Laparoscopic Devices Market Expected to Witness Massive Growth with a Significant CAGR of 9.14%, asserts DelveInsight

July 1st, 2022 DelveInsight Business Research Releases

The global laparoscopic devices market was valued at USD 12.39 billion in 2021, growing at a CAGR of 9.14% during the forecast period from 2022 to 2027, in order to reach USD 20.94 billion by 2027.

The increase in demand for laparoscopic devices is predominantly attributed to the increase in patient preferences towards minimally invasive surgeries, growing incidence of colon and rectal cancer across the globe, rising burden of obesity, and overweight population worldwide who are shifting towards minimally invasive bariatric procedures. Moreover, technological advancement and rising product approvals, among others are the key factors that will contribute to the laparoscopic devices market growth.

Some of the key market players operating in the Laparoscopic Devices market include Medtronic, Stryker, Shenzen Mindray Bio Medical Electronics Co., Ltd., Johnson & Johnson, Olympus Corporation, B. Braun Melsungen AG, Intuitive Surgical., CONMED Corporation., Becton, Dickinson and Company, Smith & Nephew, Microline Surgical., Optomic., Palliare Ltd, Sejong Medical Co., Ltd., BIOSISHEALING, Richard Wolf GmbH., Bolder Surgical (Hologic Inc.), RUDOLF Medical GmbH + Co. KG., EMOS Technology GmbH, Teleflex Incorporated, among others.

DelveInsight's "Laparoscopic Devices Market Insight & Forecast" report will offer an in-depth understanding of the Laparoscopic Devices market, further benefiting the competitors or stakeholders operating in the Laparoscopic Devices arena.

Laparoscopic devices are medical instruments that are used along with a laparoscope. These devices are made of durable materials and are available in a wide size range (3mm-10mm sizes). These instruments mainly include laparoscopes, insufflators, suction pumps, energy devices, and others.

Interested to know more about the functioning of Laparoscopic Devices– Visit @ Laparoscopic Devices Operations & Working.

Among all the regions, North America is expected to occupy a major share in the overall laparoscopic devices market during the forecasted period. This domination is due to the rise in surgical procedures in the region. Moreover, the growing obese population, product approval and launches, the presence of well-established reimbursement policies for laparoscopic surgical procedures, and an advanced healthcare system in the region are also anticipated to boost the market for laparoscopy devices in the region.

For instance, as per the data published by the Centers for Disease Control and Prevention 2020, approximately 42.4% of the adult population in the US are obese where 9.2% are severely obese. The prevalence is higher in women as compared to men. The rising obesity in the region will increase the adoption of safe weight loss surgery which will further raise the demand for laparoscopic devices for bariatric surgery.

Also, as per the Government of Canada 2020 report, at present about one in four Canadian adults are obese. Additionally, according to the American Society for Metabolic and Bariatric Surgery 2021 data, a total of 256,000 bariatric surgeries were performed in the US in the year 2019. Therefore, escalating obese people opting for weight loss surgery will further raise the demand for laparoscopic devices.

Moreover, the presence of key market players active in laparoscopic devices production such as Stryker Corporation, Medtronic, and Johnson & Johnson, among others is also expected to augment the laparoscopic devices market in the region. In addition, key strategic business developmental activities by the key market players for expansion of their business will further propel the market for laparoscopic devices in the region. For instance, recently in February 2020, Medtronic acquired Digital Surgery to advance its capabilities in minimally invasive surgery. This acquisition will accelerate the company's strategy to provide AI and data within laparoscopic and robotic-assisted surgery.

Furthermore, the Asia-pacific region has future potential for the laparoscopic devices market. The improving healthcare facilities in the region, rise in surgeries, increase in urological disorders, patient awareness regarding the benefits of minimally invasive surgery procedures, and others are likely to spur the laparoscopic devices in the region. In addition, rising burden of cancer in the region is also a potential factor contributing to the rise in demand of the laparoscopic devices. This is because laparoscopy can be used to remove or take biopsy samples of lymph nodes in the pelvis or abdomen among people with gynecologic cancers (cervical cancer, ovarian cancer, and endometrial cancer). According to the GLOBOCAN statistic released in the year 2020, a total of 9,503,710 new cases of cancer were reported in Asia in the year 2020. Hence, the above stated factors will make APAC a fastest growing market for laparoscopic devices in the forthcoming years.

To read more about why North America is leading the market growth in the Laparoscopic Devices market, get a snapshot of the Laparoscopic Devices market report.

The surge in the demand for laparoscopic devices is owing to the growing preferences for minimally invasive surgeries among the patients owing to the advantages such as the reduced risk of excessive bleeding, small scar, faster recovery, minimal risk for post-operative infections, and others associated with the procedure as compared to traditional open surgery procedures.

Moreover, the burgeoning incidence of colorectal cancer across the globe will also increase the demand for laparoscopic devices thereby fuelling the market. According to the recent data published by the Global Cancer Observatory (GLOBOCAN) in the year 2020, new colorectal cancer cases accounted for approximately 10% (1,931,590) of the total new cases of cancer worldwide. Also, laparoscopic-assisted colon resection offers faster recovery, eliminates the requirement of stapling the surgical site, and reduces the operating-room time. Thus, increasing their preference among patients which will ultimately propel the market for overall laparoscopic devices.

In addition, recent product approvals in the laparoscopic devices product arena will further bolster the market for laparoscopic devices. For instance, in April 2020, Sejong Medical Co., Ltd. Received FDA clearance for its LAP-iX Suction Irrigation to provide suction to a surgical site during the laparoscopic and endoscopic procedures.

Henceforth, the above-mentioned factors are likely to augment the demand for laparoscopic devices during the forecasted period. However, certain factors such as the high cost associated with the laparoscopic devices and strict regulatory approval are likely to impede the growth of laparoscopic devices.

Furthermore, the unprecedented COVID-19 outbreak has slowed down the global laparoscopic devices market as the total number procedure were reduced to contain the spread of COVID across the globe. Further owing to the disruption to the health care system because of supply chain interruptions, constrained healthcare resources, and halt in manufacturing facilities across the globe are also responsible for the slowed market growth during the pandemic period. As, many healthcare systems responded to the pandemic by cancelling and delaying elective surgeries thus resulting in the reduction in the surgical volume worldwide. Also, the challenges of operating in the COVID-19 situation have limited the hospital's efficiency as well as capacity. However, the market is expected to regain normalcy in the post-pandemic owing to the launch of vaccines and peoples getting vaccinated at a greater pace due to which people have started visiting hospitals, manufacturers also resuming their operation and workers are returning to the work facility, and hospitals resuming all elective surgeries, among others.

Key Laparoscopic Devices companies involved in manufacturing and production are making significant growth in the advancement of these devices. To boost their market position, they also engage in mergers and acquisitions. Some of the key Laparoscopic Devices companies operating actively in the Laparoscopic Devices market include Medtronic, Stryker, Shenzen Mindray Bio Medical Electronics Co., Ltd., Johnson & Johnson, Olympus Corporation, B. Braun Melsungen AG, Intuitive Surgical., CONMED Corporation., Becton, Dickinson and Company, Smith & Nephew, Microline Surgical., Optomic., Palliare Ltd, Sejong Medical Co., Ltd., BIOSISHEALING, Richard Wolf GmbH., Bolder Surgical (Hologic Inc.), RUDOLF Medical GmbH + Co. KG., EMOS Technology GmbH, Teleflex Incorporated., and others.

Scope of the Laparoscopic Devices Market Report:

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To understand key companies related to the Laparoscopic Devices Market, get a snapshot of the Laparoscopic Devices Regulatory and Patent Analysis.

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