Laparoscopy devices market: Growth Drivers, and regional analysis
Laparoscopy devices are utilized to examine the organs within the abdomen. Few laparoscopic devices include closure devices, insufflators, irrigation systems, obstetric forceps, hand instruments, access devices, and dissectors. Diagnosis, therapeutic methods, and treatment of pelvic inflammatory disease (PID), prostatectomy, endometriosis, fibroids, gastrointestinal diseases, pancreatic cancer, ectopic pregnancy, and cysts are frequently performed with laparoscopic devices.
In 2021, the market for laparoscopy devices was USD 11.10 billion, and by 2030 it will be worth USD 21.82 billion, at a 7.8% CAGR during the forecast period.
The increased prevalence of chronic diseases is the major factor propelling the growth of the worldwide laparoscopy devices market. Per World Health Organization (WHO), cardiovascular diseases were the major cause of death worldwide in 2021, with 17.9 million deaths, followed by cancer (9.3 million deaths), respiratory diseases (4.1 million deaths), and diabetes (1.5 million death).
Market Dynamics
Drivers
The market is stimulated by the rising desire 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 boost the industry’s expansion. Also, the prevalence of colorectal cancer, obesity, and the expanding number of local producers contribute to market expansion. Moreover, increased research collaboration and collaborations between manufacturers are boosting the market growth.Restraints
A lack of qualified healthcare workers and low reimbursement in emerging markets hamper market expansion. Additionally, weak healthcare systems in low- and middle-income countries, the high cost of therapy, and post-impact laparoscopic surgery may restrain market expansion during the projection period.Opportunity
The expanding private & governmental activities 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 market expansion in emerging nations. Also, the availability of top-notch surgical treatments at prices lower than in developed economies has drawn many medical tourists, fueling the market’s expansion.Market Segmentation
By Application
In terms of the basis of application, the laparoscopy devices market is segmented into urological surgery, general surgery, colorectal surgery, bariatric surgery, and others. In 2021, the general surgery segment was the biggest market, with a revenue share of 21.24%. It is due to its advantages, including a high success rate, a low postoperative infection rate, and a quick recovery rate.By Product
On the basis of product, the market is segmented into hand access instruction energy systems, laparoscopes, robot-assisted systems, suction or irrigation systems, closure devices, and others. In 2021, the energy systems segment maintained the largest market position with a revenue share of 20.26% due to the growing use of minimally invasive laparoscopy equipment. Furthermore, due to technological developments and hospitals’ increasing use of newer technologies, the laparoscopes sector will dominate the market by 2030.By End-User
On the basis of end-user, the market is segmented into hospitals, clinics, and others. The hospital segment was the biggest market in 2021, with a revenue share of approximately 41.12%. It is mainly due to the improved services provided by hospitals.Regional Analysis
With a 45.36% sales share in 2021, the North American region was the largest market for laparoscopy devices. The market for laparoscopy devices will benefit from the rising popularity of less invasive procedures. Furthermore, significant market participants and technical breakthroughs will contribute to market growth. Also, a rise in infections and illnesses promotes market expansion in this area. The Asia Pacific region will be the fastest expanding market. The market growth is due to the rise in healthcare and hospital facilities that execute procedures. Better reimbursement practices and rising GDP per capita income also aid market expansion. Furthermore, market growth is driven by rising R&D contributions and escalating rivalry among marketers.Key Players
- Johnson & Johnson
- SCHÖLLY Fiberoptic GmbH Optomic
- Richard Wolf GmbH
- B. Braun Melsungen AG
- Medtronic Plc. (Covidien)
- Boston Scientific Corporation
- Karl Storz SE & CO. KG
- Stryker Corporation
- ConMed Corporation
- Olympus Corporation
- Intuitive Surgical
- Microline Surgical, Inc.
- Smith & Nephew Plc
- Victor Medical Instruments Co., Ltd
