The laparoscopy devices market is expected to witness a CAGR of 7.9% during the forecast period. Certain factors that have been driving the market growth include increasing technological advancements, rising prevalence of chronic diseases, and the growing demand for minimally-invasive surgery.
- Minimally-invasive surgeries (MIS) cause less post-operative pain, and hence, patients receive smaller dosages of pain killers. As there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and patients need not visit the hospital frequently.
- Traditional open surgeries involve long incisions made through the muscles, and these muscles take a considerable amount of time to heal, whereas MIS procedures involve smaller incisions, leading to a quicker recovery. These surgeries have been gaining wider acceptance among the geriatric population, due to the relatively shorter recovery time.
- Few organizations, such as the American Association of Gynecologic Laparoscopists (AAGL) and the International Society of Gynecologic Endoscopy (ISGE), have been collaborating with healthcare agencies in South Africa, to create awareness about the benefits of MIS, and improve the adoption rate.
- Thus, owing to the benefits associated with minimally-invasive surgeries, the adoption rate has been increasing, which may further increase the overall growth of the market over the forecast period.
Key Market Trends
Bariatric Surgery is Expected to Hold Significant Market Share in the Application Segment
According to the World Health Organization (WHO), across the world, obesity has almost increased three-fold since 1975. In the five–19 age bracket, over the same period of time, obesity has increased from less than 1% to 7%. The WHO states that most of the world's population live in countries where overweight and obesity kills more people than underweight. In 2016, around 1.9 billion adults (39%) were overweight and, among these, around 650 million (13%) were obese. Bariatric surgical procedures cause weight loss by restricting the amount of food the stomach can hold, causing malabsorption of nutrients, or by a combination of both gastric restriction and malabsorption. Laparoscopic bariatric surgery is safe in the elderly population, and it is similar between bariatric procedures.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is anticipated to dominate the laparoscopy devices market, globally. The factors attributed to the high growth of the region are the increasing number of obesity, along with various chronic diseases and the growing adoption of minimally-invasive surgeries in the region. The advantages of minimally-invasive surgeries, such as less invasiveness, the quick recovery time of patients, and the low cost of treatment, have augmented the demand for laparoscopy devices in the region. Furthermore, advancements in various surgical devices from established key players, in the United States, are likely to drive the market growth in North America.
The global laparoscopy devices market is highly competitive and consists of a number of major players. Companies, like B. Braun Melsungen AG, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson (Ethicon Inc.), Karl Storz GmbH & Co.KG, Medtronic PLC. (Covidien), Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC., and Stryker Corporation, among others, hold a substantial market share in the laparoscopy devices market.
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