Laparoscopy Devices Market

Laparoscopy Devices Market Size (2022 to 2027)

The global laparoscopic devices market size is forecasted to be worth USD 13.82 billion by 2027 from USD 9.65 billion in 2022, witnessing a CAGR of 7.45% from 2022 to 2027.

MARKET DRIVERS:

Y-O-Y growth in incidence of life-threatening 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 actions to serve the right to give orders drives 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 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:

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:

• Internal Closure Devices   
• Hand Access Instruments 
• Robotic-Assisted Surgical System   
• Laparoscopes         
• Direct Energy Systems      
• Insufflation Devices            

Based on product type, the direct energy system devices segment has accounted for the maximum share in 2020 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:

• Colorectal Surgery               
• Gynecological Surgery     
• General Surgery   
• Bariatric Surgery  
• Urological Surgery

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:

• Hospitals  
• Ambulatory Surgical Centers           
• Clinics

Based on end-users, the Hospitals have a high market value. They are foreseen to expand rapidly in the coming years, owing to the increasing demand for minimal invasive surgeries (MIS), supporting the growth of the global laparoscopic devices market. Many 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:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

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 2020. 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 2021 to 2026. 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 2020 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 the 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:

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.

RECENT MARKET HAPPENINGS:

• 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 from the 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.