(PharmaNewsWire.Com, July 18, 2020 ) The global laparoscopic instruments market during the forecast period of 2016 to 2021. The market is expected to reach USD 11.68 Billion by 2021 from USD 7.61 Billion in 2016, at a CAGR of 8.9% during the forecast period.
The global laparoscopic instruments market is segmented on the basis of products, applications, end users, and regions.
Based on products, the market is segmented into laparoscopes, access devices, suction/irrigation systems, insufflators, energy devices, hand instruments, closure devices, and accessories. In 2016, the energy devices segment is estimated to account for the major share of the laparoscopic instruments market owing to the technological advancements introduced in these products by market players.
Based on applications, the market is segmented into bariatric surgery, gynecological surgery, general surgery, urological surgery, colorectal surgery, and pediatric surgery. In 2016, the gynecological surgery instruments segment is estimated to account for the major share of the laparoscopic instruments market. This is owing to laparoscopy being widely used in obstetrics and gynecology, especially in procedures such as hysterectomy, hysteroscopy, amnioscopy, myomectomy, fetoscopy, and ovarian cyst removal, among others.
Based on end users, the market is segmented into hospitals and ambulatory surgical centers. In 2016, the hospitals segment is estimated to account for the major share of the laparoscopic instruments market. Hospitals prefer laparoscopic procedures to open surgical procedures as it offers advantages such as lesser costs, decreased average length of stay (ALOS) of patients, and increased patient satisfaction. Thus, hospitals are currently the largest end-user segment of the laparoscopic instruments market.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the laparoscopic instruments market. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering laparoscopic instruments. This is owing to the impetus provided by the entry of key market players into this market and growing infrastructure support for laparoscopic procedures in India, South Korea, and Singapore.
The major players in the laparoscopic instruments market include Karl Storz GmbH & Co.KG (Germany), Olympus Corporation (Japan), Medtronic plc (Ireland), B. Braun Aesculap (Germany), Stryker Corporation (U.S.), Richard Wolf GMBH (Germany), Ethicon, Inc. (U.S.), Smith & Nephew PLC (U.K.), Cook Medical Incorporated (U.S.), and ConMed Corporation (U.S.).
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