The market studied is expected to witness robust growth, due to the increasing demand for minimally-invasive surgeries over traditional surgeries and the rising prevalence of lifestyle-related and chronic disorders.
- In minimally invasive surgery, doctors use various methods to operate with minimal damage to the body as opposed to traditional open surgery. In general, minimally invasive surgery is associated with less pain, a shorter hospital stay, and fewer complications.
- By developing truly integrated solutions, minimally invasive procedures have been beginning to replace traditional surgical care in other medical domains as well. The demand for this surgery has been increasing at a very high rate, due to several factors that include a higher accuracy rate with relatively reduced pain, and fewer infections. The growing prevalence of chronic diseases has also been a major factor in driving the studied market's growth in the country.
- According to the Australia Bureau of Statistics, just under half (47.3%) of Australians, in 2017-18, had one or more chronic diseases, an increment from 2007-08, where two-fifth (42.2%) of individuals reported one or maybe more chronic diseases. Thus, owing to the benefits associated with minimally invasive surgeries, the adoption rate has been increasing, which may drive the overall growth of the market.
Key Market Trends
Endoscopic Devices Segment is Expected to Grow Significantly
Endoscope devices are minimally invasive that can be inserted into natural openings of the human body, in order to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries. Endoscopy can be indicated in various types of conditions, such as GIT disorders, pancreatitis, gastric/stomach cancer, respiratory tract disorders, urinary tract disorders, etc.
The market for an endoscope is expected to be driven by favorable reimbursement policies, technological advancements, and an increasing number of new players in the endoscopy devices market.
In August 2019, President Private Hospital Kirrawee launched a new endoscopy service that enables patients to directly book into endoscopy examinations in Kirrawee, Sydney. A campaign was also launched by the President Private Hospital in July 2019, to boost low bowel screening participation rates across St George and Sutherland Shire. The campaign promotes Australia's National Bowel Cancer Screening Program and urges more people in the community to do to free life-saving test.
The market studied is moderately competitive, and there are several international as well as local companies that are present in Australia and have been providing minimally invasive surgery (MIS) solutions. The major players in the Australian minimally invasive surgery devices market are Boston Scientific Corporation, Koninklijke Philips N.V, Medtronic PLC, Olympus Corporation, Stryker Corporation, Zimmer Biomet, etc.
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