5 Key Insights On The Minimally Invasive And Non Invasive Product And Service Market 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
As per The Business Research Company’s Minimally Invasive And Non Invasive Product And Service Global Market Report 2024, the minimally invasive and non invasive product and service market is expected to show significant growth in the forecast period.
The minimally invasive and non-invasive product and service market has witnessed robust growth in recent years, with an anticipated surge from $134.5 billion in 2023 to $144.45 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 7.4%. This growth trajectory can be attributed to several factors, including early adopter influence, regulatory changes, and evolving patient expectations.
Charting Future Growth Trajectories
Forecasts suggest that the market will continue on a strong growth trajectory, reaching $190.02 billion by 2028, with a CAGR of 7.1%. This growth is driven by rising healthcare costs, consumer preference shifts, and market consolidation. Moreover, trends like the rise in cosmetic procedures and the integration of AI and robotics are expected to shape the market landscape in the coming years.
Impact of the Geriatric Population on Market Dynamics
The burgeoning geriatric population is poised to drive growth in the minimally invasive and non-invasive product and service market. As the population ages, there’s an increased demand for non-invasive products and procedures, such as hearing aids and external splints. The World Health Organization predicts a significant increase in the global population aged 60 years and above, further accentuating the need for minimally invasive solutions.
Technological Advancements Transforming Surgical Landscapes
The integration of new technologies in surgeries is a key trend shaping the minimally invasive and non-invasive product and service market. Innovations such as AI-powered navigation systems are revolutionizing surgical procedures, offering surgeons real-time feedback and enhancing surgical precision. Companies like Acclarent are leading the charge with the introduction of TruDi, an AI-powered navigation technology designed to simplify surgical planning in ENT procedures.
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Strategic Acquisitions Driving Market Expansion
Strategic acquisitions play a pivotal role in expanding market presence and product portfolios. Medtronic’s acquisition of Intersect ENT for $1.1 billion in May 2022 exemplifies this trend. This acquisition enables Medtronic to bolster its offerings in ENT surgeries and post-operative sinus implants, further cementing its position in the minimally invasive medical technologies sector.
Understanding Market Segmentation
The minimally invasive and non-invasive product and service market is segmented based on type, technology, application, and end-user, catering to diverse surgical needs and preferences.
- By Type: Surgical Devices, Electrosurgical Devices, Imaging Devices, Robotic Systems, Other types
- By Technology: Non-visual imaging, Transcatheter surgery, Laparoscopic surgery
- By Application: Cardio Thoracic Surgery, Vascular Surgery, Neurological Surgery, Cosmetic Surgery, Gastrointestinal Surgery, Dental Surgery
- By End-user: Hospital Surgical departments, Outpatient surgical centers, Group practices, Individual surgeons, Medical schools, Other End-users
Regional Dynamics: North America Leads the Way
North America emerges as the largest region in the minimally invasive and non-invasive product and service market in 2023. However, other regions are expected to witness substantial growth, reflecting the global demand for minimally invasive solutions.
Conclusion: Embracing Innovation in Surgical Practices
In conclusion, the minimally invasive and non-invasive product and service market presents vast opportunities for innovation and growth. With technological advancements, demographic shifts, and strategic collaborations driving market dynamics, stakeholders must adapt to evolving trends and embrace innovation to meet the evolving needs of patients and healthcare providers worldwide.
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