Laparoscopy Devices Market to Reach Valuation of USD 10.04 Billion by 2028 - Increasing Medical Industries in Emerging Nations, as well as Developments in Laparoscopic Tool Technologies, is Projected to Present Market Participants with Significant Prospective Opportunities
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
- On the basis of Product, the market is categorized into Energy Systems, Laparoscopes, Trocars, Closure Devices, Suction/ Irrigation Devices, Insufflation Devices, Robot-Assisted Systems, and Hand Access Instruments. In 2021, the energy systems sector dominated the market for laparoscopic devices, with a revenue share of roughly 21.5 percent. During laparoscopic surgery, energy systems enable rapid successive tissue and vascular sealing, transection, and coagulation. These systems are often used in bariatric procedures such as gastric bypass, sleeve gastrectomy, adjustable gastric band, and biliopancreatic diversion with a duodenal switch. As a result, the factors mentioned above are projected to fuel market expansion throughout the forecast period.
- On the basis of End-user, the market is segmented into Hospitals, Clinics, and Ambulatory. In 2021, the hospital segment dominated the market for laparoscopic devices, accounting for 61.6 percent of total revenue. This segment's expansion can be ascribed mostly to an increase in the number of patients suffering from various chronic conditions, as well as an increase in surgical procedures. Hospitals see a significantly higher inflow of patients for bariatric surgeries or other laparoscopic procedures than other healthcare settings, owing 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. As a result, the variables listed above are projected to drive the hospital segment.
- Asia Pacific is the fastest regional segment in terms of growth. The Asia Pacific market for laparoscopic devices is predicted to develop owing to an increase in the number of modern, well-equipped hospitals and a significant number of surgical procedures, which are driving market expansion in the region. Singapore and South Korea are two of the Asia Pacific region's growing economies. The region's market is projected to be driven by advances in technology, increased investment, improved reimbursement scenarios, and increased medical tourism. Affordable devices, a surge in mergers and acquisitions, and government measures to improve healthcare services are further driving drivers for the country. The government has made enormous investments to ensure that all residents have access to basic health insurance.
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.
The Laparoscopy Devices is segmented as follows:
Browse market data Tables and Figures
Pages and in-depth TOC on "Laparoscopy Devices Market Size, Share & Trends Analysis Report by Product (Laparoscopes, Energy Systems, Trocars, Closure Devices), by Application (Bariatric Surgery, Urological Surgery, Gynecological Surgery, General Surgery), by End User (Hospital, Clinic, Ambulatory), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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