Laparoscopic devices market to witness fastest growth in next decade: Report

New Delhi: In terms of value, the global laparoscopic devices market is projected to register a healthy CAGR of 6.6 percent during the forecast period due to various factors, a study by Future Market Insights has predicted. Increasing demand for minimally invasive procedures is expected to bolster the overall growth of the laparoscopic devices market globally.

Global Laparoscopic Devices Market: Segmental Insights

The global laparoscopic devices market is segmented on the basis of product type, therapeutic application, end use, and region. On the basis of product type, the market has been segmented into direct energy system devices, internal closure devices, trocars, insufflation devices, hand access instruments, robotic-assisted surgical systems and laparoscopes. Direct energy system devices product segment is expected to register an impressive CAGR of 7.0 percent during the forecast period.

On the basis of therapeutic application, the market is segmented into bariatric surgery, colorectal surgery, general surgery, gynecological surgery, and urological surgery. Colorectal surgery is expected to dominate the overall laparoscopic devices market throughout the forecast period and register a value of US$ 2,605.5 Mn by 2018 end. On the basis of end users, the global laparoscopic devices market is segmented into hospitals, clinics and ambulatory surgical centers. In terms of end use, the ambulatory surgical centers segment is expected to witness the fastest growth during the forecast period.

Global Laparoscopic Devices Market: Factors Impacting Revenue Growth

Government initiatives to offer better healthcare amenities coupled with increasing healthcare FDI influx is boosting overall demand for laparoscopic devices worldwide. Moreover, over the last few years, there has been significant growth in the number of skilled laparoscopic surgeons in developing regions, but at a comparatively slower pace compared to that in developed regions. Furthermore, the demand for minimally invasive therapies is expected to offer momentum to overall sales of laparoscopic devices worldwide. In the last few years, bariatric surgery procedures have increased worldwide due to rising demand for obesity treatment.

According to the World Obesity Federation, the obesity rate is predominantly higher in developed regions than in developing regions. This has led to a surge in demand for bariatric surgery. Much of the demand is for minimally invasive therapies that are safer than conventional surgical procedures. As per the American Society for Metabolic and Bariatric Surgery (ASMBS), the number of bariatric surgeries increase 5% to 6% each year. In tandem, sales of laparoscopic devices have also increased worldwide.

Global Laparoscopic Devices Market: Regional Analysis

This report covers trends driving revenue growth of each segment and offers analysis and insights of the potential opportunities offered in the laparoscopic devices market in all regions of the world. North America is expected to dominate the market throughout the forecast period.

Foray of leading North American companies into the direct energy system devices market over the last few years is expected to boost overall sales of these devices in the region. For instance, Olympus entered into this product segment in 2012 and since then has been investing significantly on product promotion in the market in North America. Increasing adoption of laparoscopic devices in Western Europe is marked by high rate of gastric and bypass surgeries performed in Sweden and Germany.

As per independent estimates, in 2014, Germany witnessed 30% increase in gastric and bypass surgery procedures. Rise in demand for minimally invasive therapies in Western Europe is expected to boost growth of the bariatric surgery therapeutic application segment over the forecast period.

Key Players

Key players in the global laparoscopic devices market include Olympus Corporation, B. Braun Melsungen AG, Intuitive Surgical, Inc., Medtronic, Stryker Corporation, Smith & Nephew, CareFusion Corporation (Sub. Becton, Dickinson and Company), Ethicon US, LLC. (Sub. Johnson & Johnson Services, Inc.), KARL STORZ SE & Co. KG, Richard Wolf GmbH, Endocontrol SA and Tekno-Medical Optik Surgery GmbH.

A large number of players operating in the laparoscopic devices market are focused on entering into collaborations and partnerships with local distributors and retailers in order to enhance their market presence globally. This strategy also enables companies to increase product visibility across key regional markets. Companies are focusing on instilling competitive capabilities to strengthen their market presence worldwide.

These insights are based on a report Laparoscopic Devices Market by Future Market Insights.