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Laparoscopy Devices Market Size, Analysis, Trends Report 2024 To 2033
Laparoscopy Devices Market
According to The Business Research Company's, The laparoscopy devices market size has grown strongly in recent years. It will grow from $12.17 billion in 2023 to $13.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to improved surgeon training programs, enhanced safety and efficacy, shift towards minimally invasive surgery, evolution in energy-based devices, early adoption challenges.
The laparoscopy devices market size is expected to see strong growth in the next few years. It will grow to $17.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to customization and patient-centric approach, market penetration in emerging economies, training and skill enhancement programs, integration of robotic-assisted systems, growth in energy-based devices. Major trends in the forecast period include miniaturization of devices, rise in minimally invasive surgeries, adoption in emerging economies, focus on training and education, integration of robotics.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the laparoscopy devices market going forward. Chronic diseases are defined as problems that last a year or longer and necessitate continuing medical care, restricting everyday activities, or both. Heart disease, cancer, obesity, and diabetes are a few examples. Patients with undiagnosed persistent abdominal pain can receive a solid diagnosis and benefit from therapeutic intervention through laparoscopy. In addition to these benefits, studies have demonstrated that these devices use minimal-access surgery procedures. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library operated by the federal government, it was projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness would surge by 99.5%, rising from 71.52 million in 2020 to 142.66 million by 2050. Therefore, the increasing prevalence of chronic diseases is driving the growth of the laparoscopy devices market.
The introduction of innovative laparoscopic devices is a key trend gaining popularity in the laparoscopic devices market. Major companies operating in the laparoscopy devices market are focused on introducing innovative laparoscopic devices to sustain their position in the market. For instance, in June 2021, Ethicon, a US-based manufacturer of surgical sutures and wound closure devices, introduced the Enseal X1 curved jaw tissue sealer. This new, more advanced laparoscopic tool provides more robust sealing, better tissue access, and increased procedural efficiency. The device can be used for thoracic, gynecological, bariatric, and colorectal surgeries. It has independent seal and cutting capabilities and a 360-degree continuous shaft rotation that makes it simple to reach the desired tissue. Additionally, the device uses Ethicon's adaptive tissue technology, which enables it to continuously sense changes in the tissue's state and react with the right amount of energy to reduce lateral thermal spread.
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Major Key Players of the Market:
B. Braun Melsungen AG, Boston Scientific Corporation, CONMED Corporation, Ethicon Inc., Karl Storz SE & Co. KG, Medtronic PLC, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC, Stryker Corporation, Intuitive Surgical Inc., The Cooper Companies Inc., Microline Surgical Inc., Becton Dickinson and Company, Welfare Medical Ltd., Applied Medical Resources Corporation, Cooper Surgical Inc., Fujifilm Holdings Corporation, Grena Ltd., Henke-Sass Wolf GmbH, LaproSurge Ltd., Maxer Endoscopy GmbH, MedGyn Products Inc., EndoOptiks Inc., EndoChoice Inc., Endo-Technik W. Griesat GmbH, Endo-Flex GmbH, Endo-Therapeutics Inc., Smiths Group plc, LiNA Medical ApS
Laparoscopy Devices Market 2024 Key Insights:
• The laparoscopy devices market will grow to $17.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Prevalence Of Chronic Diseases Propels Laparoscopy Devices Market
• Innovation In Laparoscopic Devices Market
• North America was the largest region in the laparoscopy devices market in 2023
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