Albany, NY -- (SBWIRE) -- 09/05/2018 -- Gone are the days of old surgical scopes and the future belongs to minimally invasive procedures using modern surgical laparoscopes. These scopes are more like an apparatus with various parts including viewing device, CCD camera, energy supply devices, and lens cleaners. On the back of increasing percentage of obese people, the number of bariatric surgeries for weight reduction is escalating and consequently, the market for laparoscopy devices is expanding.
According to the estimations of a fresh business intelligence study conducted at the headquarters of Transparency Market Research (TMR), the demand in the global laparoscopy market will multiply at a formidable CAGR of 7.1% during the forecast period of 2013 to 2019. By the end of 2019, the global laparoscopy devices market is evaluated to be worth US$12.3 billion.
Global Shares Fairly Consolidated Among a Few Players
The shares in the global laparoscopes market is quite consolidated among a handful of players, as per the findings of the TMR report. Despite growing at a significant rate, the companies operating in this market are challenging each other in terms of price as the products are expensive. As more and more advanced surgeries are performed pertaining to gynecology, gastrointestinal, and general – the vendors will have a fruitful time, although major players such as Medtronic, Karl Storz, Olympus, Ethicon, and Intuitive Surgical are expected to remain ahead of the curve.
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On the basis of equipment, the market for laparoscopy devices has been segmented into trocars, energy systems, internal closure devices, sample retrieval bag, insufflation devices, laparoscopes, hand-assist devices, gastric band, and wound protectors. Application-wise, the market has been bifurcated into gynecological surgeries, urological surgeries, colorectal surgeries, bariatric surgeries, and general surgeries.
Region-wise, North America and Europe continue to generate the most potent chunk of demand for laparoscopy devices, which is a reflection of high adoption rate of new technologies in the residing countries. That being said, emerging economies of China and India have a much stronger volume of consumer base and are expected to turn Asia Pacific into a profitable region in the near future.
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Growing Adoption of Minimally Invasive Procedures Driving Demand
Increasing investments in the laparoscopic instruments market, growing number of minimally invasive procedures performed across the world, rising prevalence of colorectal cancer, increasing number of laparoscopic bariatric procedures, technological advancements, and flourishing healthcare industry in BRICS nations are some of the key drivers of the global laparoscopy devices market.
On the other hand, reduction in medicare payments to healthcare providers in the U.S., increasing preference of robotic surgeries, and dearth of trained professionals to operating the sophisticated equipment are obstructing the laparoscopic devices market from attain higher profitability. Additionally, the voids in infrastructural support for laparoscopic procedures in underdeveloped nation is keeping past potential patient pool from benefitting. Nevertheless, increasing number of free-trade agreements are expected to reflect positive in the near future.
Key Takeaways
Global laparoscopy devices market to be worth US$12.3 billion by 2019, with the demand expanding at CAGR 7.1% during 2013 to 2019
Competitive landscape fairly consolidated among a small pool of players
North America and Europe constitute for more than half of the total demand for laparoscopic devices
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