The global Laparoscopic Devices market size is expected to be worth around US$ 13.7 billion by 2030, according to a new report by Vision Research Reports.
The global Laparoscopic Devices market size was valued at US$ 7.5 billion in 2021 and is anticipated to grow at a CAGR of 8.9% during forecast period 2022 to 2030.
The primary driving factors for market growth are the increasing adoption of minimally invasive surgeries over conventional methods, an increase in the number of laparoscopic bariatric procedures, and technological advancements. The COVID-19 pandemic has created a significant challenge for the global healthcare industry. Restricted access to medical services has led to inadequate care for patients suffering from other diseases. Laparoscopy has been adversely impacted by the pandemic. During this period, surgeries are often being postponed or even canceled to prevent transmission of the virus.
However, the market is expected to rebound and grow over the forecast period, as most the countries across the globe have started easing lockdown measures and restarted some of the elective procedures. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, in September 2021, Olympus released the first innovative bipolar surgical energy product, which is named POWERSEALTM. Furthermore, the devices let Olympus compete in the developing global market for advanced bipolar surgical energy devices, which is now valued at over USD 1.2 billion and is expected to grow in the near future.
The energy systems segment dominated the market for laparoscopic devices and captured the largest revenue share of around 22% in 2021. Energy systems allow rapid sequential tissue and vessel sealing, transection, and coagulation during laparoscopic surgery. These systems have wide application in bariatric surgeries, such as gastric bypass, sleeve gastrectomy, adjustable gastric band, and biliopancreatic diversion with duodenal switch. According to the IFSO Global Registry Report 2019, 833,687 bariatric surgeries were performed in 61 countries globally 2019. Thus, the abovementioned factors are expected to fuel the market growth during the forecast period.
The insufflation device segment is expected to witness the highest CAGR of 7.8% over the forecast period. Insufflation devices allow for easy and safe persufflation with humidified carbon dioxide of the abdominal cavity. The rising frequency and incidence of diseases such as colorectal cancer are the factors likely to fuel market expansion. For instance, colorectal cancer was the third most frequent cancer in women and men in 2020, according to the World Cancer Research Fund International, with around 1.90 million new cases reported. Colorectal cancer is most commonly treated with laparoscopic surgery. As a result, the rising prevalence of colorectal cancer is predicted to boost the market growth.
The hospital segment dominated the market for laparoscopic devices and accounted for the largest revenue share of 62% in 2021. The growth of this segment can mainly be attributed to an increase in the number of patients suffering from various chronic diseases and the consequent rise in surgical procedures. In comparison to other healthcare settings, hospitals see a significantly higher inflow of patients for bariatric surgeries or other laparoscopic procedures, 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. For instance, according to the American Society for Metabolic and Bariatric Surgery, in 2019 alone, 256,000 people in the U.S. underwent weight-loss surgery. Thus, the aforementioned factors are expected to drive the hospitals' segment.
Moreover, hospitals are the primary health system in the majority of countries; therefore, the number of laparoscopic surgeries done at hospitals is relatively high than in other healthcare settings such as ambulatory surgery centers or clinics. Thus, the demand for laparoscopic devices in hospitals is comparatively high than in other end-use segments. The ambulatory surgical centers' segment is expected to witness the highest CAGR of 7.3% during the forecast period. The ambulatory surgical centers' segment is expected to grow at a significant pace over the forecast period. The lucrative expansion of the market for the laparoscopic device is due to an increase in the adoption of minimally invasive surgeries, a high desire for outpatient surgeries, and the cost-effectiveness of ambulatory surgical center-based laparoscopic procedures.
Lower postsurgical complications in minimally invasive laparoscopic surgery, on the other hand, are predicted to boost demand for ambulatory surgery facilities. In comparison to hospitals, they provide patients with various benefits, including same-day release and faster procedure times. Because laparoscopic operations are less invasive, most intra-abdominal surgeries can now be performed at ambulatory surgical centers. Aesthetic procedures at ambulatory surgery facilities are not only less time-consuming but also less expensive than inpatient procedures, lowering patient costs. As a result of the factors discussed above, the ambulatory surgery centers segment is expected to rise rapidly over the forecast period.
The other surgeries segment dominated the market for laparoscopic devices and accounted for a revenue share of around 24% in 2021. Cholecystectomy laparoscopy, appendectomy laparoscopy, thoracic laparoscopy, colon laparoscopy, and prostrate laparoscopy are among the most common procedures. Colon laparoscopy, for instance, is predicted to rise steadily as a result of ongoing innovation aimed at improving its success rate. Thus, this segment is expected to witness a moderate growth rate over the forecast period. The bariatric surgeries segment is expected to witness the highest CAGR of 7.9% during the forecast period, owing to the increasing incidence of obesity in adults due to excessive intake of calories and changing lifestyle habits is the major driver for segment growth.
For instance, according to CDC, around 13.0% of the population (aged 18 and above) are obese and 41.0 million children under the age of 5 years suffer from obesity. Furthermore, the American Heart Association has estimated the total medical cost for bariatric surgery to reach up to USD 957.0 billion from USD 861.0 billion by 2030. Moreover, government support and increased awareness about unhealthy food/drinks available in the market and their impact on BMI are factors further expected to increase the demand for bariatric surgeries during the forecast period. Laparoscopic devices are among the essential requirements for bariatric surgeries and increasing demand for such surgeries is anticipated to fuel segment growth.
North America dominated the laparoscopic devices market and accounted for the highest revenue share of 36% in 2021. Increasing dependence on laparoscopic surgeries compared to open surgeries is a major factor driving the market. In addition, competition among prominent players, related to product innovation, will also impact the market for the laparoscopic device. Furthermore, surgeons are now recommending laparoscopy over traditional surgeries, as it allows for rapid healing and positive outcome. In addition, increasing healthcare expenditure in the U.S. may also favor the entry of both new and old players. For instance, as per the Centers for Medicaid and Medicare Services, U.S. health care spending increased by 9.7% and reached USD 4.1 trillion in 2020, accounting for approximately 19.7% of the GDP.
In the Asia Pacific, the market for laparoscopic devices is expected to witness a CAGR of 7.5% during the forecast period owing to an increase in the number of advanced, well-equipped hospitals and a large number of surgical procedures are boosting the market growth in the Asia Pacific over the forecast period. Singapore and South Korea are some of the emerging economies in the Asia Pacific region. Advancing technology, increasing investment, improving reimbursement scenarios, and growing medical tourism are likely to drive the market in the region. Other driving factors for the country are affordable devices, an increase in mergers and acquisitions, and government initiatives to improve healthcare services. The government has made significant investments to provide basic health insurance to all citizens.
Medtronic PLC; Karl Storz GmbH; Stryker Corp.; Johnson and Johnson Services, Inc.; CONMED Corp.; and Olympus Corp.
The Laparoscopic Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Laparoscopic Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Laparoscopic Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Laparoscopic Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Laparoscopic Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Laparoscopic Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Laparoscopic Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Laparoscopic Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Laparoscopic Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Laparoscopic Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Laparoscopic Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Laparoscopic Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Laparoscopic Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Laparoscopic Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Laparoscopic Devices market. These factors have benefited the growth of the global market for Laparoscopic Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Laparoscopic Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Laparoscopic Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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