Laparoscopy is a minimally invasive surgery is laparoscopy. Laparoscopy devices are frequently used in the treatment and diagnosis of several ailments, including pancreatic cancer, prostatectomy, and gastrointestinal issues. Laparoscopic instruments are the surgical tools used to reach the abdomen and pelvis during laparoscopic surgery. Trocars, cannulas, incision closure tools, rigid scopes, knot pushers, forceps, retractors, bowel graspers, and surgical mesh are frequently used laparoscopic tools.
The market for laparoscopy devices in 2021 was USD 11.10 billion and will reach USD 21.82 billion by 2030, growing at a 7.8% CAGR during 2021-2030.
The increased prevalence of chronic diseases is one of the major reasons propelling the growth of the worldwide laparoscopic devices market. According to World Health Organization (WHO), cardiovascular diseases will be the major cause of death worldwide in 2021, with 17.9 million deaths, followed by cancer with 9.3 million, respiratory diseases with 4.1 million, and diabetes with 1.5 million.
Market Dynamics
Drivers
The market is fostering due to the increased demand for minimally invasive procedures. This is because minimally invasive surgical techniques have several benefits, including shorter recovery times, minor or no incisions, less discomfort, less scarring, and minimum blood loss. Additionally, the expanding funding and beneficial policies provided by various nations’ governments are fueling the industry expansion. Additionally, the prevalence of colorectal cancer, obesity, and the expanding number of local producers contribute to market expansion. During the projection period, increased research collaboration and collaborations between various manufacturers are also fueling market expansion.
Restraints
A lack of qualified healthcare workers and low reimbursement in emerging markets hamper market expansion. Additionally, the weak healthcare systems in low- and middle-income countries, the high cost of therapy, and post-impact laparoscopic surgery may restrain market expansion.
Opportunities
The expanding private & governmental activities done by market stakeholders across nations are driving the expansion of the healthcare sector in developing economies. The expanding patient population, rising healthcare spending, ongoing infrastructure upgrades, and strengthened distribution networks of major players in the market are all contributing to the expansion in emerging nations. Additionally, the availability of top-notch surgical treatments at prices lower than in developed economies has drawn many medical tourists, fueling the market’s expansion. Additionally, the rising need for data-integrated operations would present attractive market expansion opportunities.
Market Segmentation
- Bariatric surgery, colorectal surgery, general surgery, urological surgery, and others comprise the application section. With a market share of 21.24% in 2021, the general surgery segment ruled the market due to its many advantages, including a high success rate, a low postoperative infection rate, and a quick recovery.
Furthermore, the bariatric surgery segment will grow at a rapid rate due to growing government initiatives to encourage bariatric surgeries.
- On the basis of product, the laparoscopy devices market is segmented into suction or irrigation systems, closure devices, laparoscopes, energy systems, manual access instruments, robot assisted systems, and others. Due to the expanding use of minimally invasive laparoscopy equipment, the energy systems segment ruled the overall market in 2021 with a market share of 20.26%. Furthermore, due to technological developments and hospitals’ increasing use of newer technologies, the laparoscopes sector is projected to dominate the market by 2030.
- On the basis of end-user, the market is segmented into hospitals, clinics, and others. In 2021 the hospital segment held the largest market position with 41.12% of the revenue share owing to the enhanced quality of services provided by hospitals.
Regional Analysis
North America led the entire regional market with 45.36% of the revenue share in 2021. The market for laparoscopy devices is expected to benefit from the rising popularity of less invasive procedures. Significant market participants, as well as technical breakthroughs, additionally contribute to market growth. Additionally, a rise in infections and illnesses is promoting market expansion in this area.
The Asia Pacific region will have the largest growth due to the rise in the number of healthcare and hospital facilities that execute procedures, fueling the market expansion in this area. Better reimbursement practices and rising GDP per capita income also aid market expansion. However, market growth is boosted by rising R&D contributions and escalating rivalry among marketers.
Major players
- ConMed Corporation
- Johnson & Johnson
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Medtronic Plc. (Covidien)
- Olympus Corporation
- Karl Storz SE & CO. KG
- Smith & Nephew Plc
- Stryker Corporation
- Richard Wolf GmbH
- Microline Surgical, Inc.
- Intuitive Surgical
- SCHÖLLY Fiberoptic GmbH Optomic
- Victor Medical Instruments Co., Ltd
The market for laparoscopy devices in 2021 was USD 11.10 billion and will reach USD 21.82 billion by 2030, growing at a 7.8% CAGR during 2021-2030. During the forecast period, the demand for laparoscopy equipment will increase due to the growing use among healthcare professionals worldwide. Additionally, the governments’ favorable laws and policies, the rise in morbid obesity cases, and the rising demand from developing countries contribute to the market’s expansion.
