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I AgreeAnalysis of Laparoscopic Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global sales of Laparoscopic Devices in 2021 was held at US$ 7.3 Bn. With 7.1%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Energy Systems is expected to be the highest revenue generating product, while General Surgery is considered to be the highest revenue generating application with a CAGR of 8.5% and 7.3% respectively during 2022 – 2032.
Attribute |
Details |
Forecast Period |
2022-2032 |
Historical Data Available for |
2017-2021 |
Key Market Segments Covered |
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Key Companies Profiled |
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Laparoscopy is a surgical procedure that allows a surgeon or medical professional to see the inside of the abdomen and pelvis without making significant incisions in the skin. This procedure is commonly referred to as keyhole surgery or minimally invasive surgery. Global acceptance of laparoscopic equipment is expanding among healthcare practitioners all over the world.
As the tendency shifts mostly to developing nations, the laparoscopic devices market in emerging countries like as India and China is booming. According to the World Bank, numerous Asia Pacific emerging economies have risen in the rankings for the ease of conducting laparoscopic surgery-related business in recent years. As a result, these countries are experiencing an increase in foreign direct investment (FDI).
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As per the Laparoscopic Devices industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Laparoscopic Devices industry increased at around 6.2% CAGR, wherein, countries such as the U.S., China, Japan, U.K. and South Korea held significant share in the global market.
Increasing use of minimally invasive operations over traditional methods, rising colorectal cancer prevalence, increased number of laparoscopic bariatric procedures, and other surgical-related technical breakthroughs are among the primary reasons driving the market. Owing to this, Laparoscopic Devices Market is projected to grow at a CAGR of 7.1% over the coming 10 years.
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The limited availability of well-competent surgeons makes it impossible to market laparoscopic tools effectively. According to a study, more than half of all laparoscopic injuries fall under these four categories: planting a veress needle or blind entry, creating a pneumoperitoneum, and introducing a primary trocar.
Some injuries can arise during trocar placement if it is not done carefully, including as abdominal wall hematoma, major bowel penetration, blood vessel penetration, and umbilical wound infection.
For example, according to 2021 statistics from the London School of Economics and Political Science, there is a deficit of medical surgeons in the United Kingdom, as well as an uneven distribution of surgeons in the region. As a result, individuals would prefer to undergo a total health transformation rather than get monthly doses of items that were prescribed.
Until elective procedures were halted due to the COVID-19 outbreak, the laparoscopy device industry declined. In addition, unless medically necessary, performing procedures on COVID-19 positive or suspected patients was largely avoided. COVID-19 patients occupied the majority of hospital beds because they were selected over other seriously ill patients because of the faster recovery time. The demand for laparoscopic devices is anticipated to recover amid lower positive COVID cases due to the reopening of the market.
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With over 7% projected CAGR, Laparoscopic Devices revenue is expected to grow at fastest pace in Asia-Pacific. However, the North America has been the largest revenue generator globally. Due to multiple mergers, partnerships, and acquisitions by key players, North America is expected to maintain the dominating position in the global Laparoscopic Devices market post the pandemic forecast period, with an absolute $ opportunity of US$ 2.5 Bn.
In 2021, the United States accounted for approximately 83% of the North American laparoscopic devices market. The medical facilities in the country are highly modernized, resulting in a huge number of surgical procedures in the country, which benefits the laparoscopic industry. Furthermore, the rising prevalence of obesity and related illnesses in the region has contributed to the increasing usage of laparoscopy procedures and devices, which is likely to drive market growth during the forecast period.
Owing to the considerable increase in research and development activities in the laparoscopic devices, developing economies in Latin America and Asia Pacific are likely to lead to massive potential prospects for the market. The R&D arms of major multinational health corporations in these regions are also likely to fuel the industry.
The energy system devices will contribute the largest, expanding at 8.5% CAGR during the forecast period. These devices are in high demand due to their ability to perform quick sequential tissue and vascular sealing, coagulation, and transection.
General surgery is expected to have the largest market share and is expected to grow at a CAGR of 7.3%. Large number of people belong to the overweight and obese category due to unhealthy lifestyle, the rising need and demand for bariatric surgeries to be performed which require laparoscopic devices.
In terms of end user, hospitals hold around 72% of the market share in the laparoscopic devices market in 2021. A large number of patients seek treatment in hospitals for various disease diagnoses and subsequent surgical treatments including laparoscopy-based surgery. This is due to the fact that hospitals house high-quality medical devices, surgical services, and competent surgeons under one roof. As a result, the devices' sales in hospitals will increase.
Product approvals, new product releases, acquisitions, collaborations, and innovations are all important methods used by leading market players to maintain their market position.
The key players operating in laparoscopic devices market have been investing in R&D to maintain their competitiveness. B. Braun Melsungen AG, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & CO. KG, Medtronic plc (Covidien), Olympus Corporation, Richard Wolf GmbH, Smith & Nephew plc, and Stryker Corporation are some of the key companies operating in laparoscopic devices market. Some of the recent developments of key laparoscopic device providers are as follows:
Similarly, recent developments related to companies offering laparoscopic devices have been tracked by the team at Fact.MR, which are available in the full report.
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The Global Laparoscopic Devices market is worth more than US$ 7.8 Bn at present.
Value of Laparoscopic Devices are projected to increase at a CAGR of around 7.1% during 2022– 2032.
Value of Laparoscopic Devices increased at a CAGR of around 6.2% during 2017 – 2021.
One of the key trends in laparoscopic devices market includes that their providers have been expanding their geographical footprint.
The increasing number of patients suffering from gallstones, obesity, rectal prolapse, and severe gastroesophageal reflux disease syndrome are key drivers driving the Laparoscopic Devices market expansion.
The key players in laparoscopic devices market are Olympus Corporation, B. Braun Melsungen AG, Intuitive Surgical Inc., Medtronic plc., Stryker Corporation, Smith & Nephew Plc, CareFusion Corporation, Ethicon US, LLC, KARL STORZ GmbH & Co. KG, Richard Wol
Top 5 countries driving demand for Laparoscopic Devices are the U.S., China, Japan, U.K. and South Korea.
U.S. will account for over 28% of global laparoscopic devices demand in 2032 with a CAGR of 7.1%
The market for Laparoscopic Devices is projected to expand at a CAGR of around 7.1% during 2022 – 2032 with the global market size of US$ 15.3 Bn
While the market in South Korea is expected to grow at nearly 6.8%, the market in Japan is projected to register a CAGR of nearly 8.8% during 2022 - 2032