Laparoscopy Devices Market to Reach $18.90 Bn, Globally, by 2027 at 5.8% CAGR: Allied Market Research

PORTLAND, Oregon, April 27, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Laparoscopy Devices Market by Product (Laparoscopes, Energy Devices, Insufflators, Robot-Assisted Surgical Systems, Suction or Irrigation Systems, Closure Devices, Hand Instruments, Access Devices, Accessories, and Others),Application(General Surgery, Bariatric Surgery, Gynecological Surgery, Urological Surgery, Colorectal Surgery, and Others), and End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global graphite industry garnered $12.06 billion in 2019, and is projected to garner $18.90 billion by 2027, witnessing a CAGR of 5.8% from 2020 to 2027.

Prime determinants of growth-

Growth in preference for minimally invasive procedures, rise in number of bariatric procedures using laparoscopes, and increase in incidences of colorectal cancer augment the growth of the global laparoscopy devices market. In addition, technologically advanced laparoscopy devices fuel the growth of the market. However, dearth of skilled professionals, high cost of laparoscope devices and procedures, and post-operative risks associated with laparoscopy surgeries restrain the market growth. On the other hand, untapped emerging economies and growth in adoption of robot-assisted laparoscopy devices offers multiple opportunities to the market players.

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The energy devices segment to dominate the market-

Based on product, the energy devices segment accounted for nearly one- fourth of the total share of the global laparoscopy devices in 2019, and is estimated to witness its largest share in terms of revenue throughout the forecast period. This is owing to growth in demand for single incision surgeries and other laparoscopic surgeries. However, the robot-assisted surgical systems segment is expected to portray the largest CAGR of 6.8% from 2020 to 2027. As these procedures are hassle free because surgeons operate through just few incisions instead of performing an actual surgery, which drives the growth of the segment.

The hospitals segment to maintain its leadership status until 2027-

Based on end-user, the hospitals segment accounted for the largest market share with nearly half of the total share in 2019, and is estimated to maintain its lead position throughout the forecast period. This is owing to increase in adoption of laparoscopy devices in the operation theaters. However, the clinic segment is expected to register the fastest CAGR of 6.0% from 2020 to 2027.

North America to rule the roost throughout 2027-

Based on region, North America accounted for the highest share in terms of revenue, holding more than one-third of the total share in 2019, and is estimated to maintain its dominant share during the forecast period. This is owing to increase in geriatric population and prevalence of gastrointestinal & abdominal diseases in the region. On the other hand, the Asia-Pacific region is anticipated witness the second-highest CAGR of 6.8% during the forecast period. This is attributed to large population base, increased affordability, and improvement in healthcare facilities in this region.

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Key market players -

    --  Boston Scientific Corporation
    --  Johnson & Johnson
    --  B. Braun Melsungen AG
    --  ConMed Corporation
    --  Karl Storz SE & CO. KG
    --  Medtronic plc (Covidien)
    --  Olympus Corporation
    --  Richard Wolf GmbH
    --  Smith & Nephew plc.
    --  Stryker Corporation.

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