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Report Code: LS10714
Category : Medical Devices
The global laparoscopic devices market is witnessing considerable growth due to the increasing compliance for minimal invasive surgeries, technological advancements and increasing prevalence of colorectal cancer. Moreover, the increasing number of laparoscopic bariatric procedures and huge investments in laparoscopic bariatric market are supporting the growth of the global market. Among the various product types, the energy devices segment held the largest share in the global market in 2015, and it is also expected to retain its dominance during the forecast period. In addition, the energy devices segment would grow at the fastest rate during 2016 – 2022, owing to the technological advancements and increased research and development activities in the product segment. The laparoscopic devices for gynecological surgery contributed largest revenue to the global market in 2015. The laparoscopic devices market for bariatric surgery is expected to grow at the fastest rate during the forecast period, primarily due to the increasing prevalence of obesity and increasing compliance for minimally invasive bariatric surgery. Hospitals are the largest end user of these devices as most of the surgical procedures are performed in hospitals for increased patient safety.
The growing health care industry in emerging economies and increasing number of free trade agreements are creating ample revenue generation opportunities for the manufacturers of laparoscopic devices. The implementation of robotic navigation technologies and increasing compliance for single-port access surgery are the key trend witnessed in the global market. However, high cost of these devices and procedures and dearth of skilled professionals are the key factors hampering the growth of the global laparoscopic devices market.
Geographically, North America accounted for the largest share in the global laparoscopic devices market. The major factors fueling the growth of the North American market are increasing prevalence of obesity, technological advancements and high healthcare expenditure in the region. The U.S. contributed largest revenue to the North American as well as global laparoscopic market. The country is expected to remain the largest market for laparoscopic devices globally. According to the Centers for Disease Control and Prevention (CDC), 70.7% of the U.S. adults aged 20 and over were overweight and 37.9% were obese during 2013 - 2014. This illustrates the increased demand for bariatric laparoscopy in the U.S.
The laparoscopic devices market in Asia-Pacific would witness highest growth during the forecast period. The highest growth in the region is attributed to the growing healthcare industry, increasing infrastructural support, penetration of key players into the untapped market. China and India offer immense growth opportunities in the Asia-Pacific laparoscopic market. The rapidly growing medical tourism in India supports the growth of the laparoscopic devices market in the country.
The key players operating in the global laparoscopic devices market are Johnson & Johnson Services, Inc., Olympus Corporation, KARL STORZ GmbH & Co. KG, Stryker Corporation, Microline Surgical, Inc., Richard Wolf GmbH, Medtronic plc, Smith & Nephew plc, CONMED Corporation and Cook Medical Inc.
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