A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global laparoscopic instrument market was worth USD 10.5 billion in the year 2020. It is estimated to grow at a CAGR of 11.5%, earning revenue of around USD 22.2 billion by the end of 2027. Because of the increasing prevalence of obesity, a large number of people are approaching hospitals for bariatric surgeries such as gastric bypass, adjustable gastric band, and so on. As a result, the demand for laparoscopic instruments is surging, propelling the market growth.
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Expansion of Healthcare Facilities is Propelling Market Growth
With the advancement of healthcare facilities and the admission of more skilled and experienced healthcare providers, people are putting their faith in surgeons for every type of surgery. This factor has contributed significantly towards the growth of the market as the demand for laparoscopic instruments is increasing by leaps and bounds. The number of hospitals and private clinics is also increasing, which is doubling the frequency of surgeries performed in specific regions. This is yet another factor driving the demand for laparoscopic instruments.
Technological Advancements in Healthcare Industry is Driving the Market Forward
Through technological advancements, the healthcare industry is flourishing rapidly over the past few years. The implementation of cutting-edge technical devices enables surgeons to capture high-quality images that aid in the surgical process. Furthermore, companies are working on the creation of smaller laparoscopic instruments that ensure minimal bleeding while maintaining high precision. As a result, the success rate of various types of surgeries is increasing, driving up demand for laparoscopic instruments. New technology, such as the implementation of surgical robotic systems, reduces the complexities and risks associated with these procedures, thus leading to market growth.
Demand for Bariatric Surgery is Expected to Gain Momentum in the Forecast Period
Bariatric surgery is also known as weight-loss surgery. As the name indicates, this type of surgery is performed on obese people who wish to lose weight. Obesity is afflicting the majority of the world’s population as a result of changing lifestyles, which is pushing up demand for laparoscopic instruments as more patients undergo bariatric surgery at hospitals. Furthermore, due to prevailing beauty stereotypes, even overweight people with no medical problems are undergoing these procedures, increasing the demand for laparoscopic instruments in the industry.
Global Laparoscopic Instruments Market – Regional Insights
Geographically, the global laparoscopic instrument market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). North America recorded the largest market share in the year 2020, followed by Europe. The factors contributing to this dominance are the rising prevalence of obesity in this region, as well as increased awareness of the benefits of surgeries. However, Asia-Pacific is estimated to hold great potential for the laparoscopic instruments market and is expected to grow during the forecast period.
Impact of Covid-19 in the Global Laparoscopic Instruments Market
In light of the pandemic and the spread of coronavirus, the government of different countries implemented a lockdown to prevent virus transmission. As a result, the production units were shut down because the operations had to be halted immediately. This ended up creating a huge demand and supply gap in the market. Additionally, people were unable to visit healthcare facilities because they were the most vulnerable to infections, putting both patients and healthcare staff at risk. As a result, demand for laparoscopic instruments fell precipitously, weighing on market growth.
The key players in the global laparoscopic instruments market are Becton, Dickinson And Company, B. Braun Melsungen AG, Smith & Nephew PLC, Medtronic PLC, Cook Medical LLC, Fujifilm Holdings Corporation, Olympus Corporation, Stryker Corporation, Richard Wolf GmbH, KARL STORZ SE & Co. KG, Aesculap, Microline Surgical, Boston Scientific, Apollo Endosurgery, Ethicon Inc., Olympus Corporation, Millennium Surgical Corp, CooperSurgical, Inc., Stryker Corporation, and other prominent players. In the case of laparoscopic instruments, the competitive environment is very dense because companies are actively implementing marketing strategies such as mergers, acquisitions, alliances, and so on, in order to broaden their product range and dominate in various regions.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global laparoscopic instrument market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global laparoscopic instrument market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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