The size of the global laparoscopic devices market was worth USD 8.98 billion in 2020. This market is predicted to be growing at a CAGR of 7.45% and will worth USD 12.86 billion by 2025.
MARKET DRIVERS:
The increase in diseases such as colorectal cancer drives the growth of the global laparoscopy devices market. Factors such as gall bladder issues, Crohn's disease, and obesity are driving this market growth. Also, the increase in disposable income of the population is acting as a driver in the Laparoscopy Devices Market growth. Robot performing a particular task is the fast-growing technology along the forecast period. The development of products and action was taken to serve the right to give orders is driving the global laparoscopy devices market growth.
The surge in healthcare expenditure is likely to create new opportunities for market expansion. The quantitative analysis of the industry is provided to enable the key stakeholders to invest a considerable amount, which will improve market opportunities. Upcoming new markets or the emergence of new players, and the increase in robot-assisted technology usage will provide new opportunities in the forthcoming years. To overcome the market challenges, devices with enhanced capabilities like sterility, adaption, and safety are being launched by the key players.
MARKET RESTRAINTS:
The lack of awareness among the people about laparoscopic surgeries and devices and unstable reimbursement of laparoscopy devices restrain the global market growth over the estimated period. Post-operative risks that are associated with laparoscopy procedures also limit the market. Lack of skillful professionals or doctors for laparoscopic procedures related to post-operative risk may restrict the global laparoscopy devices market growth.
Impact of COVID-19 on the global laparoscopy devices market:
The COVID-19 pandemic has created a disrupted impact on the global laparoscopic devices market. During the lockdown period, many manufacturing companies have temporarily closed their operations, resulting in a slight decline in laparoscopy devices' production. The device manufacturers across the countries like India and China have tremendous opportunities to increase their productivity and generate maximum revenue during the pandemic period. The other countries have initiated their plans to simplify the inclusion of various developments.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Product Type, Therapeutic Application, End Users, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Boston Scientific Corporation, Karl Storz, ConMed, Aesculap, Covidien, Olympus, Intuitive Surgical, Stryker, Medtronic, B. Braun Melsungen AG, Ethicon US LLC, and Smith & Nephew. |
This research report on the global laparoscopy devices market has been segmented and sub-segmented based on the product type, therapeutic application, end-users, and region.
Laparoscopy Devices Market – By Product Type:
Based on product type, the direct energy system devices segment has accounted for the maximum share in 2019 and is projected to register a healthy CAGR in the forecast period.
The laparoscopes segment is another lucrative segment among all. Rise in the number of start-ups dealing with laparoscopy instruments authorized by the latest robotic platforms.
The Robot-assisted surgical systems segment was growing rapidly and expected to have lucrative growth opportunities during the forecast period. Factors such as new product launches and enhanced patient care facilities are majorly favoring the segment’s growth. The technological advancements assist the surgeons in operating the small incisions and launch of new products, and approvals by the regulatory authorities successfully drive the segment growth.
Laparoscopy Devices Market – By Therapeutic Application:
Based on the therapeutic application, the general surgery segment is forecasted to dominate the global laparoscopy devices market during the assessment period. The rising number of gall bladder removal cases, patients suffering from a hernia, particularly women, and surgical removal of the appendix escalate the market growth.
The bariatric surgery segment is expected to witness the highest CAGR during the forecast period. The segment signifies the potentiality in the treatment of diabetes and the health conditions associated with cardiovascular diseases. Bariatric surgery helps develop illnesses relevant to obesity like type-2 diabetes, high blood pressure, and sleep apnea.
Laparoscopy Devices Market – By End Users:
Based on end-users, the Hospitals have a high market value. They are foreseen to expand rapidly in the coming years, owing to increasing demand for minimal invasive surgeries (MIS), supporting the growth of the global laparoscopic devices market. A vast number of people frequently visit hospitals with various medical conditions, and the increasing number of laparoscopic procedures performed in the hospitals intensifies market growth.
The ambulatory surgical centers segment is projected to grow at a significant rate during the forecast period.
Laparoscopy Devices Market – By Region:
Geographically, North America is expected to lead the global laparoscopic devices market in revenue share during the forecast period. The high per capita income and growing aging population are much likely to prone to degenerative illness are expected to drive growth for the global laparoscopic devices market growth. The United States laparoscopic devices market was the market leader in the global market in 2019. The increasing need for diagnosis and therapies, Y-O-Y growth in the incidence of chronic diseases, and rise in the circumstances of morbid obesity over the American population increase the demand for bariatric surgeries in the United States, directly reflecting in the growth of the U.S. laparoscopic devices market. The Canadian market is expected to grow at a prominent rate between 2020 to 2025. Technological advancements and the high adoption of minimally invasive techniques escalate the Canadian laparoscopic devices market growth.
The European laparoscopic devices market was the second-largest leading region in the global market in 2019 and is predicted to rise at a promising rate during the forecast period. As per the Journal of Colorectal Cancer of Europe, nearly 1.2 million people are currently diagnosed with colorectal cancer. According to the latest news, 260,000 laparoscopic colorectal surgeries were performed in Europe. The growing prevalence of cancer, increasing research activities on laparoscopy developments, and access to cutting-edge facilities boost the market demand. The U.K laparoscopic devices market is expected to have lucrative growth opportunities due to increasing awareness regarding the benefits of laparoscopic procedures.
Asia-Pacific is estimated to witness significant growth fuelled by factors like increasing geriatrics population and a rise in abdominal disorders in the region. The growth of this regional market is further driven by the factors such as rapid developments in the healthcare infrastructure and increasing patient pool. Countries such as China and India are expected to have a healthy growth rate due to increased affordability, and accumulating cases of obesity increases the laparoscopic devices market growth. The Indian laparoscopic devices market is majorly driven by medical tourism, affordable cost, and experienced professionals in the laparoscopic field.
The Latin American market is projected to have a notable growth rate in the laparoscopic devices market. Rapid development in technology and the growing demand for cost-effective products significantly contribute to market growth.
The Middle East & Africa region is to have substantial market growth due to economic potentiality and better awareness of healthcare. Africa is leading the laparoscopic devices market in the MEA region.
KEY MARKET PLAYERS & SHARE INSIGHTS:
Some of the key participants leading the global laparoscopy devices market profiled in this report are Boston Scientific Corporation, Karl Storz, ConMed, Aesculap, Covidien, Olympus, Intuitive Surgical, Stryker, Medtronic, B. Braun Melsungen AG, Ethicon US LLC, and Smith & Nephew.
In April 2018, B. Braun Melsungen AG opened a manufacturing facility where all the medical industry devices are available in Penang, Malaysia.
In June 2017, Becton, Dickinson, and the company had received clearance of US Food and Drug Administration (FDA)510(k) for the Snowden-Pencer TM 3.0mm laparoscopic instrument.
In April 2017, Olympus Corporation signed an agreement to obtain Image Stream Medical, Inc. This agreement helps it to strengthen to a small extent and spread the diagnostic and product very quickly.
In July 2017, Fortimedix made a public statement regarding the cadaver case result, explaining the possibility to do easily of symphonX.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product Type
5.1.1 Internal Closure Devices
5.1.2 Hand Access Instruments
5.1.3 Robotic Assisted Surgical System
5.1.4 Laparoscopes
5.1.5 Direct Energy Systems
5.1.6 Insufflation Devices
5.2 By Therapeutic Application
5.2.1 Colorectal Surgery
5.2.2 Gynaecological Surgery
5.2.3 General Surgery
5.2.4 Bariatric Surgery
5.2.5 Urological Surgery
5.3 By End Users
5.3.1 Hospitals
5.3.2 Ambulatory Surgical Centers
5.3.3 Clinics
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Argentina
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Boston Scientific Corporation
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Karl Storz
8.3 ConMed
8.4 Aesculap
8.5 Covidien
8.6 Olympus
8.7 Intuitive Surgical
8.8 Stryker
8.9 Medtronic
8.10 B. Braun Melsungen AG
8.11 Ethicon US LLC
8.12 Smith & Nephew
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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