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Latest Study on “Laparoscopic Instruments Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Laparoscopic Instruments market size is expected to be worth around US$ 25.5 Billion by 2027, according to a new report by nova one advisor.
The global Laparoscopic Instruments market size was valued at US$ 13.1 Billion in 2020 and is anticipated to grow at a CAGR of 13.2% during forecast period 2021 to 2027.
Overview of Laparoscopic Instruments Market Study
Laparoscopic Instruments market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Market growth can largely be attributed to factors such as the increasing adoption of minimally invasive surgeries over open surgeries, rising prevalence of colorectal cancer, increasing number of laparoscopic bariatric procedures, and technological advancements in the field of laparoscopy. Growing healthcare markets in emerging economies and enhancements in equipment capabilities in laparoscopic instruments are expected to offer significant growth opportunities for market players.
Laparoscopic procedures are less invasive and save costs in terms of pre- and post-operation care and the length of stay in hospitals. These surgeries result in less blood loss, fewer postoperative complications, and a shorter recovery time for patients. In addition, minimally invasive surgeries are increasingly being covered by health insurance providers in select countries. These factors have led to an increased preference for minimally invasive surgeries among patients. Around 15 million laparoscopic procedures are performed annually worldwide, and this number is estimated to grow significantly in the coming years. Laparoscopic colectomy, laparoscopic appendectomy, laparoscopic cholecystectomy, laparoscopic repair of inguinal hernia, laparoscopic hysterectomy, and laparoscopic bariatric surgeries holds a major share (approximately 40–45%) in the surgical procedures market.
In August 2012, the US government planned to reduce Medicare spending by USD 716 billion over the next ten years (till 2022). As a part of its healthcare reform, a 2% cut in Medicare payments was announced for Critical Access Hospitals (CAH) and Cancer Hospital interim payments (effective from April 2013). Furthermore, the government imposed a 2.3% excise duty on the domestic sales of taxable medical devices, effective from 2013 (under the Patient Protection and Affordable Care Act, 2010). Industry stakeholders estimate these reforms to negatively affect the cash flow for medical device companies operating in the US. This reduced Medicare spending is likely to impact the reimbursements for medical procedures. Laparoscopic procedures have seen a slight increase in medical reimbursements, but considering the overall advantages offered by MIS, this is not sufficient and is not in proportion to the increasing healthcare spending. Moreover, from federal and commercial payers, laparoscopic procedures receive less reimbursement as compared to open surgical procedures. This will make it increasingly difficult for medical device manufacturers to secure investments for developing new products and will also affect the sales of their technologically advanced laparos
The healthcare industry in emerging markets is growing rapidly. Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. This can be attributed to the increasing public and private initiatives undertaken by market stakeholders across these countries, low regulatory barriers for trade, continuous improvements in healthcare infrastructure, growing patient population, rising healthcare expenditure, strengthening distribution networks of market leaders, and the rising medical tourism in these countries. The availability of high-quality surgical treatments at lower costs than developed markets has attracted many medical tourists. Currently, several laparoscopy equipment manufacturers are setting up their facilities in the Asia Pacific, the Middle East, and Latin America. Key players such as Stryker and KARL STORZ have already set up their manufacturing and R&D facilities in these countries. Also, the saturated matured markets in developed regions such as North America and Europe will further compel laparoscopic instruments manufacturers to focus on emerging markets in the coming years.
Access to basic surgical procedures is a major challenge faced by developing countries. Countries such as India, South Korea, and Singapore are making efforts to improve their infrastructure by increasing the number of hospitals and training centers for providing continuing medical education in fields such as laparoscopic surgeries. However, there remains a wide gap in the infrastructure available in these developing countries to support advanced medical procedures, such as laparoscopy. Developing countries face the challenge of bridging the gap in terms of infrastructural support available for performing laparoscopic procedures. For instance, as many as 5 billion people, or two-thirds of the world’s population, lack access to surgical facilities (Source: Global Surgery 2030: Evidence and Solutions for Achieving Health, Welfare, and Economic Development, The Lancet Commission, 2015). Around 143 million additional surgical procedures are needed in low-income and middle-income countries (LMICs) each year to save lives and prevent disabilities. The largest number of patients lacking access to surgeries live in South Asia (57.8 million), East Asia (27.9 million), and southern sub-Saharan Africa (18.9 million). The health systems in developing countries are struggling to provide the infrastructure and resources to support advanced surgical techniques such as laparoscopic procedures. This restricts the number of laparoscopic procedures performed in these countries and poses a challenge for the laparoscopic instruments market.
In 2020, North America accounted for the largest share of the global laparoscopic instruments market. The US accounted for the largest share of the North American laparoscopic instruments market. The large share of North America in the global laparoscopic instruments market can be attributed to the growth in the geriatric and chronically ill population, increasing number of minimally invasive surgeries, and technological advancements.
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COVID-19 Impact on Laparoscopic Instruments Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Laparoscopic Instruments market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Laparoscopic Instruments market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Laparoscopic Instruments market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Laparoscopic Instruments market include:
Intuitive Surgical, Inc. (US), Stryker Corporation (US), Olympus Corporation (Japan), Karl Storz GmbH & CO. KG (Germany), Medtronic PLC (Ireland), Microline Surgical, Inc. (US), B. Braun Melsungen AG (Germany), SCHÖLLY Fiberoptic GmbH (Germany), Optomic (Spain), Victor Medical Instruments Co., Ltd (China), Peters Surgical (France), EndoMed Systems GmbH (Germany), Becton, Dickinson and Company (US), Mindray Medical International Limited (China), CONMED Corporation (US), Richard Wolf GmbH (Germany), Smith & Nephew PLC (UK), Cook Medical (US), Ethicon (US), Strauss Surgical (US), AMNOTEC International Medical (Germany).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Laparoscopic Instruments Market, by Product Type
Global Laparoscopic Instruments Market, by Application Type
Global Laparoscopic Instruments Market, by End User
Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/laparoscopic-instruments-market
Why Buy this Report?
The purpose of Nova one advisor’s Laparoscopic Instruments market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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