The global market for laparoscopic devices is projected to grow from a US$12.3 billion valuation in 2022 to a US$18.4 billion valuation by 2029, with a CAGR of 5.8%.
The surgical equipment market, the parent market of the global laparoscopic devices, had a market share of more than 35% in 2021 and was estimated to be worth USD 33.0 billion.
With the help of laparoscopy, a surgeon or other medical specialist can reach the belly and pelvis without having to make significant skin incisions. Keyhole surgery or minimally invasive surgery are common names for this procedure.
The global laparoscopic devices market is projected to experience significant growth during the next decade (2019 – 2029), on the back of rapid growth in demand for minimally invasive surgery and expanding application potential in colorectal and bariatric surgical procedures. By the end of 2019, global sales of laparoscopic devices accounted for revenues of over US$ 10 Bn. Increasing FDI influx in developing regions coupled with marketing and promotional activities are expected to boost the laparoscopic devices market over the following years, says the report.
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Key Takeaways – Laparoscopic Devices Market Study
- 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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Growing Popularity of Single-incision Laparoscopic Surgery
Single-site incisional surgery is being widely used in laparoscopic procedures and is replacing traditional method of laparoscopic procedures, in which four to five small incisions were made as the entry point for laparoscopic instruments. Some of the key benefits of single-site incision laparoscopic procedure over traditional procedure are low chances of infections, better cosmetic results, quick recovery and less post-operative pain.
According to Journal of the Society of Laparoendoscopic Surgeons (JSLS), women who undergo single-site incision laparoscopic surgery tend to report lesser post-operative pain compared to traditional method laparoscopic surgery. Growing demand for single-incision laparoscopic surgeries would thus drive the growth of laparoscopic devices market.
Adoption of Subscription Commerce Marketing Model
Companies are adopting various marketing model schemes such as subscription commerce to boost the sale of laparoscopic devices. Under this scheme, companies provide medical devices such as laparoscopy devices on pay-per-use basis. Thus, various end use segments can have access to these devices which might otherwise be prohibitively expensive, which in turn is helping manufacturers to expand their market share for laparoscopic devices, globally.
Due to intense competition, manufacturers of laparoscopic devices use innovative pricing strategies to remain at the forefront. Expanding access of laparoscopic devices by educating healthcare professionals through various conferences and training is enabling companies manufacturing these devices to enhance the adoption and equipping healthcare facilities with the necessary tools to provide optimal care to patients.
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Laparoscopic Devices Market, a new study from Future Market Insights, opines on the evolution of the laparoscopic devices market from 2014 – 2018 and presents demand projections from 2019 – 2029 on the basis of product type (direct energy system devices, trocars/access device, internal closure devices, laparoscopes, hand access instruments, insufflation devices, and robotic assisted surgical system), therapeutic application (bariatric surgery, colorectal surgery, general surgery, gynecological surgery and urological surgery), and end user (hospitals, ambulatory surgical centers, and clinics) across seven major regions.
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LAPAROSCOPIC DEVICES MARKET TAXONOMY
The global laparoscopic devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Product
- Direct Energy System Devices
- Trocars/Access Devices
- Internal Closure Devices
- Laparoscopes
- Hand Access Instruments
- Insufflation Devices
- Robotic Assisted Surgical System
Therapeutic Application
- Bariatric Surgery
- Colorectal Surgery
- General Surgery
- Gynecological Surgery
- Urological Surgery
End User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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