Laparoscopic Instruments Market

Laparoscopic Instruments Market Size, Share, Growth Analysis, By Product(Laparoscopes, Video laparoscopes), By Application(Gynecology surgery, Urological surgery), By End use industry(Hospitals, and Ambulatory surgical centers) - Industry Forecast 2024-2031

Report ID: SQMIG35A2422 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 100 | Figures: 70

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Laparoscopic Instruments Market size was valued at USD 12.3 billion in 2021 and is poised to grow from USD 13.84 billion in 2022 to USD 35.50 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

The competitive landscape of the laparoscopic instruments market. The surge in demand for laparoscopic devices has prompted manufacturers to accelerate their production processes and implement cost-effective solutions to upgrade their products. To meet the increasing demand in various laparoscopic applications, leading companies are focusing on maintaining higher product quality through mergers and acquisitions. An example of this is Asensus Surgical, Inc., which signed a Memorandum of Understanding with KARL STORZ VentureONE Pte. Ltd. in February 2023. This collaboration aims to provide cutting-edge technology for minimally invasive procedures across different surgical specialties, ultimately driving market growth in the near future. 'Ethicon Inc.', 'Apollo Endosurgery', 'Boston Scientific', 'Medtronic Plc (Covidien)', 'Intuitive Surgical', 'Olympus Corporation', 'Smith & Nephew Inc.', 'Karl Storz GmbH', 'Richard Wolf GmbH', 'CONMED Corporation', 'Stryker Corporation', 'Cook Medical Inc.', 'Aesculap', 'Microline Surgical'

Laparoscopic procedures offer several advantages over traditional open surgeries, including shorter hospital stays, faster recovery, and reduced post-operative pain. The increasing demand for minimally invasive surgeries is driving the adoption of laparoscopic instruments.

Increasing Minimally Invasive Surgeries: There is a growing preference for minimally invasive surgical procedures over traditional open surgeries. Laparoscopic instruments play a crucial role in these procedures, as they enable surgeons to perform complex surgeries with smaller incisions, leading to faster recovery times, reduced post-operative pain, and shorter hospital stays.

In 2022, North America dominated the laparoscopic devices market with the highest revenue share of 34.4%. The market growth in this region is driven by the increasing preference for laparoscopic surgeries over open surgeries, leading to a surge in demand for laparoscopic devices. Additionally, stiff competition among key players, focusing on product innovation, is shaping the market landscape. Surgeons are increasingly recommending laparoscopy due to its advantages like rapid healing and positive outcomes. Moreover, the rising healthcare expenditure in the U.S. is creating opportunities for both established and new market players. As per the Centers for Medicaid and Medicare Services, U.S. healthcare spending reached USD 4.1 trillion in 2020, accounting for approximately 19.7% of the GDP.

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