(PharmaNewsWire.Com, August 18, 2021 ) The laparoscopic instruments market is expected to reach USD 22.1 billion by 2026 from an estimated USD 12.3 billion in 2021, at a CAGR of 12.5%. 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. However, reduced Medicare payments to healthcare providers in the US and the dearth of trained professionals in the field of laparoscopy are expected to restrain the growth of this market to a certain extent. Product recalls and gaps in infrastructural support for laparoscopic procedures pose a challenge in this market.
In 2020, Intuitive Surgical (US) held the leading position in the laparoscopic instruments market. Intuitive Surgical is one of the pioneers in surgical robots, Intuitive Surgical has successfully established a brand of its own. FDA approvals for the company’s key products, such as the da Vinci X Surgical System, and the launch of its single-port platform in 2018 have further augmented the company’s position in the surgical robots market. Continuous advancements in its robotic systems have also helped the firm maintain a strong leading position. The company’s product portfolio mainly includes Dual Console X Systems, Single Console X Systems, Dual Console Xi Systems, Single Console Xi Systems, and SP Systems.
Ethicon held the second position in the global laparoscopic instruments market. The company’s leading position can be attributed to its strong brand name and its wide range of products. The company has a diversified product portfolio of laparoscopic instrument systems. Ethicon, Inc. offers a wide range of laparoscopic instruments, including access devices, laparoscopic hand instruments, insufflators, energy devices, suture assist devices, and specimen retrieval bags. The company’s strong presence in the energy devices segment and its high spending on research & development in the Medical Devices Segment have enabled it to sustain its foothold in the laparoscopic instruments market. The company has also ventured into the new line of laparoscopic suture devices ‘Proxisure.’ This new product launch has assisted the company to gain a competitive edge in the market in terms of innovation. The company’s strong global presence also contributes to its leading position in the market.
Olympus Corporation was the third-largest player in the global laparoscopic instruments market. To maintain its position in the market, the company focuses on the strategies of R&D and collaborations. The company’s broad portfolio of laparoscopic products also makes it a market leader. The company mainly operates across the Americas, Africa, Western/Eastern Europe, the Middle East, and Asia. It also focuses on developing technologically advanced diagnostic products for laparoscopy to strengthen its position in this market. The acquisition of Quest Photonic Devices BV added advanced fluorescence imaging system technologies to its laparoscopes, further strengthening its position in the market.
North America is expected to account for the highest CAGR for players operating in the laparoscopic instruments market
The North America region is expected to register the highest CAGR during the forecast period. The high growth of North America can be attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new laparoscopic instruments, rising number of laparoscopic procedures compared to traditional open surgeries performed in North America, and the technological advancements in laparoscopic instruments introduced by key market players in this region.
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