Laparoscopic Devices Market

Laparoscopic Devices Market Outlook (2022-2032)

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	Product Type Application End-use Region
Key Companies Profiled	Medtronic Stryker Corporation Karl Storz SE & CO. Kg Johnson and Johnson Olympus Corporation CONMED Corporation B. Braun Melsungen AG The Cooper Companies Inc. Richard Wolf GmbH Microline Surgical BD Welfare Medical Ltd. DEAM Intuitive Surgical Shenzen Mindray Bio Medical Electronics Co., Ltd.

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).

Key Points Covered in Laparoscopic Devices Industry Survey:

• Market Estimates and Forecasts (2017-2032)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Laparoscopic Devices and How to Navigate
• Recommendation on Key Winning Strategies

Revenue of Laparoscopic Devices from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

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.

• The Laparoscopic Devices market reached a valuation of US$ 7.8 Bn in 2022 owing to which the worldwide revenues was up by 6% year-over-year.
• Fact.MR estimates that Laparoscopic Devices revenue will grow 1.9X from 2022 to 2032, reaching nearly US$ 15.3 Bn in 2032.

How Transformation in Laparoscopic Surgery Practices Have been Shaping the Market?

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.

What is the Impact of COVID 19 Crisis on the Laparoscopic Devices Market?

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.

Which Region is projected to Offer the Largest Opportunity for Laparoscopic Devices?

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.

Country-wise Analysis

What are the Key Driving Factors for Laparoscopic Devices Revenue in the US?

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.

Category-wise Insights

Which Laparoscopic Device Will Garner Significant Traction in the Coming Years?

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.

Which Application of Laparoscopic Devices will Generate Highest Revenue?

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.

Which End User Will be the Most Potent Revenue Stream for Laparosopic Devices Market?

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.

Competitive Analysis

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:

• In September 2021, Olympus Corporation released the POWERSEAL line of revolutionary bipolar surgical energy tools providing surgeons with cutting-edge sealing, dissection, and gripping capabilities in laparoscopic or open surgery while significantly lowering the force necessary to close the jaws.
• In April 2021, Genesis MedTech made a strategic alliance with LivsMed, a medical device company that develops new technologies for minimally invasive surgeries, for the expansion of the ArtiSential product line in China and Singapore.
• In June 2021, Intuitive India, a subsidiary of Intuitive Surgical, will deploy SureForm, the first robotic-assisted surgical stapler in India. It is aided by SmartFire technology, which is integrated software. This technique aided the company's geographic expansion.
• In 2021, Olympus Corporation marketed the SIF-H190 single-balloon enteroscopy technology to reach the small intestine deeply.
• In 2019, Intuitive Surgical, Inc. received clearance from the Federal Drug Administration for the da Vinci X Surgical System.
• In 2018, Stryker Corporation recently acquired K2M Group to expand its platform for orthopedic surgery. It also holds interests in additive manufacturing.
• In 2017, Ethicon acquired Megadyne Medical (US) to empower Ethicon’s innovative energy products with Megadyne’s robust portfolio of electrosurgical tools.

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.

Market Segments Covered in Laparoscopic Devices Industry Analysis

• By Product Type :

  • Trocars
  • Energy Systems
  • Closure Devices
  • Suction / Irrigation Devices
  • Insufflation Devices
  • Laparoscopes
  • Hand Access Instruments
  • Robot-assisted System

• By Application :

  • Bariatric Surgery
  • Colorectal Surgery
  • General Surgery
  • Gynaecological Surgery
  • Urological Surgery
  • Others

• By End-use :

  • Hospitals
  • Clinic
  • Ambulatory

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA