Asia-Pacific Minimally Invasive Surgical Instruments Market To Boom in Coming Years

In recent years, the governments of many countries have increased their healthcare spending. As per the World Bank, the global healthcare expenditure has grown from 8.5% of the gross domestic product (GDP) in 1996 to 9.8% of the GDP in 2014. Moreover, with the rising GDP of many countries, the healthcare infrastructure has improved massively, especially the medical devices used in public healthcare facilities. This is one of the primary reasons behind the surge in surgeries in public healthcare settings.

Besides the aforementioned factor, the booming geriatric population is also propelling the growth of the minimally invasive surgical instruments market. As geriatric people are highly vulnerable to several chronic diseases such as cancer, cardiovascular illnesses, arthritis, and obesity, their surging population is pushing up the demand for surgeries. As per the findings of the American Heart Association (AHA) in 2016, around 17.3 million deaths are reported every year because of cardiovascular diseases and this number is predicted to surpass 23.6 million by 2030.

Similarly, the World Health Organization (WHO) reported in 2015 that cancer was the second major cause of deaths across the world. The disease claimed the lives of 8.8 million people in 2015 and around 70% of the deaths in low- and middle-income countries. Hence, with the growing incidence of these diseases and the increasing geriatric population, the demand for minimally invasive surgical instruments is rising sharply. Depending on product, the minimally invasive surgical instruments market is classified into electrosurgical instruments, handheld instruments, inflation systems, and guiding devices.

Out of these, the handheld instruments category demonstrated huge expansion in 2016, as these devices were extensively used by surgeons, on account of their ability to massively reduce the strain on fingers during surgical procedures. The market is also categorized into urology, obstetrics and gynecology, cosmetic surgery, neurosurgery, cardiovascular, ophthalmology, laparoscopy, and orthopedic surgery. Out of these, the laparoscopy category dominated the market during the last few years and it is predicted to expand sharply in the coming years as well.

Geographically, the minimally invasive surgical instruments market is predicted to register the fastest growth in Asia-Pacific in the forthcoming years. This will be because of the surging number of patients suffering from various chronic diseases, mushrooming population of geriatric people, soaring per capita income of people, and improving healthcare and medical facilities in the region. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people in the age bracket- 65 years and above- constituted around 11.4% of the population of the region in 2013 and this share will rise by nearly 20% by 2050.

Hence, it can be said without any hesitation that the market will register huge expansion in the upcoming years, primarily because of the growing incidence of chronic diseases and surging geriatric population across the world.