Global Laparoscopy Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $17.7 Billion by 2024 from $9.8 Billion in 2016; growing at a CAGR of 7.6% from 2016 to 2024. By geography, RoW and Asia-Pacific are expected to grow at a CAGR of 9.2% and 8.0%, respectively, during the forecast period. Laparoscopy devices are used to operate on laparoscopy treatment. Laparoscopy is a minimal invasive surgical technique performed by keyhole incision, specifically used for abdominal organs. Over the past years, the demand for laparoscopy devices has increased significantly, owing to the advent of technological advancements in energy devices and laparoscopes.
“Laparoscopy Devices Market (By Product: Female Sterilization Devices, Laparoscopes, Insufflation Devices, Suction/Irrigation Devices, Laparoscopic Adjustable Gastric Band (LAGB), Hand Held Instruments, Access Devices, Direct Energy Devices, and Internal Closure Devices; By Application: General Surgery, Bariatric Surgery, Gynecological Surgery, Urological Surgery, Colorectal Surgery, and Other Applications: By End-User: Hospitals, Clinics, and Other End-Users; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend And Forecast, 2015 – 2024”
Growing number of laparoscopic surgeries due to rising demand of minimally invasive surgical procedures drive the global market
The major factors that drives the growth of global laparoscopy devices market include rising number of laparoscopic surgeries performed globally owing to surging demand of minimally invasive surgical procedures, and incessant technological advancements in energy devices and laparoscopes. Also, rising geriatric population, and increasing prevalence of colorectal cancer and obesity is likely to boost the market growth. However, dearth of trained professionals for these procedures may hamper the growth of the market. Further, increase in adoption of robot-assisted laparoscopic surgeries and introduction of innovative laparoscopic devices is likely to gain significant impetus in the forecast timeframe.
Product, application, end-user, and geography are the major segments considered in the global laparoscopy devices market. By product the segment is categorized into female sterilization devices, laparoscopes, insufflation devices, suction/irrigation devices, laparoscopic adjustable gastric band (LAGB), hand held instruments, access devices, direct energy devices, and internal closure devices. Application segment includes general surgery, bariatric surgery, gynecological surgery, urological surgery, colorectal surgery, and other applications. While, the end-user segment is bifurcated into hospitals, clinics, and other end-users.
General surgery accounted the highest market share in 2016 in the application segment
Global Laparoscopy Devices Market, by Application
General surgery dominated the application segment with major market share in 2016, owing to its extensive usage in surgeries such as hernia repairs, cholecystectomies, appendectomies, and antireflux surgeries.
Hospitals occupied the major share in the end-user segment in 2016
Global Laparoscopy Devices Market, by End-User
Hospitals segment conquered the top most share in 2016, in the end-user segment, owing to upsurge in demand for minimal invasive surgeries (MIS) and increase in governmental initiatives to improve healthcare facilities.
North America is the leading region in the global laparoscopy market
GLOBAL LAPAROSCOPY DEVICES MARKET SHARE BY GEOGRAPHY,2016 (%)
In 2016, North America generated the highest revenue accounting for 36% of the total market share. In terms of growth, Asia-Pacific is likely to reach the fastest CAGR of 8%, driven by to the improvement in healthcare facilities, available disposable income, and rapidly developing economic conditions.
Prominent players in the market include Stryker Corporation,Olympus Corporation,B. Braun Aesculap,Richard Wolf GMBH,Cook Medical Incorporated,Karl Storz GmbH & Co.KG,Medtronic plc,ConMed Corporation, Smith & Nephew PLC, and Ethicon, Inc. among others.