London, April 28, 2022 (GLOBE NEWSWIRE) -- The global laparoscopy devices market size was valued at US$ 8.02 billion in 2021. The increased frequency of chronic illnesses is one of the primary reasons driving the worldwide laparoscopic devices market. According to WHO figures, cardiovascular diseases will account for 17.9 million deaths worldwide in 2021, followed by cancer (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). As a result, the global market for laparoscopic devices is likely to grow in the future years.
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In the global laparoscopy devices market, bariatric surgery is gaining popularity. The rising prevalence of obesity among people all over the world is driving up demand for bariatric surgery. The growth and development of the worldwide laparoscopic devices market is further aided by increased disposable income.
Scope of the Report
| Report Coverage | Details |
| Market Size in 2021 | USD 8.02 Billion |
| CAGR | 6.89% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | B. Braun Melsungen AG, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & Co. KG, Medtronic PLC, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC, Stryker Corporation |
Report Highlights
- On the basis of product, energy systems segment holds the largest market share in the global laparoscopy devices market. According to the IFSO Global Registry Report 2019, 833,687 bariatric surgeries were performed in 61 countries throughout the world in 2019. As a result, the need for energy systems in the global laparoscopic devices market is increasing as the number of bariatric procedures increases.
- On the basis of application, other surgeries segment holds the largest market share in the global laparoscopy devices market. Other types of surgeries include colon laparoscopy, thoracic laparoscopy, prostate laparoscopy, and cholecystectomy laparoscopy, to name a few. The worldwide laparoscopy devices market is gaining traction as colon laparoscopy becomes more common.
- On the basis of end user, hospital segment holds the largest market share in the global laparoscopy devices market. The number of patients attending hospitals is increasing as the prevalence of chronic diseases rises. In comparison to other types of healthcare facilities, hospitals have a large number of patients. Weight reduction surgery was performed on 256,000 people in the U.S. in 2019, according to the American Society for Metabolic and Bariatric Surgery.
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Regional Snapshot
North America is the largest segment for laparoscopy devices market in terms of region.The U.S. is dominating the laparoscopy devices market in the North America region. The increased prevalence of chronic illnesses and expanding adoption of non-invasive or minimally invasive surgical techniques are driving the growth of the laparoscopy devices market in North America. As a result, the demand for laparoscopic equipment in North America is increasing due to an increase in the number of ailments and infections. Furthermore, the presence of significant industry players is paving the way for the region's laparoscopic devices market to grow.
Asia-Pacific region is the fastest growing region in the laparoscopy devices market.South Korea and Singapore hold the highest market share in the Asia-Pacificlaparoscopy devices market. The region's laparoscopy device market is rising due to an increase in the number of hospitals and healthcare institutions that perform procedures. Other factors driving to the growth of the Asia-Pacific laparoscopy devices market include the growing trend of medical tourism, technical developments, and improved reimbursement policies.
Market Dynamics
Drivers
Technological advancements
The growing demand for data integrated systems is expected to provide a number of attractive prospects to support the global laparoscopy devices market. Furthermore, developing countries are expected to play a significant role in generating market growth possibilities. Untapped market potential may help to boost the business in the near future.
Restraints
Lack of trained professionals
During the projection period, a shortage of qualified healthcare personnel is expected to stymie global laparoscopy devices market expansion. To strengthen the industry in the coming years, there will be a demand for skilled healthcare personnel to perform laparoscopic treatments.
Opportunities
Growing adoption of minimally invasive surgeries
Annually, around 15 million laparoscopic surgeries are performed globally with this number expected to rise dramatically in the next few years. This also drives demand for minimally invasive surgeries. Thus, growing adoption of minimally invasive surgeries is contributing towards the growth of global laparoscopy devices market over the forecast period.
Challenges
Low expenditure on Medicare
The U.S. government declared in August 2012 that it aimed to cut Medicare spending by $716 billion over the following ten years. A 2% drop in Medicare payments for Cancer Hospital interim payments and Critical Access Hospitals was declared as part of the healthcare reform. As a result, low expenditure on Medicare is a major challenge for the expansion of global laparoscopy devices market.
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Recent Developments
- Genesis MedTech and LivsMed, a medical device firm that provides ground-breaking technology to minimally invasive surgery, signed a strategic distribution agreement in April 2021 for the sales and distribution of the ArtiSential line of products in China and Singapore.
- The da Vinc X Surgical System, developed by Intuitive Surgical, Inc. (US), was approved by the US FDA in 2019.
- Megadyne Medical (US) was bought by Ethicon (US) in 2017 in order to combine Ethicon's superior energy devices with Megadyne's groundbreaking array of electrosurgical equipment.
Market Segmentation
By Product
- Laparoscopes
- Energy Systems
- Trocars
- Closure Devices
- Suction/Irrigation Devices
- Robot Assisted Systems
- Hand Access Instruments
By Application
- Bariatric Surgery
- Urological Surgery
- Gynecological Surgery
- General Surgery
- Colorectal Surgery
- Other Surgeries
By End User
- Hospital
- Clinic
- Ambulatory
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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