Minimally Invasive Surgical Instruments Market Worldwide Industry Analysis
The minimally invasive surgical instruments market generated a revenue of $28.7 billion in 2016, and it is predicted to advance at a 9.3% CAGR during the forecast period (2017–2023).
By: P&S Intelligence
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Similarly, the surging prevalence of chronic diseases, such as arthritis, cancer, and cardiovascular diseases, is also expected to drive the minimally invasive surgical instruments market. As per the American Heart Association (AHA), the deaths per year due to cardiovascular disease are expected to rise to 23.6 million by 2030. Cancer, which is among the leading causes of global mortality, accounted for 8.8 million deaths in 2015. The growing prevalence of chronic diseases is expected to increase the demand for surgeries, thereby supporting the growth of the market.
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In 2016, North America was the largest revenue generator in the minimally invasive surgical instruments market with a contribution of more than $12.1 billion. Developed healthcare facilities, rising geriatric population, and growing prevalence of lifestyle-associated and chronic diseases in the continent are the factors contributing to the growth of this category. The North American market for these instruments would be further driven throughout the forecast period as a result of surging investments in research and development (R&D) in the healthcare sector.
Therefore, the market is slated to advance due to the advantages offered by minimally invasive procedures and increasing R&D.