Market Trends of India Minimally Invasive Surgery Devices Industry
This section covers the major market trends shaping the India Minimally Invasive Surgery Devices Market according to our research experts:
Aesthetic Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Factors such as increasing obesity, investments, and awareness are expected to boost the segment's growth. Investments in medical devices are increasing in India, which is anticipated to create opportunities for market growth. The India Brand Equity Foundation's December 2021 update showed that the growth of the Indian market for medical devices was mostly driven by 75-80% imports from countries such as the United States, China, and Germany. In recent times, however, exports have increased. The Atma Nirbhar Bharat mission is providing momentum to India's vision of becoming a global manufacturing hub for medical devices, which is expected to fuel market growth.
Increasing obesity is another factor in market growth. An article presented in the journal of Neurosciences in May 2021 indicated that the prevalence of obesity in India was 40.3%. The large concentration of people affected by obesity in the country is likely to propel the growth of the market during the forecast period, as people with obesity often undergo aesthetic surgeries. The Indian Society of Aesthetic Medicine conducted the "World Congress of Aesthetic Medicine" in June 2022, in which state-of-the-art aesthetic devices, including their management and progress, were discussed. Such seminars, which showcase awareness about medical aesthetic devices, are expected to propel the growth of the market during the forecast period.
Thus, the abovementioned factors are expected to increase market growth during the forecast period.
Robotic Assisted Surgical Systems is Expected to Witness Significant Growth Over the Forecast Period
Factors such as increasing fractures and initiatives by key market players are expected to increase the market's growth. The article published in the National Library of Medicine in June 2021 mentioned that pertrochanteric fractures were observed in 72.8% of the patients, while neck or femur fractures were observed in 27% of the patients. The report also mentioned that 21.2% were injured as a result of road traffic accidents. Such prevalence of hip fractures is expected to drive the demand for robotic-assisted surgeries, thereby contributing to the growth of the market during the forecast period.
Product launches are a key factor in market growth as they imply an increase in the adoption of technology. For instance, in November 2022, Intuitive installed its hundredth robotic-assisted surgical system in India at the U.N. Mehta Institute of Cardiology, the country's largest cardiac center. In June 2021, Intuitive India, the India arm of Intuitive, a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery (RAS), launched India's first robotic-assisted surgical stapler called SureForm. Similarly, in April 2022, the Versius Robotic surgical system was launched at the Nephro-Urology hospitals in Bengaluru. Such product launches are expected to boost segmental growth in the country.
