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

The global laparoscopic device market is projected to be valued at USD 13.59 billion in 2024 and is expected to grow steadily at a compound annual growth rate (CAGR) of 4.2% through 2034, eventually surpassing USD 20.5 billion. As the demand for minimally invasive surgical procedures increases, laparoscopic devices, which are essential in performing such surgeries, are experiencing continued growth. These devices are key in reducing recovery time and minimizing patient risks during surgeries, driving their increasing adoption in hospitals and clinics worldwide.

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Despite a modest growth forecast, the laparoscopic device market is facing some challenges, primarily due to global supply chain disruptions. Companies in the sector are employing various strategies, such as diversifying suppliers and enhancing manufacturing processes, to mitigate these disruptions and ensure a steady supply of high-quality laparoscopic instruments. These efforts are vital in maintaining market growth momentum despite external challenges.

One of the major factors contributing to the market’s growth is the rising prevalence of obesity, which affects individuals across all age groups. Obesity-related health conditions are leading to an increase in the number of surgeries performed, particularly those related to weight loss and gastrointestinal issues. As laparoscopic devices are commonly used in bariatric surgeries and other obesity-related procedures, the growing obesity epidemic is expected to drive a steady demand for these products.

Key Takeaways:

1. The laparoscopic device market is expected to grow from USD 13.59 billion in 2024 to over USD 20.5 billion by 2034, at a CAGR of 4.2%.
2. The rising prevalence of obesity is a key factor driving demand for laparoscopic devices, particularly in weight-loss surgeries.
3. Supply chain disruptions pose challenges, but companies are adopting various strategies to manage them effectively.
4. Laparoscopic devices’ growing role in minimally invasive surgeries contributes significantly to their increasing adoption.

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Growth Drivers

1. Rising Obesity Rates: The global obesity epidemic, largely influenced by poor dietary habits and sedentary lifestyles, is a primary driver for the demand for laparoscopic procedures aimed at treating obesity-related health conditions.
2. Minimally Invasive Surgery Demand: There is a growing preference for minimally invasive surgical techniques due to their benefits, including reduced recovery times and lower postoperative pain.
3. Technological Advancements: Innovations in laparoscopic devices, such as improved imaging systems and enhanced surgical instruments, are facilitating the adoption of these technologies in various surgical procedures.

Supply Chain Strategies

Despite the positive outlook for the market, companies are facing supply chain disruptions that affect the availability of laparoscopic devices. To mitigate these challenges, industry participants are employing various strategies, including:

• Diversifying Suppliers: Companies are seeking additional suppliers to ensure a steady flow of materials and components.
• Improving Logistics: Rerouting logistics and optimizing transportation methods to reduce delays.
• Strategic Partnerships: Forming alliances with other manufacturers or suppliers to enhance resilience against disruptions.

Key Highlights of the Laparoscopic Device Industry

• Advantages over open surgeries, like smaller incisions, less discomfort after surgery, shorter hospital stays, and quicker recovery times, laparoscopic treatments have become the procedure of choice for many surgeries.
• The need for laparoscopic surgeries is being driven by conditions like obesity, gastrointestinal issues, and different forms of cancer.
• Governments and the private healthcare sector are investing in healthcare infrastructure and technologies, including laparoscopic equipment to enhance patient outcomes and lower healthcare costs related to lengthier hospital stays and post-operative problems.

Key Companies Profiled

Olympus Corporation;  B. Braun Melsungen AG;  Intuitive Surgical Inc.;  Medtronic plc.;  Stryker Corporation;  Smith & Nephew Plc;  CareFusion Corporation;  Ethicon US, LLC;  Tekno-Medical Optik Surgery GmbH;  Richard Wolf GmbH;  Endocontrol SA

Key Segments

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
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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