According to the new market research report ” Laparoscopic Instruments Market by Product (Laparoscope, Insufflator, Suction/Irrigation systems, Access & Energy Devices), Application (Gynecology, General, Urology, Colorectal, Bariatric, Pediatric), End User (Hospital, ASC) – Global Forecast to 2028″, published by Contrive Datum Insights, the global market is expected to reach USD 22.1 billion by 2028 from an estimated USD 12.3 billion in 2021, at a CAGR of 12.5%.
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The Growth in the market is largely driven by the increasing adoption of minimally invasive surgeries over open surgeries, the rising prevalence of colorectal cancer, the increasing number of laparoscopic bariatric procedures, and technological advancements in laparoscopy. On the other hand, reduced Medicare payments to healthcare providers in the US and the dearth of trained professionals in laparoscopy are expected to restrain the overall market growth.
The COVID-19 pandemic has resulted in a global healthcare crisis, causing a shift in healthcare delivery in most regions. Surgeons and patients visiting hospitals for various treatments are at increased risk of contracting COVID-19. According to researchers at Indiana University, healthcare visits decreased by around 40% in the first six weeks of the pandemic in the US (from early March to mid-April). The volume of surgeries decreased by around 70–80% in the first half of 2020. This has severely impacted healthcare revenue, as elective surgeries account for ~20% of the total healthcare revenue in countries such as the US. This had a negative impact on the surgical devices market, including the laparoscopic instruments market, in 2020.
The medical laparoscopic robots segment is expected to account for the largest share of the market
Based on product, the global market is segmented into medical laparoscopic robots, energy devices, insufflators, suction/irrigation systems, laparoscopes, hand instruments, closure devices, access devices, and accessories. Medical laparoscopic robots holds maximum share of the global laparoscopic instruments market in 2020. The increasing adoption of robot-assisted laparoscopic procedures and technological advancements in surgical robots contribute to the large share and high growth of this segment.
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The bariatric surgery segment is expected to grow at the highest rate during the forecast period
Based on application, the global laparoscopic instruments market is segmented into general surgery, gynecological surgery, colorectal surgery, bariatric surgery, urological surgery and pediatric surgery.. The bariatric surgery segment is expected to grow at the highest rate during the forecast period. The high growth in the bariatric surgery segment can be attributed to the high prevalence of obesity and obesity-related disorders such as diabetes, stroke, and sleep apnea that have boosted the demand for laparoscopically performed bariatric surgeries.
The ambulatory surgical center end-user segment is expected to grow at a highest CAGR in the laparoscopic instruments market
Based on the end user, the global laparoscopic instruments market is segmented into hospitals and ambulatory surgical centers. The rapid growth of ambulatory surgical center segment can be attributed to the increasing preference for ambulatory care due to its cost-effectiveness. The push offered by government bodies and insurance companies to conduct these procedures at ambulatory surgical centers is further likely to support the rapid growth of laparoscopy instruments among these end users.
North America is expected to account for the highest CAGR for players operating in the laparoscopic instruments market
The North America region is expected to register the highest CAGR during the forecast period. The high growth of North America can be attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new laparoscopic instruments, rising number of laparoscopic procedures compared to traditional open surgeries performed in North America, and the technological advancements in laparoscopic instruments introduced by key market players in this region.
Some of the major players in the Laparoscopic Instruments market include Intuitive Surgical, Inc. (US), Stryker Corporation (US), Olympus Corporation (Japan), Karl Storz GmbH & CO. KG (Germany), Medtronic PLC (Ireland), Microline Surgical, Inc. (US), B. Braun Melsungen AG (Germany), SCHÖLLY Fiberoptic GmbH (Germany), Optomic (Spain), Victor Medical Instruments Co., Ltd (China), Peters Surgical (France), EndoMed Systems GmbH (Germany), Becton, Dickinson and Company (US), Mindray Medical International Limited (China), CONMED Corporation (US), Richard Wolf GmbH (Germany), Smith & Nephew PLC (UK), Cook Medical (US), Ethicon (US), Strauss Surgical (US), AMNOTEC International Medical (Germany).