Laparoscopy Devices Market : Segmentation, Research, Industry trends and Developments By 2019
Bariatric surgeries are increasingly performed globally for weight reduction and approximately 90% of these procedures use laparoscopy devices. These surgeries form largest application segment among the global laparoscopy devices market. In 2008, the World Health Organization estimated that 1.4 billion adults (20 years and older) were overweight of which 500 million people were obese. Approximately 3.4 million adults die annually due to overweight and obesity and this alarming figure indicates the great potential for bariatric surgeries which will drive the global laparoscopy device market. The global laparoscopy devices market was valued at USD 7.5 billion in 2012 and is expected to grow at a CAGR of 7.1% from 2013 to 2019, to reach an estimated value of USD 12.3 billion by 2019.
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The global laparoscopy devices market comprises of equipment such as laparoscope, irrigation system, insufflation devices, trocars, sample retrieval bag, wound protector, internal closure devices, gastric band, hand-assist devices, and energy systems. The segments accounting for large shares in the market include energy systems, trocars, internal closure devices and laparoscope. Although the global market is exhibiting healthy growth rate of 7.1% CAGR over the forecast period, its growth is restrained by certain side effects of laparoscopic procedures, risk of carbon dioxide emissions, and rapidly changing technologies. Introduction of newer technologies will create need for adaptive endoscope accessories. The introduction of innovative techniques such as HD systems in diagnostic instruments, HD cameras and HDTV three chip systems the demand for advanced endoscopy devices have been triggered and this scenario will continue in future.
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On the basis of applications, the global market for laparoscopy devices is segmented into five major segments, namely, general surgery, bariatric surgery, colorectal surgeries, urological and gynecological surgeries. General surgery accounts for the largest share in the market but the bariatric surgery is the fastest growing application segment immediately followed by colorectal surgery application. The increasing adoption of laparoscopic surgeries for colorectal cancer treatment is due to smaller incisions compared to open colectomy which results into faster recovery and less pain after surgery.
In 2012, North America held the majority share in the global laparoscopy devices market followed by Europe which accounted for the second largest share. These two regions together account for more than 60% of global laparoscopy devices market and are expected to retain their position throughout the forecast period 2013 to 2019.
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The larger share garnered by these geographies is primarily due to the high disposable income of consumers and the presence of advanced diagnostic and therapeutic technologies in these regions. Asia-Pacific is the most promising geography in the global laparoscopy devices market closely followed by Latin America. Increasing healthcare infrastructure in these regions has led to surging medical tourism market which elucidates rising need of laparoscopy devices these regions. In Rest of the World (RoW), South Africa is the only prominent country where measurable growth in business of laparoscopy devices will be exhibited. Ethicon Endo Surgery (a subsidiary of J&J), Olympus, Covidien, Intuitive Surgical, Boston Scientific Corporation, Stryker, Smith & Nephew, Karl Storz, Aesculap, and ConMed are some of the major companies operating in the laparoscopy devices market.
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