Laparoscopic Device Market Expected to Reach USD 20.5 Billion by 2034 at a 4.2% of CAGR

Laparoscopic Device Market

The global laparoscopic device market is on track to achieve a valuation of USD 13.59 billion in 2024, with projections indicating a growth trajectory that will see the market exceed USD 20.5 billion by 2034. This expansion represents a compound annual growth rate (CAGR) of 4.2% over the forecast period.

The anticipated growth in the laparoscopic device market is largely attributed to the increasing prevalence of obesity across all age groups, which is driving demand for minimally invasive surgical options. Laparoscopic procedures offer significant advantages, including reduced recovery times and fewer complications, making them an attractive option for both patients and healthcare providers.

Despite the positive market outlook, companies are actively employing various strategies to address supply chain disruptions that have impacted the industry. These efforts are essential to maintaining steady growth and meeting the rising demand for laparoscopic devices.

To lessen the effects of continuous supply chain interruptions, industry participants are actively utilizing a variety of strategies. In order to fulfill the increasing demand, it is imperative that a consistent supply of laparoscopic instruments be maintained. It is anticipated that developments in supply chain management and strategic alliances would be crucial to maintaining market stability and expansion.

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The market for laparoscopic devices is anticipated to expand at a 5.8% compound annual growth rate (CAGR) from US$ 12.3 billion in 2022 to US$ 18.4 billion by 2029.

Over the next ten years, there is expected to be a significant growth in the laparoscopic devices industry. due to the quick rise in the demand for minimally invasive surgical treatments as well as the growing potential for use in colorectal and bariatric surgery.

According to the report, the laparoscopic devices market is anticipated to grow over the coming years due to a combination of increased foreign direct investment (FDI) in developing countries and marketing and promotional initiatives.

Key Takeaways :

Steady demand growth is observed for bariatric surgery, in line with the expanding obese population coupled with wide-scale adoption rate of minimally invasive techniques. Sales of laparoscopic devices for bariatric surgery will surpassing that for colorectal surgery towards the end of projection period.

Sales of laparoscopic devices will be higher in North American countries. The availability of skilled surgeons and several advantages of minimally invasive surgery over open surgery are few factors driving the market of laparoscopy devices.

The key players in the laparoscopic devices market are focusing on technologically advanced surgical systems with improved dexterity, ergonomics, and visual enhancements that provide advantages to surgeons and minimize the risk for patients while undergoing laparoscopic procedures.

Increasing consumer base along with modern amenities in the healthcare sector is expected to drive sales of laparoscopic devices in developing regions.

Rising private and foreign investments in the laparoscopic devices market and adoption of subscription commerce marketing model by market players are anticipated to shape the overall laparoscopic devices market.

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Key Companies Profiled :

Olympus Corporation

Braun Melsungen AG

Intuitive Surgical Inc.

Medtronic plc.

Stryker Corporation

Smith & Nephew Plc

CareFusion Corporation

Ethicon US, LLC

KARL STORZ GmbH & Co. KG

Richard Wolf GmbH

Endocontrol SA

Tekno-Medical Optik Surgery GmbH

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Laparoscopic devices market by Category :

By Product:

• Direct Energy System Devices
• Trocars/Access Device
• Internal Closure Devices
• Laparoscopes
• Hand Access Instruments
• Insufflation Devices
• Robotic Assisted Surgical System

By Therapeutic Application:

• Bariatric Surgery
• Colorectal Surgery
• General Surgery
• Gynecological Surgery
• Urological Surgery

By End User:

• Hospitals
• Ambulatory Surgical Centers
• Clinics

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Japan
• Middle East and Africa (MEA)

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