Laparoscopic Devices Market: Hand Access Instruments to Witness High Demand During the Forecast Period: Global Industry Analysis 2013 - 2017 and Opportunity Assessment 2018 - 2028
LONDON, Sept. 13, 2018 /PRNewswire/ -- Laparoscopy is a minimally invasive surgical technique mainly preferred for surgeries related to the pancreas, liver, colon and bile duct. Globally, laparoscopic devicesare witnessing increasing adoption among healthcare practitioners. As the trend is shifting largely towards developing regions, the laparoscopic devices market is witnessing impressive growth in Asia Pacific excluding Japan and Latin America; however, majority of the revenue continues to come in from developed regions of the world.
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Market Value Forecast
The global laparoscopic devices market was valued at US$ 8,927.8 Mn in 2017 and is expected to expand at a CAGR of 6.6% over the forecast period (2018–2028).
Market Dynamics
Growth of the global laparoscopic devices market is mainly driven by rising private and foreign investments as well as adoption of the subscription commerce based model for product selling. Due to intense competition, manufacturers of laparoscopic devices are reducing prices of their products to remain competitive in the market. Companies are adopting subscription commerce based marketing models to sell laparoscopic devices. Under this scheme, companies provide costly and sophisticated medical devices on a pay-per-use basis. This helps end users use these costly devices at cheaper rates, which in turn is helping companies expand their market footprint worldwide. Furthermore, increasing demand for minimally invasive therapies, especially for obesity related ailments is bolstering demand for laparoscopic devices from various end-use sectors.
Though the global laparoscopic devices market is expected to witness impressive growth over the forecast period, high cost of laparoscopic devices coupled with lack of skilled surgeons are factors expected to hamper market revenue growth in the coming years.
Segmentation by Product Type
The global laparoscopic devices market is segmented on the basis of product type into direct energy systems, trocars/access device, internal closure devices, laparoscopes, hand access instruments, insufflation devices, and robotic assisted surgical system. In terms of value, the direct energy system devices segment is estimated to account for 28.4% share of the global laparoscopic devices market by 2018, and is projected to register a healthy CAGR of 7.0% in terms of value over the forecast period. The internal closure devices segment is expected to witness a growth rate of 7.1% during the forecast period. This growth is mainly attributed to relatively less time required for the suturing process as compared to the conventional approach.
Segmentation by Therapeutic Application
By therapeutic application, the global laparoscopic devices market is segmented into general surgery, colorectal surgery, bariatric surgery, gynecological surgery and urological surgery. Among the therapeutic application segments, bariatric surgery and colorectal surgery are expected to witness impressive growth during the forecast period.
Segmentation by End Use
By end use, the global laparoscopic devices market is segmented into hospitals, clinics and ambulatory surgical centers. Hospitals are expected to dominate the overall laparoscopic devices market throughout the forecast period.
Key Regions
The global laparoscopic devices market has been segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East & Africa (MEA).
In terms of market value, of all the regions, North America is projected to dominate the global laparoscopic devices market in terms of revenue share throughout the forecast period. APEJ is expected to witness significant growth during the forecast period. Significant investments in healthcare infrastructure, increasing geriatric population and rise in abdominal disorders in APEJ are factors anticipated to boost revenue growth of the laparoscopic devices market in the region.
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