Laparoscopic devices market revenues were estimated at US$ 7.3 Bn in 2021 and is anticipated to grow at a CAGR of 7.1% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 15.3 Bn.
Following an increase in demand for minimally invasive medical procedures in recent years, the demand for minimally invasive medical devices and procedures also followed. This is because it is safer and more efficacious to use minimally invasive procedures than it is to conduct regular surgeries. Demand in the field of obesity treatment has given rise to a significant increase in the number of bariatric surgery procedures in recent years. According to the National Health and Nutrition Examination Survey 2018, 30.7% of American adults were overweight, 42.4% were obese, and 9.2% were highly obese. As a consequence, the number of bariatric surgery procedures has increased significantly. Due to severe rivalry, the providers of laparoscopic devices are lowering the prices of their products in order to remain competitive.
The demand for laparoscopic devices can be increased by raising patient awareness about the benefits of minimally invasive surgery over traditional surgical techniques through promotional initiatives. Manufacturers run training programs for surgeons to help them improve their abilities in laparoscopic surgical techniques, which helps boost the laparoscopic devices market. For example, in March 2021, Olympus announced the introduction of colorectal cancer awareness month and measures to boost screening and awareness, which is commemorated yearly to educate the public on the importance of colorectal cancer preventive and treatment devices.
Furthermore, the leading players in the laparoscopic devices market are active in the development of new products for surgical procedures, which help manufacturers by increasing sales and revenue earned from that product.
Key Takeaways from the Market Study
- Global Laparoscopic Devices market is expected to reach a market size of US$ 7.8 Bn by 2022
- Top Product Type being Energy System expected to grow at a CAGR of 8.5%.
- Top Application being General Surgery expected to grow at a CAGR of 7.3%.
- With over 7.6% projected growth rate, laparoscopic devices revenue is expected to grow at fastest pace in Asia-Pacific, during 2022 – 2032.
Rising private and international investments in the laparoscopic devices market, as well as industry participants’ adoption of subscription commerce marketing model, are expected to shape the overall laparoscopic devices market, comments a Fact.MR analyst.
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In September 2021, Olympus’ POWERSEAL add an extra layer of sealing and gripping technology to laparoscopic or open surgery, allowing surgeons to offer their patients with cutting-edge technology.
- In April 2021, LivsMed, a company known for its cutting-edge technology in minimally-invasive surgery, has entered a strategic distribution agreement with Genesis MedTech, Inc. relating to the sales and distribution of its ArtiSential product line in the Chinese and Singapore markets.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Laparoscopic Devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Product Type (Trocars, Energy Systems, Closure Devices, Suction Devices etc), Application (Bariatric Surgery, Colorectal Surgery, General Surgery etc), End-use, across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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