According to medical market research, the market for laparoscopic devices and accessories is worth over $13.7 billion. It’s expected to increase at a rate of at least 1.8% and reach $15.6 billion by 2026.
This is a rapid growth rate for any medical device market. It can be explained by the benefits of laparoscopic devices and accessories provide. They can be used in a range of different procedures, come in several types, and are easier to use than ever before thanks to effective training.
Read on to learn more about the incredible growth of the laparoscopic device and accessory market.
What Are Laparoscopic Devices and Accessories?
Understanding the growth of laparoscopic devices and accessories begins with understanding what they’re used for. They were developed in the last century and continue to increase in popularity.
Laparoscopy is also known as peritoneoscopy. It’s a method of examining the abdominal cavity with a small camera known as an endoscope.
There are over 14 million laparoscopic procedures performed every year. Specific applications include:
- Diagnosing abdominal pain
- Bariatric surgery
- Reflux treatment
- Tubal ligation
- Gall bladder removal
- Appendectomies
- Hernia repair
- Tumor removal
This variety of procedures requires a wide range of tools and accessories. At a minimum, doctors need an endoscope, camera, light, video monitor, insufflator, and surgical instruments such as scalpels and sutures.
Laparoscopy is less invasive than traditional surgery. It also requires less anesthesia, uses smaller incisions, and allows patients to enjoy less pain and shorter recovery times.
What Does the Research Show?
Data shows the impressive growth of laparoscopic procedures and the devices and accessories used to perform them. It also proves that the competition among companies that provide them continues to get more and more intense.
There are over 70 laparoscopy device companies in 70 countries. The competition among them is fierce, but medical device market research can help show who is winning the battle.
Medtronic and Ethicon currently hold the largest share of the market and dominate the closure, direct energy, and ultrasonic instrument segments. Olympus takes third place with a strong presence in Asia thanks to its quality imaging products. Applied Medical holds third place in North America. Karl Stortz is third in Western Europe.
Several factors continue to increase the demand for laparoscopic devices and accessories. They include aging populations, overcrowded hospitals that need to provide efficient care, and better training.
Healthcare providers consider energy requirements whenever they choose a device for any procedure. Direct energy devices are the fastest-growing segment. Advanced bipolar devices are one of the most popular types.
A medical devices market research report provides data on the growth of laparoscopic devices and other medical equipment. Check out this product page for more information.
Where Can I Find More Data?
Market research in the medical device industry provides a range of helpful data. It tells you how device sales and profits change and how the money gets distributed among different companies and regions.
Device manufacturers compete for your attention, but so do medical marketing research companies. Knowing where to find your data helps you get the most accurate picture. This is useful whether you’re a healthcare provider or an interested bystander.
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