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Laparoscopic Devices Market to Witness Robust Expansion of 6.6% CAGR

Future Market Insights (FMI) delivers key insights on the global laparoscopic devices market in a publication titled ‘Laparoscopic Devices Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028’.

In terms of value, the global laparoscopic devices market is projected to register a compound annual growth rate (CAGR) of 6.6% during the forecast period due to various factors. Increasing demand for minimally invasive procedures is expected to support the overall growth of the laparoscopic devices market globally.

Global laparoscopic devices market segmental insights

The global laparoscopic devices market is segmented on the basis of product type, therapeutic application, end use and region.

On the basis of product type, the market has been segmented into direct energy system devices, internal closure devices, trocars, insufflation devices, hand-access instruments, robotic-assisted surgical systems and laparoscopes. Of these, the direct energy system devices product segment is expected to register the highest CAGR, with 7.0% during the forecast period.

On the basis of therapeutic application, the market is segmented into bariatric, colorectal, gynaecological, urological and general surgery. Colorectal surgery is expected to dominate the overall laparoscopic devices market throughout the forecast period and register a value of $2.6bn by the end of 2018.

On the basis of end use, the global laparoscopic devices market is segmented into hospitals, clinics and ambulatory surgical centres. Of these, the ambulatory surgical centres segment is expected to witness the fastest growth during the forecast period.

Global laparoscopic devices market factors impacting revenue growth

The global laparoscopic devices market is supported by increasing healthcare foreign direct investment (FDI) and improved government initiatives, which offer better healthcare amenities.

There has also been significant growth over the last few years in the number of skilled laparoscopic surgeons in developing regions, but still at a comparatively slower pace compared with developed regions.

In addition, demand for minimally invasive therapies is expected to offer momentum to overall sales of laparoscopic devices worldwide. In the last few years, bariatric surgery procedures have increased worldwide due to rising demand for obesity treatment.

According to the World Obesity Federation, the obesity rate is predominantly higher in developed regions than in developing regions. This has led to a surge in demand for bariatric surgery. Much of the demand is for minimally invasive therapies that are safer than conventional surgical procedures. As per the American Society for Metabolic and Bariatric Surgery (ASMBS), the number of bariatric surgeries increase 5% to 6% each year. In tandem, sales of laparoscopic devices have also increased worldwide.

Global laparoscopic devices market regional analysis

The report by FMI covers trends driving the revenue growth of each segment and offers analysis and insights on the potential opportunities offered in the laparoscopic devices market worldwide.

North America is expected to dominate the market throughout the forecast period. Movement of some of the leading North American companies into the direct energy system devices market over the last few years is expected to boost overall sales of these devices in the region. For example, Olympus entered into the laparoscopic devices product segment in 2012 and has since been investing significantly on product promotion in the market in North America.

Increasing adoption of laparoscopic devices in Western Europe is marked by a high rate of gastric and bypass surgeries performed in Sweden and Germany. As per independent estimates in 2014, Germany witnessed a 30% increase in gastric and bypass surgery procedures.

A rise in demand for minimally invasive therapies in Western Europe is expected to boost the growth of the bariatric surgery therapeutic application segment over the forecast period.

Key players in the laparoscopic devices market

Key players in the global laparoscopic devices market include Olympus Corporation, B. Braun Melsungen, Intuitive Surgical, Medtronic, Stryker Corporation, Smith & Nephew, CareFusion Corporation, Ethicon US, KARL STORZ, Richard Wolf, Endocontrol and Tekno-Medical Optik Surgery.

A large number of players operating in the laparoscopic devices market are focused on entering collaborations and partnerships with local distributors and retailers to enhance their market presence globally. This strategy also enables companies to increase product visibility across key regional markets.

In addition, companies are focusing on instilling competitive capabilities to strengthen their market presence worldwide.

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