New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- Laparoscopy Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Laparoscopy Devices Market Information By Product Type, Application, End User, And By Region - Forecast Till 2030”, the market size was valued at USD 35.5 billion in 2022 and is projected to grow from USD 46.84 Billion in 2023 to USD 247.48 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 31.97% during the forecast period (2023 - 2030).
Market Scope:
Treatment of various ailments, including prostate cancer, pancreatic cancer, and gastrointestinal issues, are the key market drivers enhancing market growth. The front of a laparoscope has a high-resolution camera and a long, narrow tube with high intensity light. As it passes through the abdomen, the camera feeds images to the monitor. Endometriosis, ectopic pregnancies, pelvic inflammatory disease (PID), cysts, and fibroids are all treated and diagnosed via laparoscopy. Devices for laparoscopy are frequently employed in both diagnostic and therapeutic treatments for a variety of ailments, including prostatectomy, pancreatic cancer, and digestive issues. One of the main factors boosting market growth is the treatment of various illnesses, such as gastrointestinal problems, pancreatic cancer, and prostate cancer.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 247.48 Billion |
| CAGR | 31.97% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Demand for Minimally Invasive Surgeries Boost Market Growth |
| Rising demand for data-integrated systems will present numerous profitable market expansion |
Laparoscopy Devices Market Competitive Outlook:
Key Companies in the market of Laparoscopy devices includes.
- Becton
- Dickinson and Company (US)
- Smith & Nephew PLC (UK)
- Braun Melsungen AG (Germany)
- Medtronic PLC (US)
- Cook Medical LLC (US)
- Fujifilm Holdings Corporation (Japan)
- Olympus Corporation (Japan)
- Stryker Corporation (US)
- KARL STORZ SE & Co. KG (Germany)
- Richard Wolf GmbH (Germany)
Laparoscopy Devices Market Trends:
Market Drivers
Due to the increased demand for minimally invasive procedures, the industry is anticipated to expand over the study period. The use of minimally invasive surgery is expected to increase as more people become aware of its advantages, which is expected to be a major factor in the market's growth throughout the study period. Additionally, it is anticipated that throughout the course of the assessment period, the market will increase significantly due to rising financing and advantageous policies supplied by various governments. Over the course of the research period, it is also projected that the aging population would play a vital supporting role in market expansion.
The increasing demand for data-integrated systems is expected to create various profitable opportunities for market expansion throughout the course of the assessment period. Additionally, it is anticipated that developing countries will contribute significantly to providing opportunities for market expansion. Untapped market potential can contribute to the industry's improvement in the years to come.
As chronic diseases become increasingly common, there is an increasing need for innovative treatment alternatives. Therefore, it is projected that the population of patients with chronic conditions will be the one driving the number of surgeries, supporting the spread of disposable laparoscopy equipment. The adoption rate has been increasing as a result of the benefits connected with minimally invasive procedures, which might further spur the overall revenue growth of the laparoscopy devices market over the course of the forecast year.
COVID-19 Analysis:
Hospitals around the world limited elective and non-urgent cases during the COVID-19 pandemic to maintain social distance and prevent viral transmission. However, essential gynecological and cancer procedures were being carried out, therefore it's vital that all theater personnel be protected. Additionally, the risk of SARS-CoV-2 viral transmission should be kept to a minimum when operating on COVID-19 patients who are asymptomatic or have been diagnosed with it.
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Laparoscopy Devices Market Segmentation:
By Product Type
The laparoscope is anticipated to dominate the market, which is estimated to develop at the highest CAGR and generate USD 5091.77 million in laparoscopy market revenue over the forecast period. Over the forecast period, the insufflation device category is expected to grow at the highest CAGR of 7.9%. The abdominal cavity can be easily and safely insufflated with humidified carbon dioxide using insufflation devices.
by Application
During the forecast period, the general surgery market is anticipated to expand at a CAGR of 7.79%. The majority of minimally invasive operations are conducted in surgical centers rather than hospitals since they have reduced overhead expenses and can be performed there for 45% to 60% less money. One of the key reasons driving market expansion is the increased prevalence of chronic diseases and patient awareness of minimally invasive procedures.
by End-User
Throughout the anticipated time, hospitals and clinics will rule the market. With 61.6% of total sales, the hospital industry dominated the laparoscopic device market in 2021. The main factors driving the growth of this market segment are the rise in patients with various chronic illnesses and the consequent rise in surgical operations. Hospitals experience a significantly higher inflow of patients for bariatric surgeries or other laparoscopic procedures than other healthcare settings due to the ease of handling any emergencies that may arise during surgical procedures and the availability of a wide range of treatment options in such facilities.
Laparoscopy Devices Market Regional Analysis:
The Americas The market for laparoscopy equipment is anticipated to develop at a substantial CAGR during the research period. The market is being driven in part by the increasing preference for laparoscopic procedures over open surgery. The demand for the laparoscopic equipment will also be affected by the competition between well-known manufacturers in product innovation. Additionally, because laparoscopy encourages rapid healing and effective outcomes, surgeons choose it over conventional treatments. Additionally, the US healthcare system's escalating expenses can attract both fresh and seasoned rivals.
The second-largest market share for laparoscopy equipment during the review period is in Europe. The market for laparoscopy equipment in the region is also predicted to expand during the forecast period as a result of rising healthcare costs and the acceptance of integrated monitoring devices. During the evaluation period, a significant market value expansion is anticipated for the UK laparoscopy market.
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From 2022 to 2030, the Asia-Pacific Laparoscopy Devices Market is anticipated to experience the quickest CAGR growth. This is because the number of patients is expected to grow and the healthcare infrastructure is expected to develop quickly during the assessment period. Additionally, the India laparoscopy market had the quickest rate of growth in the Asia-Pacific region, while South Korea's laparoscopy market had the largest market share.
The market in the region is projected to be driven by improving reimbursement circumstances, increased medical tourism, and advancing technology. Affordable devices, a growth in mergers and acquisitions, and government measures to enhance healthcare services are further driving forces for the nation. To ensure that every citizen has access to affordable health insurance, the government has made major investments. Asia-Pacific is therefore expected to experience the fastest growth over the projected period of 2022–2030.
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