The global laparoscopic devices market size is anticipated to reach USD 12.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2022 to 2030. The primary driving factors for market growth are the increasing adoption of minimally invasive surgeries over conventional methods, an increase in the number of laparoscopic bariatric procedures, and technological advancements.
Laparoscopic Devices Market Report Highlights
- The energy systems segment accounted for the largest revenue share of 21.5% in 2021, owing to an increase in the number of patients suffering from ulcerative colitis, Crohn’s disease, gall bladder problems, diverticulitis, and obesity is driving segment growth
- The other surgeries segment dominated the market and accounted for a revenue share of around 22.8% in 2021. Other surgeries majorly include cholecystectomy laparoscopy, colon laparoscopy, and prostrate laparoscopy. The growth of the segment is due to constant innovation being employed to boost its success rate
- The hospital segment captured the largest revenue share of around 61.6% in 2021. The growth of this segment can mainly be attributed to an increase in the number of patients suffering from various chronic ailments and the consequent rise in surgical procedures
- Asia Pacific is expected to witness a CAGR of 7.1% over the forecast period. This is due to a large number of surgical procedures. An increase in the number of well-equipped is also expected to boost the market growth in the region over the forecast period
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The COVID-19 pandemic has created a significant challenge for the global healthcare industry. Restricted access to medical services has led to inadequate care for patients suffering from other diseases. Laparoscopy has been adversely impacted by the pandemic. During this period, surgeries are often being postponed or even canceled to prevent transmission of the virus.
However, the market is expected to rebound and grow over the forecast period, as most the countries across the globe have started easing lockdown measures and restarted some of the elective procedures. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, in September 2021, Olympus released the first innovative bipolar surgical energy product, which is named POWERSEALTM. Furthermore, the devices let Olympus compete in the developing global market for advanced bipolar surgical energy devices, which is now valued at over USD 1.2 billion and is expected to grow in the near future.
Laparoscopic Devices Market Insights By Demography
North America dominated the laparoscopic devices market and accounted for the highest revenue share of 34.6%. Increasing dependence on laparoscopic surgeries compared to open surgeries is a major factor driving the market. In addition, competition among prominent players, related to product innovation, will also impact the market for the laparoscopic device. In the Asia Pacific, the market for laparoscopic devices is expected to witness a CAGR of 7.1% during the forecast period owing to an increase in the number of advanced, well-equipped hospitals and a large number of surgical procedures are boosting the market growth in the Asia Pacific over the forecast period.
Industry Share Analysis By Major Players
With the surge in demand for laparoscopic devices, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions. To maintain the surge in demand from diverse laparoscopic devices applications, leading businesses in the market are enforcing higher product quality through mergers and acquisition. Some of the prominent players in the laparoscopic devices market include:
- Karl Storz SE & CO. Kg
- Medtronic
- Johnson and Johnson
- Olympus Corporation
- CONMED Corporation
- Braun Melsungen AG
- The Cooper Companies Inc.
- Richard Wolf GmbH
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Laparoscopic Devices Market Segmentation
Grand View Research has segmented the global laparoscopic devices market on the basis of product, application, end-user, and region:
- Laparoscopic Devices Product Outlook (Revenue, USD Million, 2017 – 2030)
- Laparoscopic Devices Application Outlook (Revenue, USD Million, 2017 – 2030)
- Laparoscopic Devices End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Laparoscopic Devices Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Laparoscopic Devices Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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