Laparoscopic Instruments Market: A Comprehensive Analysis and Forecast (2021-2026)
According to research report 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.
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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.
The medical laparoscopic robots segment is expected to account for the largest share of the laparoscopic isntruments market
Based on product, the global laparoscopic instruments market is segmented into medical laparoscopic robots, energy devices, insufflators, suction/irrigation systems, laparoscopes, hand instruments, closure devices, access devices, and accessories. Medical laparoscopic robots holds maximum share of the global laparoscopic instruments market in 2020. The increasing adoption of robot-assisted laparoscopic procedures and technological advancements in surgical robots contribute to the large share and high growth of this segment.
The bariatric surgery segment is expected to grow at the highest rate during the forecast period
Based on application, the global laparoscopic instruments market is segmented into general surgery, gynecological surgery, colorectal surgery, bariatric surgery, urological surgery and pediatric surgery.. The bariatric surgery segment is expected to grow at the highest rate during the forecast period. The high growth in the bariatric surgery segment can be attributed to the high prevalence of obesity and obesity-related disorders such as diabetes, stroke, and sleep apnea that have boosted the demand for laparoscopically performed bariatric surgeries.
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North America is expected to account for the largest share of the laparoscopic instruments market in 2020
In 2020, North America accounted for the largest share of the global market. The US accounted for the largest share of the North American market. The large share of North America in the global 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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