The global laparoscopy devices market is expected to grow at a faster rate during the forecast period, owing to growth in preference for minimally invasive procedures and increase in number of bariatric procedures using laparoscopes. In addition, technologically advanced laparoscopy devices and rise in incidences of colorectal canceris anticipated to augmentthe growth of the market in thefuture
According to a new report published by Allied Market Research, titled, “Laparoscopy devices Market by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027, “the global laparoscopy devices market size was valued at $12,067.60 million in 2019, and is projected to reach $18,907.05 million by 2027
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The key factors that drive the global laparoscopy devices market include rise in number of obese populations, growth in laparoscopic-based bariatric surgeries for weight reduction, and increase in technological advancements pertaining to these devices. However, lack of expertise in laparoscopic surgeries and high costs associated with these devices and procedures are anticipated to restrain the laparoscopy devices market growth.
Key Findings Of The Study
The robot-assisted surgical systems segment is projected to grow at a lucrative CAGR of 6.8% during the forecast period.
The general surgery segment was the highest contributor to the market in 2018, and is expected to grow at a CAGR of 4.9% during the forecast period.
U.S. dominated the North America laparoscopy devices market, and is projected to retain this trend throughout the forecast period.
By end user segment, the clinics segment is estimated to grow at a CAGR of 6.0%.
In 2019, North America was the leading revenue contributor to the global laparoscopy devices market, owing to increase in geriatric population and prevalence of gastrointestinal & abdominal diseases in the region. Europe has the second largest share in the global laparoscopy devices market. However, large population base, increased affordability, and improvement in healthcare facilities are expected to fuel the growth of the Asia-Pacific laparoscopy devices market.
The key players operating in the global laparoscopy devices market are B. Braun Melsungen AG, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & CO. KG, Medtronic plc (Covidien), Olympus Corporation, Richard Wolf GmbH, Smith & Nephew plc and Stryker Corporation.
Key Market Segments
By Product Type
Laparoscopes
Energy Devices
Insufflators
Robot-Assisted Surgery Systems
Suction or Irrigation Systems
Closure Devices
Hand Instruments
Access Devices
Accessories
Others
By Application
General Surgery
Cholecystectomies
Hernia Repairs
Appendectomies
Anti-Reflux Surgeries
Others
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.