Laparoscopic Instruments Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The laparoscopic instruments market is projected to witness a lucrative growth spurt over the forthcoming time period owing to the rising incidence of colorectal cancer. According to reliable estimates, colorectal cancer is the third most common cancer diagnosis with death due to cancer seen in both men and women across industrialized nations. Given the increasing prevalence of cancer cases, the demand for laparoscopic procedures will also increase tremendously, thereby boosting the market growth.
As per a research report by GMI, laparoscopic instruments market is estimated to exceed $20.0 billion valuation by 2026.
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With ongoing technological advancements and new innovations, the laparoscopic instruments market is slated to further witness tremendous growth over the coming years. While robotic surgery is not new in the medical field, new advancements in the field of robotic hardware and software will augment the next gen of tools and instruments that would enhance the skills of physicians and patient outcomes. Likewise, the growing use of technologies such as machine learning and Artificial Intelligence in surgical procedures is increasingly helping surgeons perform their task better. These trends will effectively outline the laparoscopic instruments industry outlook.
In terms of application, the gynecological application segment held a market share of over 30% in 2019. This is ascribed to the increasing number of gynecological laparoscopic procedures like tubal ligation, ovarian cyst removal, and hysterectomy. Additionally, growing awareness programs pertaining to gynecology surgery and increasing funding for research projects will drive the industry growth over the projected time period.
With respect to end-use, hospitals end-use segment is anticipated to witness growth at a CAGR of over 11.0% through the forecast time period. The immense segment growth is ascribed to the factors such as higher flexibility of scheduling, surgeries at lower price, increasing minimally invasive surgical procedures, and improved patient experience. Moreover, increasing number of admissions in hospitals that are related to the numerous medical conditions that require surgical intervention will elevate the industry growth. The aforementioned factors will lead to rising demand as well as adoption of these instruments, thereby propelling the industry growth.
On the geographical front, in 2019, Germany held a market share of around 22.0%, dominating the laparoscopic instruments market in Europe. Rising preference of patients as well as healthcare providers towards the minimally invasive surgeries is slated to increase the adoption of these surgical instruments in Germany. Furthermore, the development of novel technologies associated to laparoscopic instruments will enhance the market growth across the country.
The increasing inclination of healthcare professionals towards MIS (minimally invasive surgeries) assisted by robotics is also being witnesses across Asia-Pacific countries such as India. With technological advancements, robotic surgery is increasingly being adopted by Indian surgeons. The rising cases of cancer in India has also propelled the demand for robotic-assisted surgeries. Though the number is less at present, over the upcoming years robotic surgery will gain more impetus in the medical field, mainly in critical areas like general surgery, gynecology, urology. This would create more growth opportunities for the regional industry.
Stryker Corporation, Karl Storz GmbH, CONMED Corporation, Intuitive Surgical, Microline Surgical, Ethicon Inc., Olympus Corporation, Boston Scientific, Smith & Nephew Inc., Aesculap, Medtronic Plc (Covidien), Richard Wolf GmbH, Intuitive Surgical, Apollo Endosurgery, and Cook Medical Inc. among many others are some of the key players operating in the laparoscopic instruments market.
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Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Laparoscopic instruments industry 3600 synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Laparoscopic Instruments Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
220.127.116.11. Technological advancements in laparoscopic surgical instruments
18.104.22.168. Growing preference for minimally invasive surgery
22.214.171.124. Increasing number of laparoscopic procedures
126.96.36.199. Strong product pipeline
3.3.2. Industry pitfalls & challenges
188.8.131.52. High cost of the device
184.108.40.206. Stringent regulations
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Number of gynecological laparoscopic procedures by 10 major markets, 2015-2026
3.7. Regulatory Landscape
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Company matrix analysis
3.10. PESTEL analysis