Laparoscopic Instruments Market
Laparoscopic surgery has become a minimally invasive surgical procedure of choice for surgeons and patients. As per WHO estimates, nearly 359.2 million operations were performed globally in 2012, which represented a 38% increase during the last eight years. Remarkable increase in global surgery volume, advancement of healthcare infrastructure in emerging economies, growing number of hospitals and increasing global disease burden should stimulate business growth.
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Laparoscopic surgeries have numerous advantages over the traditional open surgical procedure. With these procedure, pain and hemorrhage can be reduced drastically and the duration of hospital stay is reduced, exposure of internal organs to external environment is greatly lessened creating a significant impact towards product adoption. Laparoscopic surgery finds its application in varied gastrointestinal surgical procedures and other general surgical procedures with technological advancements in the field.
Moreover, it is one of the most common procedure utilized for management of colorectal cancer. According to U.S. National Cancer Institute, 134,490 new cases of colorectal cancer were estimated in U.S. This depicts the large patient pool of colorectal cancer patients in the country, eventually fueling the laparoscopic instruments market to grow over the forecast period. Restriction in the range of motion at the surgical site, risk of trocar injuries and poor depth perception are some of the disadvantages associated with the surgery. Further, worldwide lack of skilled surgeons especially trained with advanced procedures will hinder business growth.
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Laparoscopic instruments find largest applications in gynecology. The segment is expected to have the largest revenue share while bariatric applications will witness the highest growth rate over the forecast period. The rising obese population worldwide coupled with success of bariatric surgery should propel the business size.
Based on products, the industry can be segmented into laparoscopes, energy devices, insufflators, suction systems, closure devices, energy devices and accessories. The energy devices segment witnessed a rapid technological advancement over the last decade and is said to be the dominating product segment. The recent advances in the energy devices and rising implementation of the same will propel the demand of the device with a higher CAGR over the forecast period.
U.S. is expected to lead regional laparoscopic instruments market size in 2016. The trends in adoption of latest technologies in laparoscopic surgery, availability of skilled surgeons, favorable reimbursement scenario, and state-of-art healthcare infrastructure should fuel the business growth. Presence of leading global players in the region such as Ethicon, Boston scientific, Cook Medical healthcare and Stryker will stimulate industry growth.
Europe should grow considerably over the forecast period with growing healthcare expenditure and rising number of minimally invasive surgeries. Rising number of companies in the region getting CE mark for their laparoscopic instruments should also fuel the regional share. Latin America will experience significant growth opportunities due to increasing number of bariatric surgeries and advancement of the healthcare infrastructure. Brazil is expected to drive the regional laparoscopic instruments market. The growing number of gynecological and urological procedures will stimulate the market growth.
Asia Pacific will witness the higher CAGR compared to industrialized regions. China and India are expected to drive the regional laparoscopic instruments market growth. These countries will lead regional industry in future. The cost effective surgical procedures and growing medical tourism trend coupled with large patient pool in India and South-East Asia will stimulate the market growth. UAE and South Africa are leading marketplaces in the MEA. Government of UAE’s initiative for advancement of healthcare facilities by strategic partnering with educational institutes, health authorities and promotion of local healthcare tourism should stimulate UAE market growth.
The leading industry players include Ethicon, Boston Scientific, Cardinal Health, Coviden, Olympus, Smith & Nephew, Karl Stroz, Richar Wolf, Conmed, Stryker, Cook medical, and Aesculap. Technological advancement and new product launches are some of the key strategy being adopted by the leading players in the market.
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