The global laparoscopy devices market is anticipated to grow at a CAGR of around 5.8% during the forecast period 2020 to 2027 and to reach around US$ 18.8 Bn by 2027.
Gradual increase in number of patients suffering from pancreatic cancer across the globe, rising demand for advanced surgical devices from hospitals, and high R&D activities by major players are major factors expected to drive the growth of global market. According to American Cancer Society, Inc. about 57,600 people (30,400 men and 27,200 women) will be diagnosed with pancreatic cancer. About 47,050 people (24,640 men and 22,410 women) will die of pancreatic cancer. In addition, players approach towards integration of AI in surgical devices for more precision this is another factors expected to support the growth of target market.
High government spending on development of healthcare sector and focus on development of hospital infrastructure in order to facilitate the adoption of advanced devices this is expected to impact the growth of target market. In addition, favourable business policies by the government and emergence of small and mid-size enterprises with innovative solutions are factors expected to support the growth of target market.
Business expansion activities by major players in order to enhance the business presence and increase the customer base this is expected to augment the growth of target market. In addition, increasing product development activities and introduction of innovative solutions are factors expected to boost the market growth.
In 2019, Medtronic is a global leader in medical technology, services, and solutions launched its new robot-assisted surgery platform that is more flexible and cost-effective than systems presently on the market. This is expected to help the company to enhance the customer base and increase the revenue share.
In 2019, Apollo Hospitals launch of the first dedicated Robot-Assisted Cardiac Surgery Unit in India. The Robot-Assisted Cardiac Surgery Unit will be equipped with the advanced fourth-generation versatile ‘da Vinci Xi’ robotic surgical system. This is expected to help the organization to strengthen its market position in India market.
However, factors such as high cost of devices and lack of skilled labors are expected to hamper the growth of global laparoscopy devices market. In addition, lack of availability of advanced infrastructure in developing countries in order to support the advanced medical devices is expected to challenge the growth of target market.
Technological advancements by major players, introduction of innovative solutions at low cost and government approach towards introducing skilled labor force are factors expected to create new opportunities for players operating in target market. In addition, increasing partnership and agreements between regional and international players is expected to revenue support the growth of target market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share due to availability of advanced surgical infrastructure. In addition, increasing number of patients suffering from chronic disease and availability of favorable reimbursement policies are factors expected to support the growth of target market.
Increasing public-private partnership for development of advanced products is expected to support the growth of target market in the region.
The global market is high highly competitive due to the presence of a large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Laparoscopy Devices Market
2016 – 2027
2020 – 2027
Product Type, Application, End Use and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Laparoscopy Devices Market Segment Analysis, 2019
The global market is segmented into product type, application, and end-use. The product segment is further bifurcated into laparoscopes, energy devices, insufflators, robot-assisted surgery systems, suction or irrigation systems, closure devices, hand instruments, and others. The energy devices segment is expected to account for significant revenue share in the target market.
The end-user segment is divided into Hospitals, Clinics, and Others. The hospital's segment is expected to account for major revenue share due to high government spending on the development of infrastructure.
The players profiled in the report are Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & CO. KG, Medtronic plc (Covidien), Olympus Corporation, Richard Wolf GmbH, B. Braun Melsungen AG, Smith & Nephew plc., and Stryker Corporation.
Market By Product
Robot-Assisted Surgery Systems
Suction or Irrigation Systems
Market By Application
Market By End Use
Market By Region
Middle East & Africa
Gradual increase in number of patients suffering from pancreatic cancer across the globe, rising demand for advanced surgical devices from hospitals, and high R&D activities by major players are major factors expected to drive the growth of global market.
The global laparoscopy devices market in 2027 is expected to be above US$ 18.8 Bn.
In end use segment the hospital segment is growing at faster pace.
The CAGR of the global laparoscopy devices market from 2020-2027 is above 5.8%.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Karl Storz SE & CO. KG.
The Asia Pacific is expected to account for major revenue share in the global market.