Market Size of Europe Minimally Invasive Surgery Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 7.70 % |
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?
Europe Minimally Invasive Devices Market Analysis
The Europe minimally-invasive surgery devices market is expected to register a CAGR of 7.7% over the forecast period.
The COVID-19 pandemic has had ramifications on various surgical procedures, including minimally invasive procedures. Due to the lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases as a result of a reduction in hospital visits, which impacted the studied market. Patients were also avoiding visiting medical facilities that may be considered a potential source of infections, which also contributed to the delay in spinal surgeries, thereby impacting the minimally invasive devices in the region. In Europe, the rising cases of COVID-19 are expected to have a significant short-term negative impact on the medical aesthetics market. However, the adverse impacts of COVID-19 on the European economy can have significant indirect effects on the market. For instance, in February 2021, Central European authorities warned that they are witnessing increased COVID-19 infections across their region amid the discovery of new variants. However, the market showed significant traction within a few months, as the reduction in COVID-19 cases was reported due to the growing demand for minimally invasive surgical procedures in the region.
The major factors for the growth of the Europe minimally-invasive surgery devices market include the increasing prevalence of lifestyle-related and chronic disorders, technological advancements, and a higher acceptance rate of minimally-invasive surgeries over traditional surgeries.
Moreover, over the past decade, there has been a rise in the prevalence of several chronic diseases that need minimally invasive surgeries. Some of the major chronic diseases include cancer, kidney failure, and heart disease, among others, which are prevalent within the European region. For instance, as per the article published in Nature Reviews Cardiology in September 2021, cardiovascular disease (CVD) remained the most common cause of death in the European region. More than 60 million potential years of lives are lost to CVD in Europe annually. Similarly, as per GLOBOCAN data updated in 2020, there were 4.40 million new cancer cases in 2020, which is expected to increase and reach 5.53 million cases by 2040. Such an increase in the patient population is ultimately boosting the growth of surgeries within the region to avoid severe fatalities, thereby driving the demand for minimally invasive devices market over the forecast period.
Also, the European region witnessed a high proportion of the geriatric population. The population aged 65 and above is highly prone to various chronic diseases. For instance, according to the United Nations Population Fund's Statistics 2021, Italy has approximately 23.8% of the population aged 65 and above. Thus, the increasing aging population is prone to chronic diseases. As a result, these chronic diseases lead to a need for surgical procedures, which then lead to a surge in demand for minimally invasive devices driving the growth of the market over the forecast period.
Thus, due to the aforementioned reasons, the market is expected to show significant growth over the forecast period. However, the shortage of experienced professionals issues may slow down market growth.
Europe Minimally Invasive Devices Industry Segmentation
As per the scope of this report, minimally-invasive surgical devices refer to electrosurgical systems, robot-assisted surgical systems, and surgical equipment which are used during minimally-invasive surgical procedures. Europe's Minimally Invasive Surgery Devices Market is segmented by Product (Handheld Instruments, Guiding Devices, Electrosurgical Devices, Endoscopic Devices, Laparoscopic Devices, Monitoring and Visualization Devices, Ablation Devices, Laser-based Devices, Robotic-assisted Surgical Systems, and Other MIS Devices), Application (Aesthetic, Cardiovascular, Gastrointestinal, Gynecological, Orthopedic, Urological, and Other Applications), and Geography (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers the value (in USD million) 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 | |
Cardiovascular | |
Gastrointestinal | |
Gynecological | |
Orthopedic | |
Urological | |
Other Applications |
Europe Minimally Invasive Surgery Devices Market Size Summary
The Europe minimally invasive devices market is poised for substantial growth, driven by an increasing prevalence of lifestyle-related and chronic disorders, technological advancements, and a growing acceptance of minimally invasive surgeries over traditional methods. The market experienced initial setbacks due to the COVID-19 pandemic, which led to delays in surgeries and a temporary decline in demand. However, the market rebounded as the demand for these procedures surged, particularly in response to the rising cases of chronic diseases such as cancer, kidney failure, and heart disease. The aging population in Europe, especially those aged 65 and above, further fuels the demand for minimally invasive surgeries, as this demographic is more susceptible to chronic conditions requiring surgical intervention.
The gastrointestinal segment is expected to witness significant growth due to the high burden of gastrointestinal diseases, which are prevalent among both the young and elderly populations. The increasing incidence of cancer related to the gastrointestinal tract, such as colon and rectal cancers, is also anticipated to drive the demand for minimally invasive procedures. The United Kingdom, with its advanced healthcare system and high healthcare expenditure, is a key player in this market, experiencing a rise in demand due to the growing burden of cardiovascular diseases and the increasing number of hospitals and surgical centers. The market is moderately competitive, with major players like Medtronic, Olympus Corporation, and Siemens Healthineers leading the charge in innovation and expansion.
Europe 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 Higher Acceptance Rate of Minimally Invasive Surgeries Over Traditional Surgeries
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1.2.3 Technological Advancements in Minimally Invasive Devices
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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 Five Forces
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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 Cardiovascular
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2.2.2 Gastrointestinal
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2.2.3 Gynecological
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2.2.4 Orthopedic
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2.2.5 Urological
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2.2.6 Other Applications
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2.3 Geography
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2.4 Germany
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2.5 United Kingdom
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2.6 France
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2.7 Italy
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2.8 Spain
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2.9 Rest of Europe
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Europe Minimally Invasive Surgery Devices Market Size FAQs
What is the current Europe Minimally Invasive Surgery Devices Market size?
The Europe Minimally Invasive Surgery Devices Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)
Who are the key players in Europe Minimally Invasive Surgery Devices Market?
Medtronic PLC, Olympus Corporation, Siemens Healthineers, Koninklijke Philips NV and GE Healthcare are the major companies operating in the Europe Minimally Invasive Surgery Devices Market.