Laparoscopy Devices Market Overview:
The global market for laparoscopy devices is projected to surpass a valuation of USD 17,206.32 million by 2023, with a CAGR of 8.30% during the forecast period covering 2018 to 2023. Market Research Future (MRFR) discusses the possibilities for the market and reveals that it could do better due to the rising geriatric population who need the support of advanced devices, a surge in demand for minimally-invasive surgeries, improved reimbursement schemes, and need to improve diagnosis methods for better treatment facilities.
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Laparoscopy Devices Market Segmentation:
The global market for laparoscopy devices has been analyzed by MRFR experts on the basis of segments like product, application, and end user. Data gleaned from these segments are reliable as they are backed by scientific approaches and can be used for developing market strategies.
By product, the global study on the laparoscopy devices market can be segmented into energy devices, insufflation devices, laparoscopes, handheld instruments, access devices, suction/irrigation devices, internal closure devices, trocars, and others. The laparoscope segment has been leading the global market with the highest CAGR during the forecast period. Its valuation can reach up to USD 5091.77 million by 2023. Hike in the inclusion of advanced technologies and integration of these into hospitals is expected to boost the market.
By application, the global laparoscopy devices market includes bariatric surgery, gynecological surgery, general surgery, colorectal surgery, urological surgery, and others. The general surgery segment has a substantial market share and is expected to move forward with 7.79% CAGR during the forecast period. It includes sub-segments like hernia repairs, cholecystectomies, anti-reflux surgeries, appendectomies, and others. The bariatric surgery includes sleeve gastrectomy, gastric banding, gastric bypass, and others.
By end user, the market includes hospitals and clinics, ambulatory centers, and specialty centers. The hospitals & clinics segment had a 38.11% share of the global market in 2017.
Laparoscopy Devices Market Regional Analysis:
Better investment capacity and infrastructural support are expected to support North America’s prominence in the global Laparoscopy Devices Market. The US and Canada are expected to make a positive impact on the market with their substantial budgetary impacts. Asia Pacific would grow fast with India, Japan, China, South Korea, and other nations influencing the market.
Laparoscopy Devices Market Competitive Landscape:
The global market for laparoscopy devices is getting backed by companies like Smith & Nephew PLC (UK), Becton, Dickinson and Company (US), Cook Medical LLC (US), B. Braun Melsungen AG (Germany), Medtronic PLC (US), Olympus Corporation (Japan), Fujifilm Holdings Corporation (Japan), Richard Wolf GmbH (Germany), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), and others. This is primarily due to their ability to impact the market with various strategic moves that focus on the expansion of the portfolio and client base. These companies develop their moves around concepts like mergers, innovations, acquisitions, and joint ventures. In fact, these companies are strengthening their prospect by boosting their funding for research and development, which leads to better launching of projects and marketing strategies.
Laparoscopy Devices Industry News:
The impact of COVID-19 on the healthcare sector is unprecedented in several ways. On the one hand, it is asking for a diversion of resources to a specific sector, on the other, it is creating space for innovations that would work with minimum contact and lessen the time of various procedures to free up resources. The laparoscopy devices market is expected to get boosted by such prospects and the increasing influx of financial resources to bolster the latest research and development projects. Countries have already started initiating plans to ease the inclusion of various developments.
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