Global Laparoscopy Devices Market Overview
The key driver impacting the laparoscopy devices market is the rapidly growing cases of colorectal cancer globally. laparoscopic surgery is an effective and safe alternative to conventional surgery in treat early colon cancer, thus likely to create more market demand in the forecast period. for instance, as per the American Institute of Cancer Research, colorectal cancer is considered as third most common cancer globally. It is also the third most common cancer occurring in men and the second most common cancer in women. There were around 1.8 million new cases of colorectal cancer found in 2018. as per the American Cancer Society, In 2020, an estimated 104,610 new colon cancer cases and 43,340 cases of rectal cancer were diagnosed in the US. Though most CRCs are in adults who ages 50 and older, and 17,930 (12%) were diagnosed in individuals younger than age 50. It is the equal to 49 new cases per day. Moreover, the increasing demand for minimally invasive surgeries is estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global laparoscopy devices market was valued at around USD 12,500 million in 2020 and is estimated to grow at a CAGR of about 5.75% during the forecast period of 2021 to 2027.
The rise in cases of morbid obesity at the global level leads to the rising number of bariatric surgeries is estimated to augment laparoscopy devices demand in the forecast period as bariatric surgeries are majorly performed laparoscopically globally to decrease weight. laparoscopic surgery helps in faster recovery in less time. for instance, according to the World Health Organisation, In 2016, there were approximately 2 billion adults overweight, of those, 650 million are supposed to be affected by obesity (BMI ≥30 kg/m²). If these current trends carry on, it is predictable that 2.7 billion adults will be overweight, in which more than 1 billion were affected by obesity, and around 177 million adults were severely affected by obesity by 2025. as per the American Society for Metabolic and bariatric surgery, obesity is one of the serious public health issues prevailing in the U.S. In 2017, around 228,000 bariatric procedures were performed in the U.S., in which about 1 percent of the population eligible for surgery. However, the risk of aerosolization of coronavirus may hamper the global laparoscopy devices market in the long run. also, the lack of trained healthcare professionals negatively impacts market growth. the current industry trends, such as the escalating demand for data-integrated systems and the rise in the adoption of robot-assisted laparoscopic surgeries, are expected to provide market players with several market opportunities.
The laparoscopy devices market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. For instance, In 2016, Ethicon had acquired a medical devices company known as NeuWave Medical, Inc. (U.S.). It manufactures minimally invasive soft tissue microwave ablation systems. The acquisition allows leveraging the advanced NeuWave Medical technologies to present solutions for minimally invasive surgeries that can enhance patient outcomes. The known players included in the report are Ethicon US, CONMED Corporation, Aesculap, Inc. (B. Braun company), Smith & Nephew, KARL STORZ, Richard Wolf GmbH, Boston Scientific Corporation, LLC (Johnson & Johnson), Medtronic, Fujifilm Holding Corporation, Stryker, Olympus Corporation, and Cook Medical, Inc.
In this research report, the laparoscopy devices market is segmented by product, application, end-user, and region.
Analysis by Product:
By product, the report is categorized into laparoscopes, energy devices, insufflation devices, suction/irrigation devices, handheld instruments, access devices, trocars, and internal closure devices. Energy devices are estimated to have a vast demand in the forecast period. It is due to the massive demand for single incision surgeries and other laparoscopic surgeries. Moreover, energy devices are important for the proper functioning of laparoscopes. These are basically employed in laparoscopic surgeries due to incessant technological advancements thus contributing to the high demand for energy devices in the forecast period.
Analysis by Application:
By applications, the report is categorized into general surgery, bariatric surgery, gynecological surgery, urological surgery, and colorectal surgery. Gynecological surgery dominates the application segment with over 20% share in 2020. It is due to the increasing number of gynecological surgery across the globe. Moreover, the high adoption of laparoscope devices to diagnose and treat gynecologic disorders and a growing preference for minimally invasive approaches drives the demand for laparoscope devices in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into clinics, hospitals, and others. The hospitals dominate the end-user segment with over 50% share in 2020. It is due to the high preference to hospitals for performing laparoscopic procedures as hospital-attached outpatient facilities enable ease of handling any emergencies during surgeries. Moreover, the presence of skilled surgeons and the high adoption of newer technologies by hospitals drives the market demand from the hospitals in the forecast period.
Analysis by Region:
In the regional outlook of the global laparoscopy devices market, the North America region dominates with a 30% market share during the forecast period. The rising number of laparoscopic procedures compared to traditional open surgeries is the critical factor driving regional growth. Moreover, the growing cases of obesity and colorectal cancer cases in America contribute to the development of the laparoscopy devices market across North America.
Market Segmentation covered in the Report:
- General Surgery
- Bariatric Surgery
- Gynecological Surgery
- Urological Surgery
- Colorectal Surgery
- Energy Devices
- Insufflation Devices
- Suction/Irrigation Devices
- Handheld Instruments
- Access Devices
- Internal closure devices
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.