Analysis of Potential Impact of COVID-19 on Laparoscopy Devices Market
Laparoscopy Devices Market: Introduction
Transparency Market Research has published a new report titled, ‘Global Laparoscopy Devices Market’. According to the report, the global laparoscopy devices market was valued at US$ 5.3 Bn in 2019. It is projected to expand at a CAGR of ~7% from 2020 to 2030. Laparoscopy, also called minimally invasive surgery, involves using keyhole surgical techniques or small incision. The instruments used for such surgeries are also unique and less invasive, and are called laparoscopy devices. The key instrument used is a laparoscope, a long fibre optic cable system that allows the surgeon to view the affected area with the help of a camera. The laparoscopic instrument makes the procedure easy for the surgeon.
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In terms of product, the global laparoscopy devices market has been segmented into energy systems, robot assisted systems, laparoscopes, hand access instruments, trocars, closure devices, insufflation devices, and suction/irrigation devices. The energy systems product segment accounted for a prominent share of the global laparoscopy devices market in 2019. The segment is expected to expand at a notable CAGR during the forecast period, owing to the rise in the need and demand for diagnosis by patients in the global laparoscopy devices market.
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Based on application, the global laparoscopy devices market has been divided into gynecological surgery, general surgery, urological surgery, bariatric surgery, colorectal surgery, and others. The gynecological surgery segment held a significant share of the global laparoscopy devices market in 2019.
Laparoscopy Devices Market: Prominent Regions
North America held a major share of the global laparoscopy devices market in 2019. Highly structured healthcare industry, presence of key players, and growth strategies adopted by these players are major factors driving the laparoscopy devices market in the region. Rise in awareness about benefits of procedures and increase in healthcare expenditure also boost the laparoscopy devices market in North America. Asia Pacific held the second-largest share of the global laparoscopy devices market in 2019. The expansion of the laparoscopy devices market in Asia Pacific can be attributed to the rise in prevalence of chronic diseases and well-developed healthcare sector in the region. The laparoscopy devices market in Asia Pacific is estimated to expand at a rapid pace during the forecast period.
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Moreover, increase in the number of product approvals and cardiovascular diseases and rise in awareness leads to routine checkup and diagnosis, which are major factors that are anticipated to fuel the laparoscopy devices market in the region.
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Laparoscopy Devices Market: Key Players
Key players are expanding their footprint to consolidate their position in the global laparoscopy devices market. Gradual increase in surgical procedures, which include ligation devices, offer lucrative opportunities to key players to increase their share in the laparoscopy devices market. Hence, manufacturers are engaging in new product development, collaborations, and distribution to gain market share. Leading players operating in the global laparoscopy devices market include Ethicon US, LLC (Johnson & Johnson), CONMED Corporation, Medtronic, Aesculap, Inc. – a B. Braun company, Fujifilm Holding Corporation, Smith & Nephew, Stryker, KARL STORZ, Olympus Corporation, and Richard Wolf GmbH.
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