Corporation, Medtronic PLC, and Abbott Laboratories, which are actively contributing to the development and availability of advanced surgical devices. Despite the promising growth prospects, the market faces challenges such as a shortage of experienced professionals, which could impede its expansion.
Canada Minimally Invasive Surgery Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Lifestyle-related and Chronic Disorders
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1.2.2 Technological Advancements
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1.3 Market Restraints
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1.3.1 Shortage of Experienced Professionals
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Products
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2.1.1 Handheld Instruments
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2.1.2 Guiding Devices
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2.1.3 Electrosurgical Devices
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2.1.4 Endoscopic Devices
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2.1.5 Laproscopic Devices
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2.1.6 Monitoring and Visualization Devices
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2.1.7 Robotic Assisted Surgical Systems
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2.1.8 Ablation Devices
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2.1.9 Laser Based Devices
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2.1.10 Other MIS Devices
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2.2 By Application
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2.2.1 Aesthetic
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2.2.2 Cardiovascular
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2.2.3 Gastrointestinal
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2.2.4 Gynecological
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2.2.5 Orthopedic
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2.2.6 Urological
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2.2.7 Other Applications
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Canada Minimally Invasive Surgery Devices Market Size FAQs
What is the current Canada Minimally Invasive Surgery Devices Market size?
The Canada Minimally Invasive Surgery Devices Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Canada Minimally Invasive Surgery Devices Market?
Olympus Corporation, Medtronic PLC, Abbott Laboratories, CONMED Corporation and B. Braun SE are the major companies operating in the Canada Minimally Invasive Surgery Devices Market.