SAN FRANCISCO, Oct. 13, 2021 /PRNewswire/ --The global insufflation devices market size is expected to reach USD 3.76 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.3% from 2021 to 2028. Increasing adoption of minimally invasive surgeries, rapidly aging population, and rising number of laparoscopic procedures are among the major factors driving this market's growth.
Key Insights & Findings:
Based on application, the laparoscopic surgery segment dominated the market with a share of more than 35.0% in 2020
On the basis of end use, the hospitals segment dominated the market with a share of more than 60.0% in 2020
North America dominated the market with a revenue share of over 35.0% in 2020 owing to the increasing number of laparoscopic procedures and technological advancements
In Asia Pacific, the market is anticipated to witness remarkable growth over the forecast period due to the presence of a large patient base suffering from chronic disorders and government initiatives for minimizing risks during the treatment
The COVID-19 outbreak has caused the global implementation of strict measures to curb the spread, which has led to the cancelation/delay of elective surgeries, including many laparoscopic procedures world wide. A large number of medical device manufacturing companies and global suppliers have been adversely affected during this time. However, with the abundance of deferred medical procedures in the pipeline, the market is likely to rebound and grow significantly over the forecast period.
Obesity or overweight are major health concerns that lead to a number of associated diseases or complications, such as diabetes and cardiovascular diseases. As per the WHO, in 2016, over 1.9 billion adults were overweight, out of which around 650 million people were obese and around 2.8 million people die each year as a result of being overweight/obese. Such instances are expected to increase the demand for bariatric procedures and other related surgeries, thereby propelling the market growth over the forecast period.
Moreover, growing patient preference for minimally invasive surgeries owing to the reduced risk and trauma associated with these procedures is expected to strengthen the growth of this market. Additionally, minimally invasive laparoscopic surgeries are increasingly being covered by health insurance providers in selected countries. For instance, for laparoscopic surgical operations, Medicare will cover up to 75% of the fee as listed in the Medicare Benefits Schedule. These factors have led to an increased preference for minimally invasive surgeries among patients.
Grand View Research has segmented the global insufflation devices market on the basis of application, end use, and region:
Insufflation Devices Application Outlook (Revenue, USD Million, 2016 - 2028)
Insufflation Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
Ambulatory Surgical Centers
Insufflation Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East and Africa (MEA)
List of Key Players of Insufflation Devices Market
Ambulatory Surgery Center Market – Increasing demand for minimally invasive surgeries, technological developments in surgical devices and equipment, and surgeons' control over the choice of such equipment are some of the factors responsible for ASC market growth.
Laparoscopic Gynecological Procedures Market – Increasing adoption of minimally invasive surgeries, growing prevalence of gynecological disorders, and surgery-related technological advancements are driving the market growth.
Laparoscopic Devices Market – Increasing adoption of minimally invasive surgeries over the traditional methods, increasing prevalence of colorectal cancer, increase in the number of laparoscopic bariatric procedures, and other surgery-related technological advancements are among the major factors driving the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.