The global laparoscopic devices market size is expected to reach USD 12.6 billion by 2030, registering a CAGR of 7.35% over the forecast period, according to a new report by Grand View Research, Inc. The primary driving factors for market growth are the increasing adoption of minimally invasive surgeries over conventional methods, an increase in the number of laparoscopic bariatric procedures, and technological advancements. The COVID-19 pandemic has created a significant challenge for the global healthcare industry. Restricted access to medical services has led to inadequate care for patients suffering from other diseases. Laparoscopy has been adversely impacted by the pandemic. During this period, surgeries are often being postponed or even canceled to prevent transmission of the virus.
Laparoscopic Devices Market Report Highlights
· The energy systems segment accounted for the largest revenue share of 21.1% in 2022, owing to an increase in the number of patients suffering from ulcerative colitis, Crohn’s disease, gall bladder problems, diverticulitis, and obesity is driving segment growth
· The other surgeries segment dominated the market and accounted for a revenue share of around 22.5% in 2022. Other surgeries majorly include cholecystectomy laparoscopy, colon laparoscopy, and prostrate laparoscopy. The growth of the segment is due to constant innovation being employed to boost its success rate
· The hospital segment captured the largest revenue share of around 61.6% in 2022. The growth of this segment can mainly be attributed to an increase in the number of patients suffering from various chronic ailments and the consequent rise in surgical procedures
· Asia Pacific is expected to witness a CAGR of 7.8% over the forecast period. This is due to a large number of surgical procedures. An increase in the number of well-equipped is also expected to boost the market growth in the region over the forecast period
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However, the market is expected to rebound and grow over the forecast period, as most the countries across the globe have started easing lockdown measures and restarted some of the elective procedures. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, in September 2021, Olympus released the first innovative bipolar surgical energy product, which is named POWERSEALTM. Furthermore, the devices let Olympus compete in the developing global market for advanced bipolar surgical energy devices, which is now valued at over USD 1.2 billion and is expected to grow in the near future.
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Laparoscopic Devices Market Insights By Region
North America dominated the laparoscopic devices market. Increasing dependence on laparoscopic surgeries compared to open surgeries is a major factor driving the market. Surgeons are now recommending laparoscopy over traditional surgeries, as it allows for rapid healing and positive outcome. In addition, increasing healthcare expenditure in the U.S. may also favor the entry of both new and old players. Asia Pacific region market is expected to witness a lucrative growth during the forecast period owing to an increase in the number of advanced, well-equipped hospitals and a large number of surgical procedures are boosting the market growth in the Asia Pacific over the forecast period. Singapore and South Korea are some of the emerging economies in the Asia Pacific region. Advancing technology, increasing investment, improving reimbursement scenarios, and growing medical tourism are likely to drive the market in the region.
Competitive Analysis By Major Players
With the surge in demand for laparoscopic devices, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions. To maintain the surge in demand from diverse laparoscopic devices applications, leading businesses in the market are enforcing higher product quality through mergers and acquisition. Some of the prominent players in the global laparoscopic devices market include: Karl Storz SE & CO. Kg; Medtronic; Johnson and Johnson; Olympus Corporation; CONMED Corporation; B. Braun Melsungen AG; The Cooper Companies Inc.
Segmented the global laparoscopic devices market on the basis of product, application, end-user, and region.
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