Analysis of COVID-19 Crisis-driven Growth Opportunities in Laparoscopy Devices Market

Laparoscopy Devices Market: Introduction

According to the report, the global laparoscopy devices market was valued at US$ 8.5 Bn in 2019 and is projected to expand at a CAGR of 6.5% from 2020 to 2030. Laparoscopy, also called minimally invasive surgery, involves using keyhole surgical techniques or small incision. Instruments used for such surgeries are also unique and less invasive, and called laparoscopy devices. The key instrument used is a laparoscope, a long fiber optic cable system that allows a surgeon to view the affected area with the help of a camera. The laparoscopic instrument makes the procedure easy and accurate for surgeons to perform.

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In terms of product, the global laparoscopy devices market has been segmented into energy systems, robot assisted systems, laparoscopes, hand access instruments, trocars, closure devices, insufflation devices, and suction/irrigation devices. The laparoscopes segment has been divided into video laparoscopes and fiber laparoscopes. The video laparoscopes sub-segment has been bifurcated into high-definition cameras and standard definition cameras. The energy systems segment accounted for a prominent share of the global laparoscopy devices market in 2019. The segment is expected to expand at a high CAGR during the forecast period, owing to the rise in the demand for diagnosis by patients.

Based on application, the global laparoscopy devices market has been divided into gynecological surgery, general surgery, urological surgery, bariatric surgery, colorectal surgery, and others. The gynecological surgery segment held a significant share of the global laparoscopy devices market in 2019.

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Laparoscopy Devices Market: Prominent Countries

The U.S. held major share of the global laparoscopy devices market in 2019. Highly structured healthcare industry, presence of key players, and growth strategies adopted by these players are the major factors driving the laparoscopy devices market in the country. Rise in awareness about benefits of procedures and increase in healthcare expenditure propel the laparoscopy devices market in the U.S. The Rest of the World held the second largest share of the global laparoscopy devices market in 2019. The laparoscopy devices market in Rest of the World is driven by the rise in prevalence of chronic diseases and well-developed healthcare sector. The laparoscopy devices market in Rest of the World is likely to grow at a rapid pace during the forecast period. Increase in product approvals, rise in prevalence of cardiovascular diseases, and surge in awareness leading to routine check-ups and diagnosis, are major factors projected to augment the laparoscopy devices market.

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Laparoscopy Devices Market: Key Players

Leading players are expanding their footprint to consolidate their position in the global laparoscopy devices market. Gradual increase in surgical procedures, which include ligation devices, offers lucrative opportunities to key players to increase their share in the laparoscopy devices market. Hence, manufacturers are engaging in new product development, collaborations, and distribution to gain market share. Leading players operating in the global laparoscopy devices market include Ethicon US, LLC (Johnson & Johnson), CONMED Corporation, Medtronic, Aesculap, Inc. (B. Braun company), Fujifilm Holding Corporation, Smith & Nephew, Stryker, KARL STORZ, Olympus Corporation, Richard Wolf GmbH, Cook Medical, Inc., and Boston Scientific Corporation.

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