The global laparoscopic devices market size was valued at USD 7.27 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.35% from 2023 to 2032.
Report Scope of The Laparoscopic Devices Market:
|Market Size In 2022||USD 7.27 Billion|
|Revenue Forecast By 2032||USD 14.78 Billion|
|Growth Rate From 2023 to 2032||7.35%|
|Segments Covered||Product, Application, End-User|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Key Companies Profiled||Medtronic; Stryker Corporation; Karl Storz SE & CO. Kg; Johnson and Johnson; Olympus Corporation; CONMED Corporation; B. Braun Melsungen AG; The Cooper Companies Inc.; Richard Wolf GmbH; Microline Surgical; BD; Welfare Medical Ltd.; DEAM, Intuitive Surgical; Shenzen Mindray Bio Medical Electronics Co., Ltd.|
The growth of the market is attributed due to the increasing incidence of obesity across all age groups, the rapidly growing geriatric population in the Asia Pacific region, especially in countries such as Japan, India, and China, and quick technological improvements. 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 even canceled or postponed to the lower transmission of the virus.
Key players are planning to extend their businesses regionally and create new warehouses in other locations, as well as run their operations through numerous channels in the worst-affected areas. Companies are using a variety of tactics to deal with supply chain disruptions, including rerouting logistics, sourcing from extra partners, and air freight delivery. Local manufacturers have also benefited from the pandemic. These factors are expected to create lucrative opportunities for market growth.
In recent times, laparoscopic surgery is preferred more than conventional ones owing to its numerous benefits, such as shorter hospital stay, decreased blood loss, and lower patient morbidity of laparoscopy, as well as offering quick recovery time, rapid and successful outcomes, low risk of infection, small or no incision and less pain. Since the demand for laparoscopic surgery is significantly increasing, the demand for laparoscopic devices is likely to also grow during the forecast period. The factors driving the growth of the market are the increasing number of patients suffering from health issues such as uterine fibroids, and endometriosis, the rising number of hysterectomy and myomectomy procedures, and growing awareness about the improving healthcare infrastructure in emerging economies.
In addition, supportive government policies and laws of the countries are boosting the growth of the market for laparoscopic devices. Moreover, some countries have supportive reimbursement policies, which are anticipated to increase the sales of laparoscopic power morcellators in those regions. Laparoscopic devices applications are expanding due to a noteworthy increase in worldwide elderly demographics and the expansion of energy systems, which is increasing their availability and affordability. Laparoscopic devices, which incorporate energy systems, are expected to find lucrative uses in various applications in bariatric surgeries, such as gastric bypass, sleeve gastrectomy, adjustable gastric band, and biliopancreatic diversion with duodenal switch.
Furthermore, a rising inclination for minimally invasive laparoscopic equipment is moving this market ahead. Minimally invasive surgical methods are becoming more popular because of the reduced trauma. For instance, in December 2020, Olympus announced the addition of 3D and infrared capabilities to their VISERA ELITE II surgical imaging platform for minimally invasive surgery. The addition of such an imaging platform could help hospitals and operation centers to improve efficiency and cut expenses. The product is useful in a variety of applications, such as gynecology, general surgery, orthopedic surgery, endourology, and ENT. Furthermore, in some countries, health insurance companies pay for minimally invasive laparoscopic surgeries. For example, according to the Medicare Benefits Schedule, Medicare now covers up to 75% of laparoscopic procedures (MBS). Patients' preferences for minimally invasive surgeries have risen because of these considerations.
The U.S. dominated the market for laparoscopic devices and accounted for the largest revenue share. This can be attributed to increasing reliance on laparoscopic surgeries over open surgeries and increasing awareness about the benefits of minimally invasive. In addition, competition among prominent players, related to product innovation, will also impact the market. For instance, in September 2022, the THUNDERBEAT Open Fine Jaw Type X surgical energy devices for open surgery was recently introduced by Olympus Corporation. With an added thermal shield, the device promotes better safety during procedures and is available commercially in Japan.
The companies are also working on a range of strategic sourcing and diversity programs. For instance, in August 2020, B. Braun Medical and Kerma Medical Products announced a collaboration to advance the development and delivery of healthcare products and services, with an emphasis on veterans, minorities, and other underserved communities. Both companies are expected to work on a range of areas, including co-marketing opportunities, product development, sustainable manufacturing, strategic sourcing, and diversity programs, which is expected to boost market growth soon.
Laparoscopic Devices Market Report Segmentation: