According to a newly released Fact.MR analysis, global laparoscopic devices market revenues were expected to be US$ 7.3 Bn in 2021 and are projected to increase at a CAGR of 7.1 percent from 2022 to 2032. Sales of laparoscopic equipment are anticipated to reach US$ 15.3 billion by the end of 2032.
Patients’ Benefits from Minimally Invasive Surgery Boost the Laparoscopic Devices Industry’s Business
By educating patients about the advantages of minimally invasive surgery over conventional surgical methods through promotional campaigns, the demand for laparoscopic instruments can be enhanced. The market for laparoscopic equipment is boosted by manufacturers’ training initiatives for surgeons to assist them to advance their skills in laparoscopic surgical methods. For instance, Olympus declared the beginning of colorectal cancer awareness month and actions to increase screening and awareness in March 2021. This month is observed annually to inform the public of the significance of colorectal cancer prevention and treatment devices.
Key Takeaways from the Market Study
The top product type, energy systems, is anticipated to expand at a CAGR of 8.5 percent, with global sales of laparoscopic devices likely to reach US$ 7.8 billion by 2022.
The top application, general surgery, is anticipated to increase at a CAGR of 7.3%.
Revenue for laparoscopic devices is anticipated to rise at the quickest rate in Asia-Pacific between 2022 and 2032, with a projected growth rate of approximately 7.6 percent.
In this market, a variety of local and international businesses are active. To sell their goods through numerous industries, these businesses compete based on the innovation of their products, their quality, their brand reputation, and their market presence. To stay competitive, businesses use a range of tactics.
• Beginning in September 2021, laparoscopic or open surgery will be able to give patients cutting-edge technology thanks to Olympus’ POWER SEAL, which adds a layer of sealing and gripping technology.
• In April 2021, Genesis MedTech, Inc. and LivsMed, a business known for its cutting-edge minimally invasive surgery technology, agreed on a strategic distribution agreement for the sale and distribution of LivsMed’s ArtiSential product line in the Chinese and Singaporean markets.