Laparoscopy Devices Market Expected to Reach $14,046 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 20, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Laparoscopy Devices Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global laparoscopy devices market was valued at $9,350 million in 2015, and is projected to reach $14,046 million by 2022, growing at a CAGR of 5.8% from 2016 to 2022. The energy devices segment accounted for more than one-fourth of the global market in 2015.
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Laparoscopy is a minimally invasive surgical procedure that assists in the diagnosis of various abdominal and pelvic disorders, such as cysts, adhesions, fibroids, and infection that occurs in the female pelvic organs. Laparoscopy is also known as "keyhole" surgery, and it is performed by creating a small incision. Laparoscopes are inserted through a small incision in the abdomen, which captures pictures of the 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 the number of obese population, growth in laparoscopic-based bariatric surgeries for weight reduction, and increase in technological advancements pertaining to these devices. However, lack of expertise in the laparoscopic surgeries and high costs associated with these devices and procedures are anticipated to restrain the market growth.
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The energy devices segment is anticipated to maintain its dominance during the forecast period, accounting for maximum market revenue by 2022. 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 application accounts for about one-fifth of the total share in 2015, 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.
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According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "The rise in preference for minimal invasive surgeries (MIS) over open surgeries has fueled the demand for laparoscopic procedures. In addition, technologically advanced laparoscopy devices supplement the market growth.
KEY FINDINGS OF THE LAPAROSCOPY DEVICES MARKET STUDY
- Robot-assisted surgical system is anticipated to grow at the highest growth rate during the forecast period.
- Bariatric surgery segment is expected to grow at a rapid rate, registering a CAGR of 7.0%.
- North America dominated the global laparoscopic market, accounting for maximum share of overall market in 2015, owing to the high adoption of laparoscopic devices for bariatric surgeries.
- Asia-Pacific is exhibited to grow at a high rate of 6.8%, supported by growth in India and China, due to strong demand for laparoscopic procedures.
- Cholecystectomies accounted for the highest share in the general surgery segment in 2015, and is expected to maintain its dominance.
- Hospitals was the highest revenue-generating end user segment in 2015, accounting for about half of the total share, and is expected to continue its dominance in future as well.
Asia-Pacific has witnessed highest growth rate for laparoscopy devices, and is expected to continue this trend, due to increase in healthcare infrastructural development and sizeable population, specifically in China and India.
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Key players operating in the laparoscopy devices market have adopted product launch as their key strategy, and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include Johnson & Johnson (Ethicon, Inc.), Karl Storz GmbH & Co.KG, Boston Scientific Corporation, Medtronic PLC. (Covidien), Olympus Corporation, Richard Wolf GmbH, ConMed Corporation, B. Braun Melsungen AG (Aesculap, Inc.), Smith & Nephew PLC., and Stryker Corporation.
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