As per the assessment conducted by Market Research Future (MRFR), the Global Market for Laparoscopy Devices Market is expected to acquire the market value of USD 17,206.32 Million while expanding at a CAGR of 8.30% by 2023. The growing funding and favorable reimbursement policies are predicted to play a salient role in steering the global market during the review timeframe.
The outbreak of COVID-19 is expected to negatively impact the market owing to the temporary shutdown of the manufacturing units owing to the imposition of lockdown in various countries. The lockdown caused a severe downfall in the production of laparoscopy devices. However, the market is expected to pick up the pace since multiple countries have lifted the lockdown.
Increasing Demand for Minimally Invasive Surgeries to Favor the Market Growth
The surging demand for minimally invasive surgeries is anticipated to boost the industry during the review timeframe. The growing awareness about minimally invasive surgeries is likely to increase its adoption as well, which is predicted to be a crucial factor in promoting market expansion in the analysis timeframe. Besides, increasing funding and favorable policies offered by the government of various countries are likely to augment the market significantly in the assessment tenure. Also, the expanding geriatric population is projected to be another salient factor strengthening the market expansion during the review tenure.
Rising Demand for Data-Integrated Systems to Offer Significant Opportunities for Market Expansion
The increasing demand for data-integrated systems is projected to offer several lucrative opportunities to bolster the market during the assessment period. In addition, developing countries are predicted to play a salient role in providing opportunities for market growth. The presence of untapped market opportunities can assist to strengthen the trade in the coming period.
Lack of Expertise to Hinder the Market Growth during the Forecast Tenure
The lack of trained healthcare professionals is projected to hinder the market growth during the forecast period. There is a need for trained healthcare professionals for laparoscopic procedures to strengthen the trade in the coming period.
Post-Impact of Laparoscopy Procedures to Pose a Significant Challenge
The post-impact of the laparoscopic surgery is expected to pose a significant challenge that can limit market expansion during the assessment period.
Cumulative Growth Analysis
The global market for laparoscopy devices is anticipated to show significant growth during the forecast period owing to the growing demand for minimally invasive surgical procedures and the presence of favorable reimbursement policies. However, the market can be hampered with a lack of expertise.
Global Laparoscopy Devices Market is segmented into Application, End-User, and Product.
Based on application, the global market for laparoscopy devices market is segmented into bariatric surgery, general surgery, gynecological surgery, colorectal surgery, urological surgery, and others. Among all, the general surgery segment is predicted to expand at a CAGR of 7.79% CAGR during the forecast period
Based on end-user, the global market for laparoscopy devices market is segmented into hospitals and clinics, ambulatory centers, and specialty centers. Among all, the hospitals and clinics are expected to dominate the market during the forecast period.
Based on product, the global market for laparoscopy devices market is segmented into energy devices, laparoscopes, insufflation devices, handheld instruments, suction/irrigation devices, access devices, internal closure devices, trocars, and others. Among all, the laparoscope is predicted to lead the market, which is likely to grow at the highest CAGR while amassing the market value of USD 5091.77 million by 2023.
The Americas to Acquire the Largest Market Share During the Forecast Period
The Americas is projected to acquire the largest market share during the review period owing to the rising GDP per capita income and the growing geriatric population. The growing incidence of chronic ailment is predicted to surge the need for an effective diagnosis and therapeutics. The US is projected to make the most salient contribution in developing the regional market during the review period.
Europe to Acquire the Second Largest Market Share during the Review Period
Europe is predicted to procure the second largest market share during the review period owing to the expanding patient pool and the growing research on laparoscopy. Also, the rising healthcare expenses and adoption of integrated monitoring devices into the market are projected to bolster the regional market during the forecast period. The UK is predicted to make a significant market value during the assessment timeframe.
APAC Expected to be the Fastest-Growing Market During the Forecast Period
APAC is predicted to be the fastest-growing market during the forecast period while amassing the market value of USD 4205.58 million by 2023. The expanding patient pool and the rapid development in the healthcare infrastructure are projected to develop the regional market in the assessment tenure. In addition, the participation of developing countries is likely to further drive the regional market.
MEA to Acquire the Least Market Share
MEA region is predicted to procure the least market share during the review period owing to lack of awareness and poor healthcare infrastructure. The Middle East is projected to make the most notable contribution in developing the regional industry due to its economic stability and better health awareness than the African region.
Several players are adopting various strategies such as acquisition, partnership, and mergers that are expected to strengthen the market and intensify the competition.
Key Players Profiled in the Report
October 2020- Xenocor, Inc., a US-based healthcare company offering the world's first disposable articulating laparoscope, announced a group purchasing agreement with Premier Inc., a renowned healthcare company headquartered in North Carolina, for their single-use Xenoscope. The Xenocor disposable laparoscopic system is designed to improve image quality, eliminate fogging, lower hospital costs, and reduce biohazard risk for patients and staff.
September 2020- TransEnterix, a US-based medical device company, announced that it established the first training center for the Senhance® Surgical System in the Asia-Pacific region in Japan at the Saitama Medical University International Medical Center in the Greater Tokyo Area.
Laparoscopy Devices Market, By Application
Laparoscopy Devices Market, By End-User
Laparoscopy Devices Market, By Product
|Market Size||USD 17,206.32 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Becton, Dickinson and Company (US), Smith & Nephew PLC (UK), B. Braun Melsungen AG (Germany), Medtronic PLC (US), Cook Medical LLC (US), Fujifilm Holdings Corporation (Japan), Olympus Corporation (Japan), Stryker Corporation (US), KARL STORZ SE & Co. KG (Germany), Richard Wolf GmbH (Germany)|
|Key Market Opportunities||Rising Demand for Data-Integrated Systems|
|Key Market Drivers||Increasing Demand for Minimally Invasive Surgeries to Favor the Market Growth|
Frequently Asked Questions (FAQ) :
The global laparoscopy devices market is expected to reach a valuation of more than USD 17.2 billion by 2023.
The global laparoscopy devices market is expected to exhibit a strong 8.3% CAGR over the forecast period from 2020 to 2027.
The increasing prevalence of chronic diseases and the growing geriatric population are the key restraints on the global laparoscopy devices market.
Laparoscopes are the dominant product type in the market.
The Americas and Europe dominate the global laparoscopy devices market.