(PharmaNewsWire.Com, September 09, 2021 ) Laparoscopic Devices Market size is forecast to reach $19.7 billion by 2026, growing at a CAGR of 11.2% during the forecast period 2021-2026. Laparoscopy is also called as diagnostic laparoscopy which is a surgical procedure done in the abdomen or pelvis by minor incisions with the assistance of a camera.
Laparoscopy is commonly preferred for surgery involving the pancreas, stomach, intestine, and bile duct. Laparoscopy is also used to treat endometriosis, ectopic pregnancies, pelvic inflammatory disorder (PID), cysts, and fibroids. In comparison to conventional open surgery, which requires significant discomfort and complications to the patient, this procedure helps surgeons to work through narrower incisions with greater protection.
Laparoscopic devices includes various instruments such as Bowel grasper, Knot pushers, electrosurgical cables, laparoscopes, insufflation devices and others. Rising prevalence of colorectal cancer and obesity across the globe are the major factors driving the growth of the market. Growing research & development activities improving healthcare facilities is set to further enhance the overall market development of the Laparoscopic Devices Market for the period 2021-2026.
Laparoscopic Devices Market Segment Analysis – By Product
The Laparoscopes segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 12.1% during the forecast period 2020-2025. Laparoscopes instruments are used during surgical diagnostic procedure. It is designed for surgical use and it is connected with high-intensity light and high-resolution monitor. There are many laparoscopes instrument such as Bowel grasper, Knot pushers, electrosurgical cables, suction and others. These instruments are reusable, reposable and single use also. Laparoscopes instruments offer benefits such as it is convenient and easy to use. Laparoscopes are estimated to register the higher CAGR over the period 2021-2026.
Laparoscopic Devices Market Segment Analysis – By Application
Bariatric Surgery held the largest share in the Laparoscopic Devices Market in 2020 and is estimated to grow at a CAGR 11.6% during the forecast period 2021-2026. Increasing prevalence of obesity across the globe has increases the growth of this segment. Weight reduction is achieved by bariatric surgery by limiting the amount of food that the stomach can hold, causing caloric malabsorption, or a mixture of both gastric restriction and malabsorption. Laparoscopic bariatric surgery is suitable for the aged, and it is comparable to most bariatric operations. Bariatric Surgery are estimated to register the higher CAGR over the period 2021-2026.
Laparoscopic Devices Market Segment Analysis – By Geography
North America dominated the Laparoscopic Devices Market with a major share of 36.2% in 2020. This is attributed to rising number obesed people coupled with high purchasing capacity, Extensive availability of advanced technology, improved repayment strategies and high adoption of minimally invasive procedures trends for diagnosis and treatment of various disease such as chronic diseases and others is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the development of health infrastructures and increasing awareness of health care. Increasing awareness of minimally invasive procedures is also contributing to the growth in this region.
Increasing Demand For Minimally Invasive Procedures
Increasing demand for minimally invasive procedures is increasing the growth of the Laparoscopic Devices Market. This is attributed to the development of the technologically advanced devices with extended longevity. Laparoscopic operations are less invasive and save money on pre- and post-operative treatment as well as patient duration of stay. Patients benefit from reduced blood loss, less postoperative complications, and a faster healing period as a result of these operations. Furthermore, in some countries, health care companies are gradually covering minimally invasive surgery. Thus, further contributing to the growth of Laparoscopic Devices Market during the forecast period 2021-2026.
Technological Advancements
Technological advancements is increasing the growth of the Laparoscopic Devices Market. Technological advancements has enabled the manufacturers to develop instruments that reduces technical difficulty. Increasing advancements in Laparoscopic Devices has provided an opportunity for development of automation of instruments and improvement of instruments. Thus, increasing the growth of the Laparoscopic Devices Market during the forecast period 2021-2026.
Laparoscopic Devices Market Challenges
Lack of Skilled and Trained Healthcare Professionals
Factors which restrain the growth of the Laparoscopic Devices Market are lack of skilled and trained healthcare professionals. High cost of Laparoscopic Devices, lack of compensation policy, and high initial investment is also set to hinder the growth of the market.
Laparoscopic Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Laparoscopic Devices Market. In 2020, the Laparoscopic Devices Market share is consolidated by the top ten players present in the market. The Laparoscopic DevicesMarket, top 10 companies are Stryker Corporation, Olympus Corporation, Johnson & Johnson, Medtronic PLC., Boston Scientific Corporation, Karl Storz GmbH & Co.KG, ConMed Corporation, Smith & Nephew PLC, Cook Medical, and Optomic
Key Takeaways
North America dominated the Laparoscopic Devices Market in 2020 owing to the wide availability of advanced technologies and favourable reimbursement policies. The Laparoscopic Devices Market scope for different regions will be provided in the final report.
Increasing healthcare expenditure and technological advancement along with the new innovations are likely to aid the market growth of the Laparoscopic Devices Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Laparoscopic Devices Market report.
Lack of skilled and trained healthcare professionals and high cost of devices is poised to create the hurdles for the Laparoscopic Devices Market.
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