The global laparoscopic device market is on track to achieve a valuation of USD 13.59 billion in 2024, according to recent industry reports. Despite the challenges posed by supply chain disruptions, companies within the sector are deploying various strategies to maintain market stability and growth.
Over the next decade, the demand for laparoscopic devices is forecasted to grow at a modest Compound Annual Growth Rate (CAGR) of 4.2%, ultimately exceeding USD 20.5 billion by 2034. This anticipated growth is significantly driven by the rising prevalence of obesity across all age demographics, which has heightened the necessity for minimally invasive surgical interventions.
Industry analysts highlight that the increasing obesity rates are leading to a higher incidence of related health conditions, thereby fueling the demand for laparoscopic procedures. This trend underscores the importance of innovative and efficient laparoscopic devices in modern medical practices.
Companies in the laparoscopic device market are responding to these dynamics by adopting advanced manufacturing techniques and strengthening their supply chains. These measures are aimed at mitigating the impact of disruptions and ensuring a steady supply of high-quality devices to meet the growing needs of healthcare providers.
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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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