Number of pages: 100 | Report Format: PDF | Published date: July 14, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global laparoscopic devices market was valued at US$ 11.8 billion in 2022 and is expected to register a revenue CAGR of 7.3% to reach US$ 22.24 billion by 2031.
Laparoscopic Devices Market Fundamentals
The treatment of conditions like endometriosis or ovarian cysts, as well as operations like gallbladder removal, appendectomy, hernia repair, and diagnostic exploration, all involve the use of laparoscopy. As a result, patients experience fewer scars, less pain, shorter hospital stays, and quicker recovery times than with traditional open surgery. Micro-laparoscopy is a cutting-edge laparoscopic surgery technique in which freshly developed laparoscopic instruments (sizes smaller than 3 mm) are used in place of conventional laparoscopic tools (sizes 10–12 mm). It is one of the market trends for laparoscopic equipment. According to the most recent research, individuals undergoing open surgery now die less frequently during surgery—from 11.8% to 8.6%—thanks to less invasive surgical techniques. Because surgical centers have lower overhead costs than hospitals do, most minimally invasive surgeries take place there and run between 45% and 60% cheaper than they would in a typical hospital setting.
Laparoscopic Devices Market Dynamics
The rising prevalence of chronic illnesses like obesity, diabetes, and digestive system issues, as well as patient awareness of 4k laparoscopy system, myomectomy, laparoscopic cholecystectomy (minimally invasive through 4 small incisions), laparoscopic minimally invasive operations, and an increase in the number of obese people in emerging countries, are all factors driving the global laparoscopic devices market. According to the International Diabetes Federation, 537 million people (20-79 years old) worldwide have diabetes. The number of diabetic patients is expected to increase from 643 million in 2030 to 783 million in 2045. Diabetes caused 6.7 million deaths and cost hospitals at least USD 966 billion. The major laparoscopic devices manufacturers are expecting new development opportunities as obesity rates continue to rise. Overweight is a problem for nearly 1.9 billion people worldwide, according to MedAlertHelp.org. If obesity rates continue to climb at the current rate, the World Obesity Federation predicts that by 2030, over half of all adults will be overweight. In addition, there are almost 200 million overweight school-age children in the US. They are the first generation whose expected lifespan is lower than that of their parents. The growth of the industry is also aided by an increase in the number of surgeries. Worldwide, 234.2 million major surgical procedures are carried out, according to the WHO. According to a National Library of Medicine article, 310 million major procedures are carried out annually globally, with 40 to 50 million taking place in the United States and 20 million in Europe. Estimates show that 1% - 4% of these patients will pass away, 15% - 30% will have significant postoperative morbidity, and 5% - 15% will require readmission within 30 days. Additionally, there is an increase in demand for frequently used instruments like medical laparoscopic robots, laparoscopes, laparoscopy reusable minimally invasive instruments, laparoscopic slide lock graspers, laparoscopic suction irrigation sets, etc.
However, the development of the global laparoscopic devices market rate is severely hampered by a shortage of educated experts, lower spending, greater equipment costs, and a lack of reimbursement policies.
Laparoscopic Devices Market Ecosystem
The global laparoscopic devices market is analyzed from the following perspectives: product, application, end user, and region.
Laparoscopic Devices Market by Product
Based on the product, the global laparoscopic devices market is segmented into energy devices, laparoscopes, insufflation devices, suction/irrigation devices, internal closure devices, robot-assisted surgical systems, and hand instruments.
The insufflation devices segment is projected to witness the highest revenue CAGR of 7.8% during the forecast period. The abdominal cavity can be easily and safely insufflated with humidified carbon dioxide using insufflation devices. The factors most likely to drive market expansion are the increasing prevalence and incidence of diseases such as colorectal cancer. According to the World Cancer Research Fund International, colorectal cancer ranked third among all cancers in women and men in 2020 with almost 1.90 million newly diagnosed cases. Laparoscopic surgery is the main treatment for colorectal cancer. As a result, it is anticipated that the market will increase faster as colorectal cancer rates rise.
Laparoscopic Devices Market by Application
Based on the applications, the global laparoscopic devices market is segmented into gynecology surgery, general surgery, urology surgery, bariatric surgery, colorectal surgery, and others.
The bariatric surgery segment is projected to grow at a 7.7% revenue CAGR throughout the projected period in the global laparoscopic devices market. This is due to the increasing prevalence of adult obesity brought on by high-calorie consumption and shifting lifestyle habits, which is the main factor driving the segment's rise.
Laparoscopic Devices Market by End User
Based on the end user, the global laparoscopic devices market is segmented into hospitals & clinics, ambulatory surgical centers, and specialty centers.
The hospital segment accounted for the largest revenue share of 60% in 2022. The rise in patients with various chronic conditions and the resulting rise in surgical procedures are the key causes of this market segment's growth. Due to the ease of handling any emergencies that may arise during surgical procedures and the availability of a wide range of treatment options in such facilities, hospitals experience a significantly higher inflow of patients for bariatric surgeries or other laparoscopic procedures than other healthcare settings. According to the American Society for Metabolic and Bariatric Surgery, in 2019 alone, 256,000 people in the U.S. underwent weight-loss surgery. Therefore, it is anticipated that the aforementioned variables will propel the hospital segment. Additionally, since hospitals are the main provider of healthcare in the majority of nations, more laparoscopic procedures are performed there than in alternative healthcare facilities like clinics or ambulatory surgery centers. As a result, compared to other end-use segments, the demand for laparoscopic devices is relatively high in hospitals.
The ambulatory surgical centers segment is projected to witness the highest CAGR during the forecast period. A rise in the use of minimally invasive surgery, high demand for outpatient surgery, and the affordability of ambulatory surgical center-based laparoscopic procedures are all contributing factors to the lucrative expansion of the laparoscopic devices market.
Laparoscopic Devices Market by Region
Geographically, the global laparoscopic devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share of 35% in the global laparoscopic devices market (2022). One of the main factors propelling the market is the growing reliance on laparoscopic operations in comparison to open surgeries. Additionally, the laparoscopic devices market in the region will be impacted by the competition between well-known manufacturers in terms of product innovation. Additionally, laparoscopy is now preferred over traditional procedures by surgeons since it promotes quick recovery and successful results. Additionally, rising healthcare costs in the U.S. may encourage both new and established competitors to enter the market. According to the Centers for Medicaid and Medicare Services, U.S. healthcare spending will total US$ 4.1 trillion in 2020, up 9.7% from 2019, and represent roughly 19.7% of GDP.
Laparoscopic Devices Market Competitive Landscape
The prominent players operating in the global laparoscopic devices market are: -
Laparoscopic Devices Market Strategic Developments
Laparoscopic devices are surgical instruments and equipment used in laparoscopic surgery, a minimally invasive surgical technique.
The revenue CAGR for the laparoscopic devices market is 7.3% during the forecast period.
Olympus Corporation, CONMED Corporation, B. Braun Melsungen AG, The Cooper Companies Inc., and Medtronic Plc are a few of the major players in the global laparoscopic devices market.
Asia Pacific is the region with the highest growth rate in the global laparoscopic devices market.
Laparoscopic devices can be costly compared to traditional open-surgery instruments. The initial investment in laparoscopic equipment and ongoing maintenance costs can be a significant barrier for healthcare facilities, particularly in resource-limited settings.
*Insights on financial performance are subject to the availability of information in the public domain