Selbyville, Delaware, July 28, 2020 (GLOBE NEWSWIRE) --
According to latest report “Laparoscopic Instruments Market by Product (Laparoscopes {Video, Fiber}, Energy Devices, Insufflators, Suction Systems, Closure Devices, Hand Instruments, Access Devices, Laparoscopic Accessories), Application (Gynecological Surgery, Urological Surgery, Colorectal Surgery, Bariatric Surgery, General Surgery, Pediatric Surgery), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of laparoscopic instruments will cross $20 billion by 2026.
Increasing incidence of colorectal cancer has resulted in growing demand for laparoscopy products. Colorectal cancer remains the third most common cancer diagnosis and cancer death in both sexes in industrialized nations. The benefits of laparoscopic colorectal surgeries are seen in terms of reduced blood loss, better pulmonary function, faster return of bowel function, less postoperative pain, fewer complications, and shorter hospital stay. High-quality evidence in the past decade has confirmed the significant long-term benefits of laparoscopic surgery over open laparotomy for colon cancer.
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The gynecological application segment in the accounted for laparoscopic instruments market share of 30% in 2019 due to the increasing number of gynecological laparoscopic procedures such as hysterectomy, ovarian cyst removal and tubal ligation. In addition, rising fund for research projects in gynecology and growing awareness programs related to gynecology surgery will further fuel the market expansion.
The laparoscope segment revenue was around USD 4 billion in 2019 owing to the adoption of laparoscopes in surgical procedures including cholecystectomy, gynecology, urology, among others. Furthermore, growing cases of obesity across the globe has led to the increase in number of bariatric surgeries performed through laparoscopically that in turn has boosted the market value.
Germany dominated the Europe laparoscopic instruments market and held a revenue share of over 22% in 2019. Increasing preference of healthcare providers and patients towards the minimally invasive surgeries from open surgeries will increase the adoption of laparoscopic surgical instruments in the country. Moreover, advent of newer technologies related to laparoscopic instruments will enhance the market demand across Germany.
Hospitals segment is projected to witness a growth rate of more than 11% from 2020 to 2026 driven by enhanced patient experience, rise in minimally invasive procedures, greater flexibility of scheduling and surgeries at lower cost. Additionally, upsurge in the number of hospital admissions pertaining to the several medical conditions that need surgical intervention will uplift the market share.
Some of the major companies operating in the laparoscopic instruments market are Ethicon Inc., Apollo Endosurgery, Boston Scientific, Medtronic Plc (Covidien), Intuitive Surgical, Olympus Corporation, Smith & Nephew Inc., Karl Storz GmbH, Richard Wolf GmbH, CONMED Corporation, Stryker Corporation, Cook Medical Inc., Aesculap, and Microline Surgical.
Industry players are constantly focusing on strategies such as collaborations, partnerships, new product launches and acquisitions to consolidate their market presence. For instance, in August 2017, Ethicon introduced a new ProxiSure Advanced Laparoscopic Suturing Device to improve precision in minimally-invasive surgery in the U.S. This strategic move strengthened the company’s product portfolio and further assisted in geographic revenue growth.
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Table of Contents (ToC) of the report:
Chapter 3. Laparoscopic Instruments Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Number of gynecological laparoscopic procedures by 10 major markets, 2015-2026
3.6.1. U.S.
3.6.2. Canada
3.6.3. Germany
3.6.4. UK
3.6.5. France
3.6.6. Spain
3.6.7. Italy
3.6.8. China
3.6.9. Japan
3.6.10. India
3.7. Regulatory Landscape
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Company matrix analysis
3.10. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.