October 11, 2021
As cited by the research report titled ‘Global Laparoscopic Devices Market Size study, by Product Type (Laparoscopes, Energy system, Trocars, Closure devices, Suction/Irrigation devices, Insufflation devices, Robot-assisted systems, Hand access instruments), by End-use (Hospitals, Clinics, Ambulatory), by Application (Bariatric surgery market, Urological Surgery market,Gynaecological surgery, General surgery, Colorectal surgery, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global laparoscopic devices market was worth USD 6.5 billion in 2020 and is projected to grow with a CAGR of 6.6% to accumulate USD 10.17 billion over 2021-2027.
Rising preference for minimally invasive surgeries over open surgeries is a major factor driving global laparoscopic devices market growth. Increasing technological advancements and growing adoption of subscription commerce marketing model are also likely to generate lucrative opportunities for market development. In addition, rising geriatric population and growing cases of colorectal cancer & obesity is augmenting the market scope.
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As per the National Library of Medicine - National Institutes of Health, in 2014, around 10,581 cardiovascular surgeries were performed, and this number is expected to rise consistently to around 15,501 cases by 2040, indicating a 46.5% rise.
For the record, laparoscopic devices are surgical instruments which are widely used while carrying out certain surgeries.
On the downside, unsteady prices of raw materials and stringent regulations related to quality standards are likely to hinder the market progression over the projected timeline.
The geographical analysis of the worldwide laparoscopic devices industry is studied for major regions like North America, Asia Pacific, Europe, and Latin America. North America is likely to capture a significant market share over the assessment period, owing to increasing incidence of chronic diseases like diabetes and cancer, rising awareness, and availability of supportive government policies.
Meanwhile, Asia Pacific industry is poised to showcase remarkable growth over the forecast period 2021-2027, on account of rising number of well-equipped & advanced hospitals and high volume of surgical procedures conducted in the region.
Prominent players influencing global laparoscopic devices industry trends are Microline Surgical Inc., Richard Wolf GmbH, CooperSurgical Inc., B. Braun Melsungen AG, Conmed Corporation, Olympus Corporation, Ethicon Inc. (Johnson & Johnson), Karl Storz SE & Co. KG, Medtronic plc, and Stryker Corporation.