Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 646 Pages
Delivery time: 1-2 business days
Global Laparoscopic Devices Market to Reach $15.8 Billion by 2026
Laparoscopy is a form of minimally invasive surgery used in studying organs in pelvic and abdominal area of the body. The introduction of laparoscopic techniques revolutionized the surgical world through a gradual evolution from open surgical procedures to minimally invasive procedures. Despite the disruption caused by the COVID-19 pandemic, demand in the global market is expected to recover backed by the growing demand for minimally invasive procedures due to reduced recovery time, technological advancements, increasing adoption of laparoscopy for performing bariatric surgeries, rising cases of colorectal cancer, growing popularity of single-incision laparoscopic surgery, the availability of well-trained surgeons and growing acceptance of laparoscopic techniques. Factors such as increasing incidence of obesity and rising demand for bariatric surgery for its aesthetic appeal have pushed hospital admissions associated with bariatric surgeries. The market growth is also fueled by rising healthcare spending, insurance coverage, availability of advanced minimally-invasive surgeries, and adoption of minimally-invasive options due to fewer post-operative complications and faster recovery. Increasing technological advances and sophisticated surgeries with enhanced ergonomics and dexterity with low risks along with price declines are anticipated to present lucrative growth avenues.
Amid the COVID-19 crisis, the global market for Laparoscopic Devices estimated at US$10.9 Billion in the year 2020, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Energy Devices, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$5.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Access Devices segment is readjusted to a revised 5.6% CAGR for the next 7-year period. Energy devices comprise advanced bipolar, monopolar, bipolar, harmonic, morcellator and integrated devices. Energy tools aid in different functions such as dissecting, cauterizing and resecting body tissue through a surgical procedure. Demand for single port access devices is on the rise in tandem with increasing single-port procedures.
The U.S. Market is Estimated at $3.6 Billion in 2021, While China is Forecast to Reach $2.3 Billion by 2026
The Laparoscopic Devices market in the U.S. is estimated at US$3.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2026 trailing a CAGR of 8.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.1% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR. The US remains at the forefront of adoption of sophisticated laparoscopic devices, and growth is being driven by rising geriatric population along with high incidence of abdominal and gastrointestinal conditions. The regional market is benefitting from high prevalence of morbid obesity and chronic medical conditions coupled with increasing demand for minimally-invasive surgery. The region is also witnessing increasing adoption of robotic technology for conducting laparoscopic procedures as a result of its superior precision. In Asia-Pacific region, growth is set to be driven by ageing population, improving healthcare infrastructure, and access to cost-effective laparoscopic procedures.
Closure Devices Segment to Reach $2 Billion by 2026
The mounting healthcare costs and growing need to alleviate complications associated with laparoscopy is driving the demand for safer, simpler and more consistent devices for port closure following laparoscopic surgery. Growth in the segment is being fueled by introduction of innovative port closure devices with improved clinical outcomes and rise in number of trained surgeons. In the global Closure Devices segment, USA, Canada, Japan, China and Europe will drive the 6.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$224.6 Million by the year 2026, while Latin America will expand at a 7.8% CAGR through the analysis period.
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