Laparoscopy Devices Market Size & Share to Surpass $ 10.76 Billion by 2030 | Vantage Market Research
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WASHINGTON, April 09, 2023 (GLOBE NEWSWIRE) -- The Global Laparoscopy Devices Market is valued at USD 6.40 Billion in the year 2022 and is projected to reach a value of USD 10.76 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.70% over the forecast period.
Market Overview: Laparoscopy Devices Market
The growth of the market is attributed to the increasing incidence of obesity across all age groups, the rapidly growing geriatric population in the Asia Pacific region, especially in countries such as Japan, India, and China, and quick technological improvements.
Laparoscopic surgery is a minimally invasive surgical procedure that uses a laparoscope to view and operate on internal organs. A laparoscope is a thin, lighted tube that is inserted through a small incision in the abdomen. The laparoscope allows the surgeon to see inside the abdomen and to perform surgery using small instruments that are inserted through other small incisions.
Laparoscopic surgery is a safe and effective procedure that has many benefits over traditional open surgery. Laparoscopic surgery is less invasive, which means that it causes less pain and has a shorter recovery time. Laparoscopic surgery also results in smaller scars and a lower risk of infection.
Increasing prevalence of chronic diseases: The growing burden of chronic diseases such as obesity, diabetes, and cancer is driving the demand for minimally invasive surgical procedures, which in turn is boosting the demand for laparoscopy devices.
Advancements in laparoscopic technology: The development of advanced laparoscopic devices such as 3D laparoscopes, miniaturized instruments, and robotic-assisted laparoscopy systems is fueling market growth by improving the accuracy and efficiency of laparoscopic procedures.
Rising demand for outpatient surgeries: The trend towards outpatient surgeries is driving demand for laparoscopic devices, as these procedures are minimally invasive and allow patients to recover more quickly.
Increasing adoption of laparoscopy devices in emerging economies: The laparoscopy devices market is growing rapidly in emerging economies such as China and India, as these countries are investing heavily in healthcare infrastructure and increasing access to healthcare services.
High cost of laparoscopic devices: The high cost of laparoscopic devices is a major factor limiting market growth, particularly in developing countries where healthcare budgets are limited.
Stringent regulatory requirements: The laparoscopy devices market is highly regulated, with stringent requirements for safety and efficacy. Meeting these requirements can be challenging and time-consuming, which can limit market growth.
Top Players in the Global Laparoscopy Devices Market
The laparoscopy devices market is segmented on the basis of product, application, and geography. Based on product, the market is segmented into laparoscopes, energy devices, insufflators, robot assisted surgical system, suction or irrigation system, closure devices, hand instruments, access devices, and accessories. Laparoscope is the largest segment of the market, accounting for a major share of the market in 2021. This is due to the increasing use of laparoscopes in minimally invasive surgeries.
Based on application, the market is segmented into general surgery, gynecology, urology, and others. General surgery is the largest segment of the market, accounting for a major share of the market in 2021. This is due to the increasing use of laparoscopy in general surgery procedures, such as appendectomy, cholecystectomy, and hernia repair.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for laparoscopy devices, accounting for a major share of the market in 2021. This is due to the increasing prevalence of chronic diseases, such as obesity and cancer, in the region. Europe is the second largest market for laparoscopy devices, accounting for a significant share of the market in 2021. This is due to the increasing adoption of minimally invasive surgeries in the region. Asia Pacific is the fastest growing market for laparoscopy devices, accounting for a significant share of the market in 2021. This is due to the increasing population and the rising prevalence of chronic diseases in the region.
Top Trends in Global Laparoscopy Devices Market
Increasing adoption of minimally invasive surgeries
Minimally invasive surgeries are becoming increasingly popular as they offer a number of advantages over traditional open surgeries. These advantages include shorter hospital stays, less pain, and faster recovery times. As a result, the demand for laparoscopy devices is expected to grow significantly in the coming years.
Advancements in technology
The laparoscopy devices market is being driven by technological advancements. Newer and more advanced devices are being developed that offer better performance and safety. These advancements are making laparoscopy a more viable option for a wider range of procedures.
Rising incidence of chronic diseases
The rising incidence of chronic diseases, such as obesity and cancer, is also driving the growth of the laparoscopy devices market. These diseases often require surgery, and laparoscopy is a minimally invasive option that can offer a number of benefits over traditional open surgeries.
Growing geriatric population
The growing geriatric population is another factor that is driving the growth of the laparoscopy devices market. As people age, they are more likely to require surgery. Laparoscopy is a minimally invasive option that is well-suited for older patients.
Expansion of healthcare infrastructure
The expansion of healthcare infrastructure in developing countries is also driving the growth of the laparoscopy devices market. As more hospitals and clinics are built, there will be an increased demand for laparoscopy devices.
Government initiatives
Government initiatives to promote the use of minimally invasive surgeries are also driving the growth of the laparoscopy devices market. These initiatives are aimed at reducing the cost of healthcare and improving patient outcomes.
Competition from other minimally invasive procedures
Laparoscopy is not the only minimally invasive procedure available. Other procedures, such as robotic surgery, are also gaining popularity. This competition is expected to drive innovation in the laparoscopy devices market and lead to the development of newer and more advanced devices.
Stringent regulatory requirements
The laparoscopy devices market is also being driven by stringent regulatory requirements. Manufacturers of laparoscopy devices need to comply with a number of regulations in order to bring their products to market. These regulations are aimed at ensuring the safety and efficacy of laparoscopy devices.
North America: The largest regional market for laparoscopy devices, driven by factors such as the increasing prevalence of chronic diseases, high healthcare expenditure, and well-established healthcare infrastructure. The United States is the largest market in the region.
Europe: The second-largest regional market for laparoscopy devices, with a significant market share held by Germany, France, and the United Kingdom. The market is driven by factors such as increasing healthcare expenditure, growing geriatric population, and rising demand for minimally invasive surgeries.
Asia-Pacific: The fastest-growing regional market for laparoscopy devices, driven by increasing healthcare infrastructure, rising disposable incomes, and growing awareness of minimally invasive surgeries. China and India are the largest markets in the region.
Latin America: A growing market for laparoscopy devices, driven by factors such as increasing demand for minimally invasive surgeries, growing healthcare infrastructure, and rising disposable incomes.
Middle East and Africa: A small but growing market for laparoscopy devices, driven by increasing demand for minimally invasive surgeries and rising healthcare expenditure.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Laparoscopy Devices Market Forecast Report (2023-2030).
Medtronic, Stryker Corporation, Karl Storz SE & CO. Kg, Johnson and Johnson, Olympus Corporation, Conmed Corporation, B. Braun Melsungen AG, The Cooper Companies Inc., Richard Wolf GmbH, Microline Surgical, BD Welfare Medical Ltd., Deam, Intuitive Surgical, Shenzen Mindray Bio Medical Electronics Co. Ltd.
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