The Laparoscopic Device Market is projected to be valued at USD 13.59 billion in 2024, with a modest compound annual growth rate (CAGR) of 4.2% through the forecast period, expected to surpass USD 20.5 billion by 2034. This growth is primarily attributed to the increasing prevalence of obesity across all age groups, which is fueling demand for minimally invasive surgeries that rely on laparoscopic devices.
Key Market Dynamics
The laparoscopic device market is expected to experience steady growth, driven by the rising incidence of obesity and the increasing preference for minimally invasive surgical procedures. Laparoscopic surgeries, which offer benefits such as reduced recovery times, smaller incisions, and less post-operative pain, are becoming increasingly popular among healthcare professionals and patients alike.
Despite facing challenges such as supply chain disruptions, companies in the market are employing various strategies to maintain production and meet growing demand.
Key Takeaways
- Market Valuation in 2024: USD 13.59 billion.
- Projected Market Value by 2034: USD 20.5 billion.
- CAGR: 4.2% from 2024 to 2034.
- Growth Drivers: Rising prevalence of obesity, increasing adoption of minimally invasive procedures, and the growing preference for laparoscopic surgeries.
- Challenges: Ongoing supply chain disruptions impacting production and delivery.
Regional Insights
- North America: Holds the largest market share due to advanced healthcare infrastructure, a high rate of laparoscopic surgeries, and rising obesity rates in the region.
- Europe: A key market for laparoscopic devices, driven by strong healthcare systems, increasing awareness, and the growing adoption of minimally invasive surgical techniques.
- Asia-Pacific: Expected to witness the fastest growth, fueled by improving healthcare access, rising obesity rates, and the expanding adoption of laparoscopic surgeries in countries like China and India.
- Latin America & Middle East/Africa: Emerging markets with expanding healthcare facilities and increasing healthcare awareness contributing to steady growth.
Market Drivers
The increasing prevalence of obesity across all age groups is a significant factor contributing to the growth of the laparoscopic device market. As obesity rates rise, there is a corresponding demand for minimally invasive surgical procedures, which laparoscopic devices facilitate.
Supply Chain Management
In response to various challenges, including supply chain disruptions, companies in the laparoscopic device sector are employing diverse strategies to ensure continuity and efficiency. These tactics may include:
- Diversifying Suppliers: Engaging multiple suppliers to mitigate risks associated with reliance on a single source.
- Investing in Technology: Implementing advanced technologies for better inventory management and forecasting.
- Enhancing Logistics: Improving logistics operations to streamline the supply chain and reduce delays.
Competitive Landscape
Innovative companies are disrupting traditional players by introducing novel technologies and approaches in the laparoscopic device market. Startups are ascending advancements in robotics, artificial intelligence, and miniaturization for developing cutting-edge laparoscopic devices offering improved precision, efficiency, and patient outcomes.
Startups hence focus on niche segments or specialize in specific aspects of laparoscopic surgery, like imaging systems, energy devices, or surgical robotics.
Key developments in the laparoscopic device industry
- In February 2023, Asensus Surgical, Inc. announced a Memorandum of Understanding with KARL STORZ VentureONE Pte. Ltd., that focused on endoscopes and laparoscopic vision systems.
- In January 2022, Seger Surgical Solutions developed the LAP IA 60 device for intracorporeal anastomosis. The device efficiently aligned, sealed, and stapled intracorporeal anastomosis openings, which offered a secure and rapid solution without the need for internal fixation.
Key Companies Profiled
- Olympus Corporation
- B. Braun Melsungen AG
- Intuitive Surgical Inc.
- Medtronic plc.
- Stryker Corporation
- Smith & Nephew Plc
- CareFusion Corporation
- Ethicon US, LLC
- Tekno-Medical Optik Surgery GmbH
- Richard Wolf GmbH
- Endocontrol SA
A Detailed Full Report
Key Segments
By Product:
- Direct Energy System Devices
- Trocars/Access Device
- Internal Closure Devices
- Laparoscopes
- Hand Access Instruments
- Insufflation Devices
- Robotic Assisted Surgical System
By Therapeutic Application:
- Bariatric Surgery
- Colorectal Surgery
- General Surgery
- Gynecological Surgery
- Urological Surgery
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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