Newark, NJ, Oct. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global laparoscopic instruments market is expected to grow from USD 9.60 billion in 2019 and to reach USD 19.44 billion by 2027, growing at a CAGR of 9.22% during the forecast period 2020-2027.
The major factor for the growth of the global laparoscopic instruments market is the increasing number of hospital admissions. It is due to a rising number of bariatric surgeries such as adjustable gastric band and gastric bypass. Also, the growth is expected due to the inclination of people to opt for bariatric surgeries for aesthetic appeal and the growing prevalence of obesity. Moreover, the introduction of advanced technologies in minimally invasive surgeries, growing insurance coverage, increasing healthcare expenditure are driving the growth. The inclination of the surgeons to prescribe minimally invasive operations to the patients owing to lower postoperative complications and early postoperative recovery also drive the market growth. However, the lack of laparoscopic surgeons and the high cost of minimally invasive surgeries is anticipated to hamper the growth of the laparoscopic instruments market over the forecast period.
Laparoscopic surgery is a surgical method in which operations are carried out at a distance with small incisions. The surgical process is carried out with the assistance of various instruments acknowledged as laparoscopic devices and a video camera. The camera creates a picture of the organs onto a screen or monitor from which the technician can visualize the interior organs that are operated. Hence during laparoscopic surgery, the surgeon visualizes the procedure on a 2D screen and works in a 3D plane.
Laparoscopic instruments market is mainly dominated by automated ligation, technically advanced and sleek laparoscopes, and suturing devices. Also, the growing demand for single incision laparoscopic surgery and the increasing popularity of robot-assisted laparoscopic surgeries are contributing to the growth. However, manufacturers are focusing on automated laparoscopic devices, which offer more precession and efficiency to the surgeons during bariatric surgeries, neurosurgeries, and cardiovascular surgeries. An increasing number of gynecological procedures, rising incidences of obesity, and recent technological improvements are some significant factors propelling the growth of the market. The increase in surgical procedures due to the high rate of colorectal cancer will fuel the market demand for laparoscopic instruments.
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Key players operating in the global laparoscopic instruments market include Olympus Corporation, B. Braun Aesculap, Richard Wolf GmbH, Smith & Nephew plc, ConMed Corporation, Karl Storz GmbH & Co. KG, Stryker Corporation, Cook Medical Inc., Medtronic plc. And Ethicon, Inc. To gain a significant market share in the global laparoscopic instruments market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In December 2017, Olympus Corporation launched LTF-S300-10-3D, which is an ENDOEYE FLEX 3D videoscope employed in operational endoscope along with VISERA ELITE II in Europe, Japan and several parts of Asia. It would benefit the expansion of the product portfolio of the company.
- In November 2018, Cook collaborated with Taewoong Medical to distribute a range of Taewoong's stents in North America to expand patient treatment options. The strategy would benefit the company to improve its customer base and deliver innovative products.
- In February 2019, CONMED Corporation acquired Buffalo Filter LLC from the Filtration Group. This strategy would benefit the company to improve its product portfolio by involving smoke evacuation pencils, smoke evacuators, and laparoscopic solutions.
- In October 2018, Stryker acquired Invuity Inc. This strategy would assist in delivering enhanced visualization for various clinical purposes, involving general surgery and women's health procedures. It would help in improving the customer base of the company.
- In January 2018, GRENA LTD. announced a new articulating endoscopic clip applier known as OMNIFinger. It would support the expansion of the product portfolio of the company.
- In 2018, Maxer Endoscopy GmbH launched Viron X platform for HDR 4K imaging. It would benefit from expanding the product portfolio of the company.
- In 2017, Smith & Nephew launched a 400 insufflator for the laparoscopic surgery with added patient benefits. It would benefit the expansion of the product portfolio of the company.
The laparoscopes segment is anticipated to show the highest growth of 12.55% over the forecast period
The product segment includes accessories, hand instruments, closure devices, access devices, suction/irrigation systems, insufflators, energy devices and laparoscopes. The laparoscopes segment is anticipated to show the highest share of 12.55% in the laparoscopic instruments market over the forecast period. Increasing obesity cases across the globe have begun to grow in the number of bariatric operations conducted by the laparoscope, positively influencing the market size. Additionally, various benefits of advanced laparoscopy, such as the reduced risk of specific long-term complexities and higher efficiency, make laparoscopy a preferred option.
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The gynecological surgery segment dominated the market and valued at USD 1.85 billion in the year 2019
The application segment includes pediatric surgery, colorectal surgery, urological surgery, gynecological surgery, general surgery and bariatric surgery. The gynecological surgery segment had the highest share of USD 1.85 billion in 2019. Gynecology/obstetrics laparoscopy plays an essential part in the diagnosis and treatment of cervical cancer. The rising incidence of cervical cancer has resulted in an increasing need for laparoscopy products for gynecology applications.
Regional Segment Analysis of The Laparoscopic Instruments Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global laparoscopic instruments market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe held the largest share of 23.88% in the laparoscopic instruments market in 2019. Rising cases of colorectal cancer in Europe is one of the significant factors contributing to the higher revenue. Hence, rising awareness regarding the benefits of laparoscopic procedures, the region is contributing to the growth of the market.
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About the report:
The global laparoscopic instruments market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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