Increasing Preference For Minimally Invasive Surgeries Is Expected To Fuel Growth Of The Global Laparoscopic Devices Market
The global laparoscopic devices system market by Product Type ( Laparoscope, Hand Access Instrument, Energy Products, Trocars/Access Device, Robot Assisted System, Insufflation Devices, Suction/ Irrigation Device, and Closure Devices), by Application (Bariatric Surgery, Colorectal Surgery, Gynecological Surgery, and Urological Surgery) by End User (Hospital, Clinics, and Ambulatory Surgical Centers ) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 7,635.2 million in 2016 and is projected to exhibit a CAGR of 7.7% over the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights. Increasing demand for minimal invasive surgeries and advancement in technology in laparoscopic devices is in turn projected to support growth of the laparoscopic devices market over the forecast period.
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Continuous upgradation of old surgical instruments intended to be utilized in laparoscopic procedures is the major factor for growth of laparoscopic devices market. For instance, needle holder is used by surgeons to hold suturing needles during laparoscopy. Probe, scalpel, and cannula together form a trocar, and is widely used in laparoscopic surgeries. Bowel grasper enables surgeons to grasp and manipulate abdomen tissue with precision.
Manufacturers are focusing on innovation and new product launches to enhance its product portfolio and expand its presence. For instance, in August 2017, Ethicon, a part of the Johnson & Johnson Medical Devices Companies, launched the ProxiSure, an advanced laparoscopic suturing device featuring Ethicon endomechanical, suture, and curved needle technologies. Intuitive Surgical, announced in May 2017, that the company’s new da Vinci X Surgical System received US Food and Drug Administration (FDA). In October 2017, the Senhance system, which is a robotically assisted surgical device that can be used in laparoscopic colorectal and gynecologic surgery, manufactured by TransEnterix Surgical, Inc. received the U.S. FDA approval. Manufacturers are strategizing on offering medical robotic systems at lower costs and with several features, which in turn favors growth of laparoscopic devices market.
Browse 30 Market Data Tables and 24 Figures spread through 156 Pages and in-depth TOC on Laparoscopic Devices Market by Product Type (Laparoscope, Hand Access Instrument, Energy Products, Trocars/Access Device, Robot Assisted System, Insufflation Devices, Suction/ Irrigation Device and Closure Devices), by Application (Bariatric Surgery, Colorectal Surgery, Gynecological Surgery, and Urological Surgery) by End User (Hospital, Clinics, and Ambulatory Surgical Centers) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
Manufacturers are also focusing on collaborations and acquisitions to strengthen their product portfolio related to laparoscopic devices. For instance, Globus Medical acquired KB Medical, a robotic company-based in Switzerland, in August 2017. This acquisition aided in bolstering the product portfolio and intellectual property of the Globus Medical. Stryker Corp. In September 2013, the company also acquired Mako Surgical Corp and its robotic surgery platform for around US$ 1.65 Bn, which helped Stryker to use its own implants with Mako’s surgical systems. Zimmer Biomet entered the surgical robotic market through the acquisition of a France-based company Medtech SA, by purchasing around 59% of the outstanding share capital of Medtech in July 2016. Medtech SA is a developer and manufacturer of the ROSA robotic device used for neurological and spine procedures, which had received FDA approval in January 2016.
Furthermore, Verily Life Sciences LLC in collaboration with Johnson & Johnson, formed Verb Surgical Inc., in March 2015. Verb Surgical focuses on developing a comprehensive surgical solutions platform to improve access to minimal invasive surgery. These are expected to favor growth of the laparoscopic devices market.
However, high costs associated with laparoscopic devices and lack of trained-healthcare professionals is expected to act as a restraint for growth of the laparoscopic devices market.
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Key takeaways of the market:
The global laparoscopic devices market is expected to exhibit a CAGR of 7% over the forecast period (2017–2025), owing to increasing demand for minimal invasive procedure. Asia Pacific region in the global laparoscopic devices market is expected to exhibit high growth rate, in terms of value, over the forecast period.
Among product types, energy products segment is expected to exhibit a significant CAGR of 5%.
Some major players operating in the global laparoscopic devices market are Stryker Corporation, Johnson & Johnson, Karl Storz GmbH & Co.KG, Boston Scientific Corporation, Medtronic PLC. (Covidien), Olympus Corporation, Richard Wolf GmbH, ConMed Corporation, B. Braun Melsungen AG, and Smith & Nephew PLC.
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