Laparoscopic Device Market Expected to Surpass USD 20.5 Billion by 2034 at a 4.2% of CAGR

laparoscopic device market
laparoscopic device market

The laparoscopic device market is poised for substantial growth, projected to reach a value of USD 13.59 billion in 2024. Despite current supply chain disruptions, companies are employing various strategies to navigate challenges and meet escalating demand. Forecasted to grow at a steady compound annual growth rate (CAGR) of 4.2% through 2034, the market is anticipated to exceed USD 20.5 billion by the end of the forecast period. This growth is driven by increasing prevalence of obesity and advancements in laparoscopic surgical techniques across diverse patient demographics.

Laparoscopic devices play a critical role in minimally invasive surgeries, offering benefits such as reduced recovery times, lower risk of complications, and shorter hospital stays compared to traditional open surgeries. These devices are integral in procedures ranging from gastrointestinal surgeries to gynecological and urological interventions.

Laparoscopic devices, known for their precision and reduced recovery times, are becoming essential tools in the fight against obesity-related health issues. As more patients and healthcare providers turn to these advanced surgical options, the market is expected to see sustained growth.

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The market for laparoscopic devices is anticipated to expand at a 5.8% compound annual growth rate (CAGR) from US$ 12.3 billion in 2022 to US$ 18.4 billion by 2029.

Over the next ten years, there is expected to be a significant growth in the laparoscopic devices industry. due to the quick rise in the demand for minimally invasive surgical treatments as well as the growing potential for use in colorectal and bariatric surgery.

According to the report, the laparoscopic devices market is anticipated to grow over the coming years due to a combination of increased foreign direct investment (FDI) in developing countries and marketing and promotional initiatives.

Key Takeaways :

Steady demand growth is observed for bariatric surgery, in line with the expanding obese population coupled with wide-scale adoption rate of minimally invasive techniques. Sales of laparoscopic devices for bariatric surgery will surpassing that for colorectal surgery towards the end of projection period.

Sales of laparoscopic devices will be higher in North American countries. The availability of skilled surgeons and several advantages of minimally invasive surgery over open surgery are few factors driving the market of laparoscopy devices.

The key players in the laparoscopic devices market are focusing on technologically advanced surgical systems with improved dexterity, ergonomics, and visual enhancements that provide advantages to surgeons and minimize the risk for patients while undergoing laparoscopic procedures.

Increasing consumer base along with modern amenities in the healthcare sector is expected to drive sales of laparoscopic devices in developing regions.

Rising private and foreign investments in the laparoscopic devices market and adoption of subscription commerce marketing model by market players are anticipated to shape the overall laparoscopic devices market.

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Key Companies Profiled :

Olympus Corporation

Braun Melsungen AG

Intuitive Surgical Inc.

Medtronic plc.

Stryker Corporation

Smith & Nephew Plc

CareFusion Corporation

Ethicon US, LLC

KARL STORZ GmbH & Co. KG

Richard Wolf GmbH

Endocontrol SA

Tekno-Medical Optik Surgery GmbH

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Laparoscopic devices market by Category :

By Product:

  • Direct Energy System Devices
  • Trocars/Access Device
  • Internal Closure Devices
  • Laparoscopes
  • Hand Access Instruments
  • Insufflation Devices
  • Robotic Assisted Surgical System

By Therapeutic Application:

  • Bariatric Surgery
  • Colorectal Surgery
  • General Surgery
  • Gynecological Surgery
  • Urological Surgery

By End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Japan
  • Middle East and Africa (MEA)

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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