Laparoscopy Devices Market To See Record Break Revenue $18.90 billion By 2027 | Olympus Corporation, Richard Wolf GmbH

Rise in preference for minimally invasive procedures, surge in number of bariatric procedures using laparoscopes, technological advancement in laparoscopy devices, and increase in incidences of colorectal cancer drive the growth of the global laparoscopy devices market. However, shortage of skilled professionals, high cost of laparoscopic devices and procedures, and post-operative risks associated with laparoscopy surgeries hinder the market growth. On the other hand, untapped potential in emerging economies and rise in adoption of robot-assisted laparoscopy devices create new opportunities in the coming years.

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The global laparoscopy devices market generated $12.06 billion in 2019, and is estimated to reach $18.90 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, porter’s five forces analysis, competitive landscape, pricing analysis, major segments, and competitive scenario.

Covid-19 scenario:

• Some of the laparoscopic and surgical services have been postponed during the coronavirus pandemic. The services will be made available for patients who are suffering from life threatening conditions.
• The rules and regulations have been tightened by the government regarding working of medical staff. The staff is advised to offer training through online resources.
• Manufacturing of devices has been stopped to avoid the social gathering during the lockdown.

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Prime determinants of growth-

Growth in preference for minimally invasive procedures, rise in number of bariatric procedures using laparoscopes, and increase in incidences of colorectal cancer augment the growth of the global laparoscopy devices market. In addition, technologically advanced laparoscopy devices fuel the growth of the market. However, dearth of skilled professionals, high cost of laparoscope devices and procedures, and post-operative risks associated with laparoscopy surgeries restrain the market growth. On the other hand, untapped emerging economies and growth in adoption of robot-assisted laparoscopy devices offers multiple opportunities to the market players.

The energy devices segment to dominate the market-

Based on product, the energy devices segment accounted for nearly one- fourth of the total share of the global laparoscopy devices in 2019, and is estimated to witness its largest share in terms of revenue throughout the forecast period. This is owing to growth in demand for single incision surgeries and other laparoscopic surgeries. However, the robot-assisted surgical systems segment is expected to portray the largest CAGR of 6.8% from 2020 to 2027. As these procedures are hassle free because surgeons operate through just few incisions instead of performing an actual surgery, which drives the growth of the segment.

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The hospitals segment to maintain its leadership status until 2027–

Based on end-user, the hospitals segment accounted for the largest market share with nearly half of the total share in 2019, and is estimated to maintain its lead position throughout the forecast period. This is owing to increase in adoption of laparoscopy devices in the operation theaters. However, the clinic segment is expected to register the fastest CAGR of 6.0% from 2020 to 2027.

North America to rule the roost throughout 2027–

Based on region, North America accounted for the highest share in terms of revenue, holding more than one-third of the total share in 2019, and is estimated to maintain its dominant share during the forecast period. This is owing to increase in geriatric population and prevalence of gastrointestinal & abdominal diseases in the region. On the other hand, the Asia-Pacific region is anticipated witness the second-highest CAGR of 6.8% during the forecast period. This is attributed to large population base, increased affordability, and improvement in healthcare facilities in this region.

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The major companies profiled Are:

• Johnson & Johnson (Ethicon, Inc.)
• Karl Storz GmbH & Co.KG
• Boston Scientific Corporation
• Medtronic PLC. (Covidien)
• Olympus Corporation
• Richard Wolf GmbH
• ConMed Corporation
• B. Braun Melsungen AG (Aesculap, Inc.)
• Smith & Nephew PLC.
• Stryker Corporation.

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