Laparoscopy Devices Market expected to reach $18.9 Billion by 2027-Allied Market Research

According to a new report published by Allied Market Research, titled, “Laparoscopy devices Market  by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027, "the global laparoscopy devices market size was valued at $12,067.60 million in 2019, and is projected to reach $18,907.05 million by 2027, registering a CAGR of 5.8%. Laparoscopy is a minimally invasive surgical procedure that assists in diagnosis of various abdominal and pelvic disorders, such as cysts, adhesions, fibroids, and infection that occurs in female pelvic organs. Laparoscopy is also known as “keyhole” surgery, and is performed by creating a small incision in the abdomen. Laparoscopes are inserted through a small incision in the abdomen, which captures pictures of abdominal organs. This procedure also assists in performing a biopsy of tissues and surgeries, such as cholecystectomy (laparoscopic gallbladder surgery), appendectomies (removal of appendix) and anti-reflux surgery, treatment for acid reflux, also known as GERD (gastroesophageal reflux disease).

The key factors that drive the global laparoscopy devices market include rise in number of obese populations, growth in laparoscopic-based bariatric surgeries for weight reduction, and increase in technological advancements pertaining to these devices. However, lack of expertise in laparoscopic surgeries and high costs associated with these devices and procedures are anticipated to restrain the laparoscopy devices market growth.

The energy devices segment accounted for more than one-fourth of the global market in 2019. This segment is anticipated to maintain its dominance during the forecast period, accounting for maximum laparoscopy devices market share by 2027. This is due to increase in advancements pertaining to energy devices used for laparoscopy and large-scale incorporation of these devices in laparoscopic applications. However, the laparoscope segment is anticipated to grow at a rapid rate during the forecast period.

The robot-assisted surgical system is anticipated to grow at the highest CAGR, attributed to the ability of these devices to facilitate minimally invasive surgical procedures. The global acceptance for robotic-based surgery for hysterectomies, prostatectomies, nephrectomies, removal of fibroids, and others has increased the demand for laparoscopy-based surgeries.

Bariatric surgery accounted for about one-fifth of the total share in 2019, driven by the growth in number of surgeries, such as gastric bypass, sleeve gastrectomy, and gastric banding. The growth in obese patients is expected to increase chances of related diseases, such as cardiovascular diseases, cancer, osteoarthritis, and diabetes, in turn increasing the demand for laparoscopic based bariatric surgery globally.
 

Key Findings Of The Study 

• The robot-assisted surgical systems segment is projected to grow at a lucrative CAGR of 6.8% during the forecast period.

• The general surgery segment was the highest contributor to the market in 2018, and is expected to grow at a CAGR of 4.9% during the forecast period. 

• U.S. dominated the North America laparoscopy devices market, and is projected to retain this trend throughout the forecast period.

• By end user segment, the clinics segment is estimated to grow at a CAGR of 6.0%.

In 2019, North America was the leading revenue contributor to the global laparoscopy devices market, owing to increase in geriatric population and prevalence of gastrointestinal & abdominal diseases in the region. Europe has the second largest share in the global laparoscopy devices market. However, large population base, increased affordability, and improvement in healthcare facilities are expected to fuel the growth of the Asia-Pacific laparoscopy devices market. 

The key players operating in the global laparoscopy devices market are B. Braun Melsungen AG, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & CO. KG, Medtronic plc (Covidien), Olympus Corporation, Richard Wolf GmbH, Smith & Nephew plc and Stryker Corporation.