Laparoscopy is a minimally-invasive surgical procedure performed through a small incision. A small camera along with light source is attached to flexible tubes that guide surgeons to the target site and carry out the surgical procedure. Furthermore, this technique is preferred for the surgical procedures related to the pancreas, liver, colon, and bile duct. Increase in the preference for minimally invasive procedures due to the benefits such as lower risk of complications, reduced cost of treatment as compared to open surgery, and fast recovery after surgical procedure has supported growth of global laparoscopic devices market. Furthermore, rise in obese population further creates a favorable environment for growth of the market. For instance, as per World Health Organization report 2014, there were around 600 million obese people worldwide, in turn increasing adoption rate of bariatric surgery such as gastric banding through laparoscopy, gastric bypass, and sleeve gastrectomy, and consequently fueling growth of the laparoscopic devices market. The continuous advancement in laparoscopic devices and reduced cost of devices as compared to conventional devices made laparoscopic treatment affordable for middle class people gradually increase the growth of the market.
Laparoscopic devices market taxonomy:
By Product Type
By Therapeutic Application
By End User
Increase in number of minimally invasive procedures expected to fuel the growth of laparoscopic devices market
There is a significant increase in awareness about the minimally invasive procedure as it is simple, less time consuming, high recovery rate and short hospital stay has raised the demand for minimally invasive procedures, especially in bariatric surgeries. As per American Society for Metabolic and Bariatric Surgery, around 196,000 bariatric surgeries were performed in the U.S. in 2015. Furthermore, the change in lifestyle has raised the number of obese people around the globe. As per World Health Organization (WHO), in 2014, around 600 million obese people of 18 years and above age were living globally. Major factors directing the market growth are increase in geriatric population, increased prevalence of chronic diseases, and health awareness is a major factor behind the increased numbers of bariatric surgeries, which is expected to support the growth of laparoscopy devices market. The presence of innovative technology such as minimally invasive surgeries, robotic machines for laparoscopic surgery will support the market growth. However, high cost of surgery is expected to slow down the growth of the market. Increase in interest for smaller port and scar less surgeries is expected to increase the demand for ultra slim devices for surgical procedure, which gradually increase the market. Advanced technology (in product design, structure, and usage) and reimbursement policy of Medicare is also expected to contribute in the growth of laparoscopic devices market in the U.S.
Developed region are major growth engines for laparoscopic devices market
Global laparoscopic devices market is segmented into different regions North America, Latin America, Europe, Asia Pacific, Middle East and Africa. North America is leading the laparoscopic devices market due to advanced healthcare facilities and awareness regarding minimally invasive procedures followed by Europe. Asia Pacific region is expected to be the fastest emerging region in the market due to increase in healthcare investment, rise in abdominal disorders such as hernia, as per National Center for Biotechnology Information report 2016, there were around 200 operations per 100,000 people performed for the treatment of hernia in the U.S., this in turn expected to support the growth of laparoscopic devices market.
Key players to support the growth of laparoscopic devices market
There are various players present across the world and running into the competition to gain maximum market share in the laparoscopic devices market. Key players of the laparoscopic devices market include Olympus Corporation, Ethicon US LLC, Intuitive Surgical Inc., Medtronic Inc., B. Braun Melsungen AG and Smith and Nephew Plc.
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