Laparoscopic Devices Market Size, Share, Growth Analysis, By Product Type(Laparoscopes, Energy Systems, Trocars, Closure Devices), By Application(Bariatric Surgery, Urological Surgery, Gynecological Surgery, General Surgery), By End-use(Hospital, Clinic, and Ambulatory), By Region - Industry Forecast 2024-2031

Global Laparoscopic Devices Market size was valued at USD 7.27 Billion in 2022 and is poised to grow from USD 7.80 Billion in 2023 to USD 13.76 Billion by 2031, at a CAGR of 7.35% during the forecast period (2024-2031).

Global manufacturers are accelerating their production methods while also updating them by utilizing cost-effective alternatives in response to the spike in demand for laparoscopic gadgets. Leading companies in the market are enforcing improved product quality with mergers and acquisitions in order to maintain the spike in demand from numerous laparoscopic devices applications. Ascensus Surgical, Inc., for instance, stated in February 2023 that it had signed a Memorandum of Agreement with KARL STORZ Venture ONE Pte. Ltd., especially in the area of endoscopes, devices, and medical tools such laparoscopic vision systems. Through this action, which is expected to accelerate market growth in the near future, the company's primary goal is to supply cutting-edge technology for procedures that are minimally invasive in almost all surgical specialties. 'Medtronic PLC', 'Johnson & Johnson', 'Stryker Corporation', 'Karl Storz SE & Co. KG', 'Olympus Corporation', 'Ethicon, Inc. (A subsidiary of Johnson & Johnson)', 'B. Braun Melsungen AG', 'Boston Scientific Corporation', 'Cook Medical LLC', 'Richard Wolf GmbH', 'CONMED Corporation', 'Smith & Nephew plc', 'Applied Medical Resources Corporation', 'Intuitive Surgical, Inc.', 'Teleflex Incorporated', 'Microline Surgical Inc.', 'Grena Ltd.', 'Lina Medical ApS', 'EndoChoice (A part of Boston Scientific Corporation)', 'Maxer Endoscopy AG'

The prevalence of chronic diseases, such as obesity, gastrointestinal disorders, and gynecological conditions, is increasing globally. Laparoscopic procedures are often preferred for the treatment of these conditions due to their minimally invasive nature. The rising burden of chronic diseases contributes to the growth of the laparoscopic devices market.

Advancements in Robotic-Assisted Laparoscopic Surgery: Robotic-assisted laparoscopic surgery is gaining popularity due to its enhanced precision, improved visualization, and dexterity. Key market players are investing in developing robotic systems specifically designed for laparoscopic procedures. These systems offer surgeons greater control and maneuverability, leading to increased adoption of robotic-assisted laparoscopic surgery.

North America held the largest revenue share of 34.4% in the global market for laparoscopic devices. One of the main factors propelling the market is the growing reliance on laparoscopic operations in comparison to open surgeries. Additionally, because it encourages a speedy recovery and effective outcomes, laparoscopy is now favored over conventional treatments by surgeons. Additionally, laparoscopy is now preferred over traditional procedures by surgeons since it promotes quick recovery and successful results. Additionally, rising healthcare costs in the US may encourage both new and established competitors to enter the market. For example, according to the Centers for Medicare and Medicaid Services, U.S. health care spending rose by 9.7% to USD 4.1 trillion, or almost 19.7% of GDP.