WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Laparoscopy Devices Market finds that increasing adoption of minimally invasive surgery over open surgery and rising prevalence of colorectal cancer as well as an increasing number of laparoscopic bariatric procedures, are factors that influence the growth of Laparoscopy Devices Market.
Additionally, technological advancements in the field of laparoscopy, growing healthcare expenditure in emerging economies, in addition to the increasing investment in Research and Development (R&D) from governments across the globe are further propelling the market growth.
The total Global Laparoscopy Devices Market is estimated to reach USD 10.04 Billion by the year 2028 and forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.90%, states Vantage Market Research, in a report, titled “Laparoscopy Devices Market Size, Share & Trends Analysis Report by Product (Laparoscopes, Energy Systems, Trocars, Closure Devices), by Application (Bariatric Surgery, Urological Surgery, Gynecological Surgery, General Surgery), by End User (Hospital, Clinic, Ambulatory), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The Global Laparoscopy Devices Market revenue value stood at USD 6.72 Billion in the year 2021.
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Increasing Adoption of Minimally Invasive Surgeries over Open Surgeries
Since the past few years, Minimally Invasive Surgeries (MIS) treatment has been trending. The rapid pace of industrialization and growing demand from the medical sector is driving the market growth over the forecast period. Additionally, advancement in technology, and the adoption of robot operating systems by healthcare professionals is increasing, ultimately, propelling the market growth. For instance, in 2021, Olympus Corporation (Japan) launched the SIF-H190 single-balloon enteroscopy solution to reach deep into the small intestine. Also, the demand for new technology is increasing along with government initiatives. Thus, the government as well as several key players are investing their money heavily in the Research and Development (R&D) sector, which is likely to propel market growth. However, factors such as poor reimbursement policies and lack of skilled professionals are likely to play a role in restraining the growth of the market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Laparoscopy Devices market is predicted to grow at a CAGR of roughly 6.90% during the forecast period.
The Laparoscopy Devices market was estimated to be worth roughly USD 6.72 Billion in 2021 and is expected to reach USD 10.04 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Laparoscopy Devices market.
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Segmentation of the Global Laparoscopy Devices Market:
Suction/ Irrigation Device Insufflation Device
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Rapidly Increasing Obese Population Along with Increasing Prevalence of Chronic Diseases
The increasing adoption of ready-to-eat foods and lack of exercise in their daily routine is one of the major factors increasing obesity across the globe. Also, the chronic diseases across the globe are also increasing. Some of the common diseases are diabetes and cancer. According to the Center for Chronic Disease Prevention and Health (CDC), from 1999 –2000 through 2017 –2018, US obesity prevalence increased from 30.5% to 42.4%. During the same time, the prevalence of severe obesity increased from 4.7% to 9.2%. The US obesity prevalence was 42.4% in 2017 – 2018.
Moreover, according to the World Health Organization (WHO), nearly 1 in 3 adults (30.7%) are overweight, about 2 in 5 adults (42.4%) have obesity, and about 1 in 11 adults (9.2%) have severe obesity. Hence, an increasing prevalence of chronic diseases and obesity is increasing the demand for laparoscopic devices. Thus, driving the market growth over the forecast period.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The Report on Laparoscopy Devices Market Highlights:
Historic Data, Estimates and Forecast
North America Holds Maximum Market Share
North America is expected to dominate the growth of Laparoscopy Devices Market in 2021. The major driving factors for the market are growth in the geriatric and chronically ill population. Additionally, an increasing number of minimally invasive surgeries and technological advancements in the region is further increasing the demand for laparoscopic devices in the region, contributing to the market growth. However, Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) over the forecast period. This is owing to advancing technology, increasing investment, improving reimbursement scenarios, and growing medical tourism, and the presence of a large base of the population in the region.
List of Prominent Players in the Laparoscopy Devices Market:
Karl Storz SE & CO. Kg
Shenzen Mindray Bio Medical Electronics Co. Ltd.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Laparoscopy Devices Market Size, Share & Trends Analysis Report by Product (Laparoscopes, Energy Systems, Trocars, Closure Devices), by Application (Bariatric Surgery, Urological Surgery, Gynecological Surgery, General Surgery), by End User (Hospital, Clinic, Ambulatory), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/laparoscopy-devices-market-995966
February 2021: Olympus Corporation (Japan) launched the SIF-H190 single-balloon enteroscopy solution to reach deep into the small intestine.
August 2021: Virta Med and STAN Institute announce strategic collaboration.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Laparoscopy Devices Market?
How will the Laparoscopy Devices Market change in the upcoming six years?
Which application and product will take a lion’s share of the Laparoscopy Devices Market?
What is the Laparoscopy Devices market drivers and restrictions?
What will be the CAGR and size of the Laparoscopy Devices Market throughout the forecast period?
This market titled “Laparoscopy Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Suction/ Irrigation Device Insufflation Device
Rest Of Middle East & Africa
Karl Storz SE & CO. Kg
Shenzen Mindray Bio Medical Electronics Co. Ltd.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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