PORTLAND, Oregon, September 14, 2018 /PRNewswire/ --
Increasing incidence of abdomen disorders, launch of technologically advanced products, and growing acceptance of laparotomy surgeries are expected to drive the growth of the global laparotomy sponges industry
Allied Market Research published a report, titled, Laparotomy Sponges Market by Product (Radiopaque Laparotomy Sponges, Traditional Laparotomy Sponges, and Radio-frequency Identification Laparotomy Sponges), Sterility (Sterile Laparotomy Sponges and Non-Sterile Laparotomy Sponges), and End User (Hospitals and Surgery Centers): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report provides an extensive analysis of the top winning strategies, highlights changing market dynamics, outlines key findings as well as offers insights on the competitive landscape. According to the report, the global laparotomy sponges market garnered $697 million in 2017 and is estimated to reach $1,230 million, registering a CAGR of 7.3% from 2018 to 2025.
Increase in abdomen disorders, rise in geriatric population, and prevalence of laparotomy surgeries drive the growth of the market. However, rise in demand for minimally invasive surgeries and issue of side effects due to retained laparotomy sponges would restrain the growth of the industry. Conversely, launch of technologically advanced products and untapped potential in emerging geographies would create new opportunities in the near future.
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Radiopaque sponges segment to remain dominant in terms of revenue
The radiopaque sponges segment contributed more than half of the total share in 2017, owing to their wide-scale availability and their ability to prevent retained sponges. This segment would maintain its dominance throughout the forecast period. The radio-frequency identification (RFID) sponges segment would grow at the fastest CAGR of 8.8% from 2018 to 2025, owing to technological advancements in the sector. The traditional sponges segment is expected to witness steady growth during the forecast period.
Sterile laparotomy sponges to be lucrative through 2025
Sterile laparotomy sponges segment accounted for more than three-fourths of the total market share in 2017 and is expected to maintain its lion's share by 2025 registering the fastest CAGR of 7.6% from 2018 to 2025. This is attributed to their ability to be contamination-free, and thus, prevent infections. The non-sterile laparotomy sponges segment would grow at a steady rate through the forecast period.
Hospitals segment to dominate throughout forecast period
Availability of various laparotomy sponge products and large number of abdominal surgeries taking place in hospitals have led the hospital segment to contribute more than two-thirds share of the total market in 2017. The hospital segment is expected to maintain its lead throughout the forecast period. However, in terms of growth rate, surgery centers would supersede hospitals, registering a CAGR of 8.0% from 2018 to 2025, owing to the development of surgical centers in developing countries and reduction in hospital stays.
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Asia-Pacific to grow at the fastest CAGR by 2025
Asia-Pacific region would grow at the fastest CAGR of 8.8% during the forecast period owing to the rapidly transforming healthcare infrastructure in emerging economies such as India and China, increase in awareness about surgeries, growth of medical tourism, and supportive government policies. On the other hand, North America contributed the highest revenue in 2017, accounting for more than one-third of total market share, owing to increase in adoption of RFID sponges, new product launches, and rise in obese population.
Torchbearers of the industry
The key market players analyzed in the report are Dynarex, Derma Sciences Inc., Cardinal Health, Stryker Corporation, Medical Action Industries Inc., AllCare, ACTIMED, DUKAL Corporation, BSN medical GmbH, and Haldor Advanced Technologies. The report also includes strategies such as new product launches, joint ventures, partnerships, collaborations, mergers & acquisitions, and others, which have been adopted by market players to gain a strong foothold in the industry.
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SOURCE Allied Market Research