The global market for Laparoscopic Devices is projected to reach US$12.3 billion by 2024, driven by growing demand for minimally invasive procedures and product advancements.
Laparoscopy surgery has evolved into a surgical standard with a sizeable number of open surgeries shifting steadily to this surgical procedure over the past decade. The procedure offers significant cost savings in terms of pre and post operation care costs and length-of-stay at hospitals. Besides their increasing share and popularity in some of the established procedures, the use of laparoscopy for other indications is also being explored, which is expected to further fuel the growth of laparoscopic devices. The market is also expected to benefit from continuous advancements in technology and drop in prices of high-end laparoscopic instruments.
Advent of several minimal invasive technologies including mini laparoscopy, single incision laparoscopic surgery (SILS), computer-enabled robotic surgery, and natural orifice transluminal endoscopic surgery (NOTES) is paving way for the development of solutions aimed at enhanced ergonomics, excellent visualization, reduced patient scarring and eliminating the need for port suture closures. The industry is also witnessing a significant rise in adoption of single-port surgery in laparoscopic procedures. Rising interest in smaller port and scarless surgeries is spurring interest in ultra slim and modular instrumentation that allows surgeons to conveniently access through smaller holes. In the area of visualization, present advancements include High Definition ready cameras, three-dimensional laparoscopes and 4K ultrahigh-definition systems. Several companies have in the recent years, also introduced multifunctional devices that significantly minimize the need to switch instruments intra-operatively during laparoscopic procedures and considerable reduce surgical time.
The United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.8% over the analysis period, led by factors such as growing disease burden and improving healthcare infrastructure.
Major players in the market include B. Braun Melsungen AG, Aesculap AG, Boston Scientific Corp., Conmed Corp., Ethicon Endo-Surgery, Inc., STRYKER Corp., and Teleflex, among others.