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).

The market's expansion is ascribed to the rising prevalence of diabetes across all age groups, the Asia Pacific region's quickly expanding elderly population, particularly in nations like Japan, India, & China, and swift technology advancements. The worldwide healthcare sector is facing a substantial problem as a result of the COVID-19 epidemic. Patients suffering from different diseases have received subpar care as a result of limited access to medical services. The pandemic has had a negative impact on laparoscopy. Surgery is frequently delayed or even canceled during this time due to the reduced virus transmission.

The major firms want to grow their regional operations, build additional warehouses elsewhere, and operate through a variety of channels in the most affected regions. To deal with supply chain interruptions, businesses are employing a range of strategies, such as rerouting transportation, sourcing from additional partners, and using air freight delivery. The pandemic has also benefited nearby manufacturers. These elements are anticipated to produce profitable chances for market expansion.

Laparoscopic surgery has recently become more popular than traditional ones due to its many advantages, including a shorter hospital stay, less blood loss, and lower patient morbidity. It also offers quick recovery, quick and successful outcomes, a low risk of infection, a small or no incision, and less pain. The demand for laparoscopic equipment is projected to increase during the forecast period due to the sharp rise in demand for laparoscopic surgery. The market is expanding as a result of factors including an increase in patients with conditions like uterine fibroids and endometriosis, an increase in hysterectomy as well as myomectomy procedures, as well as rising public awareness of the developing healthcare infrastructure in developing nations.

The government's supportive legislation and regulations are another factor promoting the growth of the market for laparoscopic devices. In addition, there are favorable payment rules in place in a variety of nations that are projected to boost laparoscopic power morcellator revenues in those countries. A considerable growth in the elderly worldwide and the development of electrical systems, which has raised their availability and cost, have led to an increase in applications for laparoscopic equipment. The biliopancreatic diversion & duodenal switch, variable gastric the band, gastric bypass, or sleeve gastrectomy are among the bariatric operations for which laparoscopic devices that integrate energy systems are expected to find lucrative applications.

The majority of income came from the laparoscopic device market, which was dominated by the United States. This can be ascribed to a growing preference for laparoscopic procedures over open ones and a growing understanding of the advantages of less invasive procedures. The market will also be impacted by the competition among major competitors over product innovation. For instance, Olympus Corporation recently unveiled the THUNDERBEAT Open Fine Jaw Type X surgical power tools for open surgery in September 2022. The device promotes enhanced safety during procedures & is commercially available in Japan with an extra thermal protection.

A variety of diversity and strategic sourcing initiatives are also being worked on by the companies. For example, in 2021, B. Braun Medical and Kerma Medical Goods declared their intention to work together to promote the creation and provision of healthcare goods and services, with a focus on serving veterans, people of color, and other underrepresented populations. In order to accelerate market growth, both businesses are anticipated to work on a number of initiatives, such as collaborative marketing opportunities, product development, environmentally friendly production, strategic sourcing, and diversity initiatives.

US Laparoscopic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.