Laparoscopic Devices Market by Products (Energy Devices, Laparoscope, Insufflation Devices, Suction/Irrigation Devices, Internal Closure Devices, Robot-Assisted Surgical System, Hand Instruments), Application (Gynecology Surgery, General Surgery, Urology Surgery, Bariatric Surgery, Colorectal Surgery), and End User (Hospital & Clinics, Ambulatory Surgical Centers, Specialty Center) – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the global laparoscopic devices market was pegged at ~ US$ 6.90 billion in 2021. The market is expected to witness a CAGR of ~7.10% from 2022 to 2030.
Laparoscopy is a surgical procedure that uses a small cut for the whole surgery with comparatively fewer injuries & scars than a standardized surgical procedure. The laparoscopic devices market is experiencing rapid growth. This growth in the market can be owed to the rising prevalence of uterine fibroids and endometriosis, the increasing number of cases of hysterectomy & myomectomy procedures, and advancement in the healthcare infrastructure in developing countries. The rapid expansion of market players into the different regions also contributes to market growth. Furthermore, the promotion of supportive government initiatives and favorable reimbursement policies drives the market. Additionally, the growing geriatric population and affordable & high availability of laparoscopic devices is also a reason for the boost in the laparoscopic devices market.
The increasing chronic diseases such as endometriosis, uterine fibroids, ovarian cysts or tumors, ectopic pregnancy, and so on proves to be a beneficial factor for laparoscopic devices market growth. These rising cases of health problems can be owed to poor diet and lifestyle. For instance, according to the “MedPage Today” news article, in the U.S. there were nearly 256,000 bariatric surgeries performed in the year 2019. For bariatric surgeries mostly laparoscopy is performed, thereby raising the laparoscopic devices market growth across the globe.
The increasing adoption of minimally invasive surgeries across the globe also greatly influences the market. Laparoscopy is the most preferable surgery over open surgeries by medical professionals due to its various advantages. Laparoscopic surgeries provide many profits such as
low-risk surgical procedures, minimum external & internal injuries, less pain, better efficiency, and a short recovery rate. Thus, these are a few factors that help in upsurging market growth.
The demand for robot-assisted laparoscopy devices gained popularity in the global market. Surgical robots are developed to aid the limitations of laparoscopy, including 2D (two-dimensional) visualization, incomplete articulation of instruments, and ergonomic limitations. The main aim of robot-assisted laparoscopic surgery is to help the physician enhance patient care by converting surgical procedures from manual to robotic (automation in the device). This type of surgery is beneficial for the patients as it provides perfection & precision, speed-up recovery rate, short procedure, and many more, thus, uplifting the market value globally.
However, there are some pitfalls in the global laparoscopic devices market that can lower its value of this market. These issues are the high cost of the devices and the lack of skilled professionals. Among other drawbacks, the lack of skilled professionals can prove to be a major challenge that can cause big damage to the market growth. Highly skilled & experienced professionals are required to understand & operate the robotic laparoscopy in an appropriate manner for better output. The poor knowledge of the function of the devices can hamper the laparoscopic devices market.
The global laparoscopic devices market is further segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominates the global market with the largest revenue share. The growth in the market in North America is owed to the rising demand for skilled & experienced physicians, growing geriatric population, rising prevalence of chronic diseases, large patient base, increasing initiatives, adoption of technological advancements, and many more.
On the other hand, the Asia Pacific is the fastest-growing market for laparoscopic devices. This growth can be attributed to the growing number of advanced & improvised healthcare infrastructure hospitals and a large number of surgical procedures that are boosting the market growth in the Asia Pacific over the forecast period. Adoption of advanced technology, increasing funds & investment, and favorable reimbursement facilities are likely to drive the market in the region.
Some of the prominent players operating in the global laparoscopic devices market are Welfare Medical Ltd., Karl Storz SE & CO. KG, Braun Melsungen AG, Olympus Corporation, Stryker Corporation, DEAM, ConMed Corporation, Medtronic Plc., Smith & Nephew Plc, and Richard Wolf GmbH among others.