From the period of 2022 to 2028, the Global Laparoscopy Devices Market is expected to reach USD 10.04 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 6.90%.
The market’s expansion is attributable to the rising prevalence of obesity across all age groups, the quickly growing elderly population in the Asia Pacific region, particularly in Japan, India, and China, and rapid technological advancements. Laparoscopic surgery is becoming more popular in recent years due to its numerous advantages, including shorter hospital stays, decreased blood loss, and lower patient morbidity, as well as offering quick recovery time, rapid and successful outcomes, low risk of infection, small or no incision, and less pain.
Because the demand for laparoscopic surgery is increasing, the demand for laparoscopic instruments is expected to rise throughout the projected period. The increasing number of patients suffering from health conditions including uterine fibroids and endometriosis, the rising number of hysterectomy and myomectomy surgeries, and expanding knowledge about the improved healthcare infrastructure in emerging nations are the factors driving market expansion. Furthermore, countries supporting government policies and laws are boosting the growth of the laparoscopic device market. Furthermore, several nations have favorable reimbursement rules, which are expected to boost sales of laparoscopic power morcellators in those countries.
Key Highlights from the Report
Market Dynamics:
Minimally Invasive Surgery is Becoming More Popular Than Open Surgery
Laparoscopic surgeries are less intrusive and save money on pre-and post-operative care as well as hospital length of stay. Patients benefit from less blood loss, fewer postoperative complications, and a faster recovery period. Additionally, in several countries, health insurance providers are increasingly covering minimally invasive surgeries. Patient’s preference for minimally invasive operations has increased as a result of these considerations. Around 15 million laparoscopic procedures are performed worldwide each year, with this figure expected to rise dramatically in the coming years. Laparoscopic colectomy, laparoscopic appendectomy, laparoscopic cholecystectomy, laparoscopic repair of inguinal hernia, laparoscopic hysterectomy, and laparoscopic bariatric surgeries account for a significant portion of the surgical procedures market (about 40–45 percent).
Emerging Market Healthcare Markets are Expanding
The healthcare industry is rapidly expanding in emerging markets. Brazil, Russia, India, China, and South Africa (BRICS) have some of the world’s fastest-growing economies. This can be attributed to the increasing public and private initiatives undertaken by market stakeholders across these countries, low trade regulatory barriers, continuous improvements in healthcare infrastructure, a growing patient population, rising healthcare expenditure, market leaders’ strengthening distribution networks, and rising medical tourism in these countries. Many medical tourists have been drawn to the provision of high-quality surgical services at lower costs than in established markets. Several producers of laparoscopic equipment are now developing operations in the Asia Pacific, the Middle East, and Latin America. Stryker and KARL STORZ have previously established production and Research and Development (R&D) centers in these nations. Furthermore, laparoscopic instrument producers will be forced to focus on emerging countries in the coming years due to saturated established markets in developed regions such as North America and Europe.
In 2021, North America dominated the laparoscopic devices market, accounting for 34.6 percent of total revenue. A major element driving the market is the increasing reliance on laparoscopic operations over open surgery. Additionally, product innovation competition among important competitors will have an impact on the market for laparoscopic devices. Moreover, surgeons are now favoring laparoscopy over standard procedures since it allows for faster healing and a better outcome. Furthermore, rising healthcare spending in the United States may promote the admission of both new and old players.
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