What is the global market size of Laparoscopic Devices Market?

Global Laparoscopic Devices Market size was valued at USD 7.27 Billion in 2022 and is poised to grow from USD 7.80 Billion in 2023 to USD 13.76 Billion by 2031, at a CAGR of 7.35% during the forecast period (2024-2031).

Who are the key vendors in the Global Laparoscopic Devices Market?

Manufacturers are accelerating their production methods while also updating them by utilizing cost-effective alternatives in response to the spike in demand for laparoscopic gadgets. Leading companies in the market are enforcing improved product quality with mergers and acquisitions in order to maintain the spike in demand from numerous laparoscopic devices applications. Ascensus Surgical, Inc., for instance, stated in February 2023 that it had signed a Memorandum of Agreement with KARL STORZ Venture ONE Pte. Ltd., especially in the area of endoscopes, devices, and medical tools such laparoscopic vision systems. Through this action, which is expected to accelerate market growth in the near future, the company's primary goal is to supply cutting-edge technology for procedures that are minimally invasive in almost all surgical specialties. 'Medtronic PLC', 'Johnson & Johnson', 'Stryker Corporation', 'Karl Storz SE & Co. KG', 'Olympus Corporation', 'Ethicon, Inc. (A subsidiary of Johnson & Johnson)', 'B. Braun Melsungen AG', 'Boston Scientific Corporation', 'Cook Medical LLC', 'Richard Wolf GmbH', 'CONMED Corporation', 'Smith & Nephew plc', 'Applied Medical Resources Corporation', 'Intuitive Surgical, Inc.', 'Teleflex Incorporated', 'Microline Surgical Inc.', 'Grena Ltd.', 'Lina Medical ApS', 'EndoChoice (A part of Boston Scientific Corporation)', 'Maxer Endoscopy AG'

What is the key driver of Global Laparoscopic Devices Market?

The prevalence of chronic diseases, such as obesity, gastrointestinal disorders, and gynecological conditions, is increasing globally. Laparoscopic procedures are often preferred for the treatment of these conditions due to their minimally invasive nature. The rising burden of chronic diseases contributes to the growth of the laparoscopic devices market.

What is the key market trend for Global Laparoscopic Devices Market?

Advancements in Robotic-Assisted Laparoscopic Surgery: Robotic-assisted laparoscopic surgery is gaining popularity due to its enhanced precision, improved visualization, and dexterity. Key market players are investing in developing robotic systems specifically designed for laparoscopic procedures. These systems offer surgeons greater control and maneuverability, leading to increased adoption of robotic-assisted laparoscopic surgery.

Which region accounted for the largest share in Laparoscopic Devices Market?

North America held the largest revenue share of 34.4% in the global market for laparoscopic devices. One of the main factors propelling the market is the growing reliance on laparoscopic operations in comparison to open surgeries. Additionally, because it encourages a speedy recovery and effective outcomes, laparoscopy is now favored over conventional treatments by surgeons. Additionally, laparoscopy is now preferred over traditional procedures by surgeons since it promotes quick recovery and successful results. Additionally, rising healthcare costs in the US may encourage both new and established competitors to enter the market. For example, according to the Centers for Medicare and Medicaid Services, U.S. health care spending rose by 9.7% to USD 4.1 trillion, or almost 19.7% of GDP.

Laparoscopic Devices Market Trends

Skyquest Technology's expert advisors have carried out comprehensive research on the laparoscopic devices market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.

Laparoscopic Devices Market Dynamics

Laparoscopic Devices Market Drivers

Rising Preference for Minimally Invasive Surgeries

Increasing number of patients around the world are focusing on opting for minimally invasive surgical procedures owing to benefits such as shorter recovery times, reduced pain, and lower infection risks. Advanced laparoscopic devices play a crucial role in successful minimally invasive surgery thereby driving laparoscopic devices market outlook as well.

Increasing Senescent Population

The geriatric population around the world is increasing at a rapid pace and this is also expected to boost sales of laparoscopic devices in the future. Increasing need for hernia repairs, gallbladder removals and other procedures involving use of laparoscopic devices for aged patients is forecasted to benefit laparoscopic devices market growth in the long run.

Laparoscopic Devices Market Restraints

Risk of Device Malfunction and Complications

Laparoscopic devices, just as any other medical device, are prone to failure and malfunctions, which in turn result in complications and risks for patients. Growing incidence of product failures, product recalls, and rising awareness regarding risks and complications are slated to impede the adoption of laparoscopic devices going forward.

Steep Learning Curve for Surgeons

Learning to use laparoscopic devices is a feat that requires extensive time investment in training for surgeons as it involves the use of advanced medical devices. This is what elongates and complicates the learning process for surgeons thereby resulting in the slow adoption of laparoscopic devices in the long run.

Laparoscopic Devices Market Report Snapshots

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FAQs

Laparoscopic Devices Market size was valued at USD 7.8 Billion in 2023 and is poised to grow from USD 8.37 Billion in 2024 to USD 14.77 Billion by 2032, growing at a CAGR of 7.35% during the forecast period (2025-2032).

Developing laparoscopic devices that are easy to use to eliminate the longer learning times for surgeons should be the prime focus of market players. Laparoscopic devices providers can also maximize their business by targeting developing countries where the popularity of minimally invasive surgeries has just started to rise. Use of artificial intelligence and advanced robotics can help optimize the accuracy and efficiency of laparoscopic devices in the long run. 'Medtronic plc ', 'Karl Storz GmbH & Co. KG ', 'Stryker Corporation ', 'Olympus Corporation ', 'Boston Scientific Corporation ', 'Fujifilm Holdings Corporation ', 'Smith & Nephew plc ', 'Cook Medical ', 'B. Braun Melsungen AG ', 'Conmed Corporation ', 'Intuitive Surgical, Inc. ', 'Richard Wolf GmbH ', 'Cooper Surgical, Inc. ', 'Applied Medical Resources Corporation ', 'Zimmer Biomet Holdings, Inc. ', 'Ambu A/S ', 'Teleflex Incorporated ', 'KARL STORZ Endoscopy-America, Inc. ', 'Surgical Innovations Group plc ', 'Peters Surgical'

Increasing number of patients around the world are focusing on opting for minimally invasive surgical procedures owing to benefits such as shorter recovery times, reduced pain, and lower infection risks. Advanced laparoscopic devices play a crucial role in successful minimally invasive surgery thereby driving laparoscopic devices market outlook as well.

Robotic-assisted Laparoscopy: Laparoscopic device companies can focus on providing robotic-assisted laparoscopy by integrating advanced robotic technologies with their offerings. Improved precision, reduced surgeon fatigue, and better patient outcomes are the top benefits of robotic-assisted laparoscopy that make these unmissable laparoscopic devices market trend for companies in the long run.

North America is predicted to spearhead the demand for laparoscopic devices in the world. High number of laparoscopic procedures performed in this region, high healthcare expenditure, and availability of favorable reimbursement policies are expected to promote sales of zzz in this region. The United States is expected to bring in the most revenue for zzz providers in this region on the back of its developed healthcare ecosystem and rising geriatric population base. High investments in medical device R&D and innovation from public and private organizations is also forecasted to bolster zzz market development potential in North America.

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Laparoscopic Devices Market

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