Laparoscopic Devices Market Size to Reach US$14.6 Billion by 2030

London, April 28, 2022 (GLOBE NEWSWIRE) — The world Laparoscopy Devices Market Size was valued at US$8.02 billion in 2021. Increased occurrence of chronic diseases is one of the major reasons driving the global 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 laparoscopic devices market is likely to grow in the coming years.

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In the global laparoscopic device market, bariatric surgery is gaining popularity. The increasing prevalence of obesity among people all over the world leads to an increase in the demand for bariatric surgery. The growth and development of the global laparoscopic devices market is further aided by increasing disposable income.

Scope of the Rreport

Report cover Details
Market size in 2021 $8.02 billion
CAGR 6.89% from 2022 to 2030
The biggest 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

  • Based on the product, the 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 across the globe in 2019. As a result, the need for energy systems in the global laparoscopic devices market is increasing as the number of bariatric procedures increased.
  • Based on an application, the 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 global laparoscopic devices market is gaining momentum as colon laparoscopy becomes more common.
  • Based on end user, the hospital segment holds the largest market share in the global laparoscopy devices market. The number of hospitalized patients is increasing as the prevalence of chronic diseases increases. Compared to other types of healthcare facilities, hospitals see a large number of patients. Weight reduction surgery was performed on 256,000 people in the United States in 2019, according to the American Society for Metabolic and Bariatric Surgery.

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Regional overview

North America is the largest segment of the laparoscopic devices market in terms of region. The United States dominates the laparoscopic devices market in the North America region. Increased prevalence of chronic diseases and growing adoption of non-invasive or minimally invasive surgical techniques are driving the growth of the North America laparoscopic devices market. Hence, the demand for laparoscopic equipment in North America is increasing due to an increase in the number of diseases and infections. Moreover, the presence of prominent industry players paves the way for the growth of the laparoscopic devices market in the region.

Asia Pacific is the fastest growing region in the laparoscopic devices market. South Korea and Singapore hold the highest market share in the Asia-Pacific laparoscopy device market. The region’s laparoscopy devices market is on the rise owing to the increase in the number of hospitals and healthcare institutions that perform the procedures. Other factors contributing to the growth of the Asia Pacific laparoscopic devices market include growing trend of medical tourism, technical developments, and improved reimbursement policies.

Market dynamics

Drivers

Technological advances

The growing demand for data embedded systems is expected to provide a number of exciting prospects to support the global laparoscopic devices market. Additionally, developing countries are expected to play an important role in creating opportunities for market growth. The untapped market potential could help boost activity in the near future.

Constraints

Lack of trained professionals

During the projection period, a shortage of skilled healthcare personnel is expected to hamper the expansion of the global laparoscopic devices market. To strengthen the industry in the coming years, there will be a demand for qualified healthcare personnel to perform laparoscopic treatments.

Opportunities

Growth adoption of minimally invasive surgeries

Every year around 15 million laparoscopic surgeries are performed worldwide and this number is expected to increase significantly over the next few years. It is also driving the demand for minimally invasive surgeries. Thus, the increasing adoption of minimally invasive surgeries is contributing to the growth of the global laparoscopic devices market over the forecast period.

Challenges

Low health insurance expenses

The US government said in August 2012 that it aimed to cut Medicare spending by $716 billion over the next ten years. A 2% drop in Medicare payments for interim payments to cancer hospitals and critical access hospitals was declared as part of health care reform. As a result, low health insurance expenditure is a major challenge for the expansion of the global laparoscopic devices market.

Related Reports

RECENT DEVELOPMENTS

  • Genesis MedTech and LivsMed, a medical device company that provides breakthrough technology for minimally invasive surgery, signed a strategic distribution agreement in April 2021 for the sale and distribution of the ArtiSential product line in China and Singapore.
  • The da Vinc X Surgical System, developed by Intuitive Surgical, Inc. (USA), was approved by the US FDA in 2019.
  • Megadyne Medical (USA) was purchased by Ethicon (USA) in 2017 to combine Ethicon’s superior energy devices with Megadyne’s revolutionary line of electrosurgical equipment.

Market segmentation

By product

  • Laparoscopes
  • Energy systems
  • Trocars
  • Closing devices
  • Suction/irrigation devices
  • Robot-assisted systems
  • Manual access instruments

By request

  • Bariatric surgery
  • Urological surgery
  • Gynecological surgery
  • General surgery
  • Colorectal surgery
  • Other surgeries

Per end user

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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