Laparoscopy Devices Market Report 2019-2026 | Johnsons & Johnsons, Medtronic Plc., Boston Scientific Corporation, Stryker Corporation
Laparoscopy Devices Introduction
Laparoscopy invented by George Kelling in 1901, in Germany, is an operation performed in the abdomen or pelvis using small incisions (usually 0.5–1.5 cm) with the aid of a camera. The laparoscope aids diagnosis or therapeutic interventions with a few small cuts in the abdomen.
Scope of Laparoscopy Devices Market
This report studies the Laparoscopy Devices market from the perspectives of enterprises, regions, product types and terminal industries, and forecasts the market through the analysis of the status quo. In this study, 2018 has been considered as the base year and 2019 to 2026 as the forecast period to estimate the market size for Laparoscopy Devices.
The Laparoscopy Devices market is anticipated to be USD 10,347 million in 2019 and is projected to reach USD 15,354 million by 2026, growing at a CAGR of 5.8% in the forecast time period.
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Growth Factors
With increasing demand for minimally invasive surgeries would support the growth of the global laparoscopy devices market. The growth in the market will also benefit from continuous advancements in technology and a parallel reduction in the prices of high-end laparoscopic instruments. The resulting reduction in the cost of laparoscopy helps to make these procedures affordable for a large number of patients, thereby facilitating the needs of laparoscopy devices. Added to above, the rise in funding and reimbursement towards screening and treatment with laparoscopic techniques and preference for minimally-invasive procedures are expected to drive the global laparoscopy devices market in the coming years.
However, the high cost of equipment is one of the factors that limits the laparoscopy devices market growth to some extent during the forecast period. Small surgical incisions in MIS require equipment with high precision and high strength and light weight. Thus, materials such as platinum, titanium, cobalt, and plastics such as ultem, radel, and polyetheretherketone are used to make these devices, such as surgical devices. As platinum is more expensive than other materials available, it adds to the overall cost of equipment. Besides, the growth of laparoscopy devices market may also be hampered by lack of trained professionals for operating laparoscopy procedures.
Key participants
Much more companies entering the laparoscopy devices industry and the market are a bit scattered. Foremost key players operating in the global Laparoscopy Devices market include Johnsons & Johnsons, Medtronic Plc., Boston Scientific Corporation, Stryker Corporation, Smith & Nephew Plc. (Blue Belt Technologies, Inc.), KARL STORZ GmbH & Co. KG, Olympus Corporation, B. Braun Melsungen AG., Cook Medical, Conmed Corporation, and etc.
According to a senior Technavio analyst, “The awareness of MI techniques among healthcare providers are increasing. As a result, vendors are innovating and introducing several types of laparoscopic instruments and accessories. For example, Stryker provides sapphire and rods for laparoscopy. Lens technology for detailed identification and superior transmission to maximize image quality. It is expected that the development and introduction of such laparoscopy devices will drive the adoption of these devices and thus drive market growth."
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Geographical Perspective
From a geographical perspective, the global Laparoscopy Devices market is spread across Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is the global Laparoscopy Devices market leader in 2018, followed by Asia-Pacific & Europe markets, possessing the production market share of 34.51%, 24.31% and 22.46% respectively.
The growth in the North America is due to its high per capita GDP and the increase in the elderly population, which are highly susceptible to degenerative and chronic diseases, leading to increased demand for diagnosis and treatment. For instance, according to the US Census Bureau, in 2016, around USD 49.2 million residents were aged 65 and above. This huge elderly population accounts for 15.2% of the total population, which may drive the market.
The laparoscopy devices market in Asia-Pacific would witness highest growth over the forecast period. The highest growth in this region is attributed to the growing healthcare industry, increasing infrastructural support, penetration of key players into the untapped market. China and India offer tremendous 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.
Europe has the third largest market share in the global laparoscopy devices market. The Europe market is projected to maintain strong growth rates during the forecast period owing to major drivers such as rising patient population of cancer, increasing research on laparoscopy advancements, availability of advanced treatment facilities, increasing healthcare expenditure, and introduction of advanced and integrated monitoring devices into the market along with the presence of a good healthcare infrastructure.
The laparoscopy devices market in the Middle East & Africa is divided into two regions, namely, the Middle East and Africa. Africa holds the least share of the market due to poor political conditions in Africa and the limited availability of funds and medical facilities.
Type Synopsis
On the basis of type, the market comprises of Laparoscopes, Energy Devices, Insufflators, Robot-Assisted Surgery Systems, Suction or Irrigation Systems, Closure Devices, Hand Instruments, and Other.
Application Synopsis
The Laparoscopy Devices Market by application are General Surgery, Bariatric Surgery, Gynecological Surgery, Urological Surgery, Colorectal Surgery, and Other. General surgery is further sub-segmented into cholecystectomies, hernia repairs, appendectomies, anti-reflux surgeries, and others. Bariatric surgery is further divided into gastric bypass, sleeve gastrectomy, gastric banding, and others.
Bariatric surgery is expected to grow at the highest CAGR during the forecast period. There are about 2.4 million obese people in the U.S. Increasing obesity is a cause of several medical disorders such as hypertension, high cholesterol, cardiovascular diseases, and diabetes. It is one the leading causes of premature death, due to which weight reduction operations such as laparoscopic surgeries for gastric banding, gastric bypass, and other variants of stomach surgeries see an increase in demand. Thus, the above-mentioned factors collectively support the growth of the bariatric surgery application segment.
Key Developments of the Laparoscopy Devices Market
l In April 2018, B. Braun Melsungen AG opened a manufacturing facility for medical devices located in Penang, Malaysia.
l In June 2017, Becton, Dickinson and Company received the US Food and Drug Administration (FDA) 510(k) clearance for the Snowden-PencerTM 3.0 mm laparoscopic instrument.
l In April 2017, Olympus Corporation signed an agreement to acquire Image Stream Medical, Inc. (US). The agreement helps it to strengthen minimally invasive diagnostic and therapeutic product portfolio.
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Table of Content
1 Report Overview
1.1 Product Definition and Scope
1.2 PEST (Political, Economic, Social and Technological) Analysis of Laparoscopy Devices Market
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2 Market Trends and Competitive Landscape
3 Segmentation of Laparoscopy Devices Market by Types
4 Segmentation of Laparoscopy Devices Market by End-Users
5 Market Analysis by Major Regions
6 Product Commodity of Laparoscopy Devices Market in Major Countries
7 North America Laparoscopy Devices Landscape Analysis
8 Europe Laparoscopy Devices Landscape Analysis
9 Asia Pacific Laparoscopy Devices Landscape Analysis
10 Latin America, Middle East & Africa Laparoscopy Devices Landscape Analysis
11 Major Players Profile
11.1 Johnsons & Johnsons
11.1.1 Johnsons & Johnsons Company Profile and Recent Development
11.1.2 Market Performance
11.1.3 Product and Service Introduction
11.2 Medtronic Plc.
11.3 Boston Scientific Corporation
11.4 Stryker Corporation
11.5 Smith & Nephew Plc. (Blue Belt Technologies, Inc.)
11.6 KARL STORZ GmbH & Co. KG
11.7 Olympus Corporation
11.8 B. Braun Melsungen AG.
11.9 Cook Medical
11.10 Conmed Corporation
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Target Audience:
Research & Clinical Laboratories
Healthcare organizations
Laparoscopy Devices manufacturers
Laparoscopy Devices end-user sectors
Distributors and resellers of Laparoscopy Devices
Laparoscopy Devices industry associations
Product managers, Laparoscopy Devices industry administrator, C-level executives of the industries
Market research and consulting firms
Small and Medium-sized Enterprises (SMEs)
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