Laparoscopy and Endoscopy Devices Market to Grow at a CAGR of 7.8%, during Forecast Period
Global Laparoscopy and Endoscopy Devices Market is projected to grow at a CAGR of 7.8%, earning revenues of around USD 37.83 billion by the end of 2028
Global Laparoscopy and Endoscopy Devices Market is flourishing owing to the increasing use of robotics in endoscopic and laparoscopic procedures and rapidly rising healthcare costs.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Laparoscopy and Endoscopy Devices Market was worth USD 22.57 billion in the year 2021. The market is projected to grow at a CAGR of 7.8%, earning revenues of around USD 37.83 billion by the end of 2028. The Global Laparoscopy and Endoscopy Devices Market is booming because the prevalence of chronic diseases is on the rise, minimally invasive surgery offers several benefits over open surgery, the geriatric population is expanding, healthcare costs are rising quickly, minimally invasive surgery technology is advancing, and more surgical procedures are being performed. Moreover, minimally invasive surgery offers more advantages over conventional open surgery procedures. These benefits might include less discomfort and scarring, quicker healing times, and smaller incisions than their rivals. After the 1970s, the popularity of minimally invasive surgeries soared due to their benefits (the time these surgeries were developed). However, the shortage of skilled professionals and the lack of reimbursement frameworks in emerging markets are two factors impeding the growth of the laparoscopy and endoscopy devices market.
Increasing Use of Technologically advanced devices
Medical professionals' growing propensity to use technologically advanced endoscopic devices with high-definition cameras and light sources to help doctors examine important internal organs is another factor driving the market. Demand for endoscopic instruments is anticipated to be driven by the preference for less invasive surgical techniques over standard surgeries to shorten hospital stays and prevent post-procedure complications. Therefore, it is anticipated that demand for minimally invasive endoscopic procedures will increase in the coming years, supporting market growth. These factors include improved patient satisfaction, increased economic viability, and shorter hospital stays.
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Increasing Number of Surgical Interventions Using Endoscopy Devices
The use of various types of endoscopes and endoscopic devices has expanded globally as a result of the increasing use of these instruments during surgical interventions like bronchoscopy, laparoscopy, arthroscopy, and cystoscopy. The preference for minimally invasive procedures over standard procedures has been influenced by factors such as financial viability, increased patient satisfaction, shorter hospital stays, and fewer postoperative complications. The demand for minimally invasive endoscopic procedures is therefore anticipated to increase in the upcoming years.
Challenge: Lack of Reimbursement Frameworks
Two factors are impeding the growth of the laparoscopy and endoscopy devices market: a shortage of skilled professionals and a lack of reimbursement frameworks in emerging markets. On a larger scale, surgeons frequently face a lack of enabling functional equipment and devices during surgery, which significantly impedes the adoption of minimally invasive procedures. Furthermore, due to a shortage of skilled nurses to assist surgeons during MIS procedures, surgeons frequently resort to open surgical procedures. Furthermore, resources are scarce in public referral hospitals.
Global Laparoscopy and Endoscopy Devices Market - By End-User
Based on end-user, the Global Laparoscopy and Endoscopy Devices Market is segmented into Hospitals, Ambulatory Surgery Centers (ASCs), and Others. The OEM (Original Equipment Manufacturer) segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The hospital segment is expected to experience the fastest revenue growth rate in the global market over the forecast period, owing to factors such as the rapid adoption of technologically advanced laparoscopy and endoscopy devices in hospitals and clinics, rising medical tourism in many developed and developing nations worldwide, and improved healthcare infrastructure. During the forecast period, all of these factors will drive the growth of the global laparoscopy and endoscopy device Market (2022-2028).
Impact of COVID-19 on Global Laparoscopy and Endoscopy Devices Market
The COVID-19 pandemic had a significant impact on the global laparoscopy and endoscopy device market. The pandemic has had little effect on the global market for laparoscopy and endoscopy devices. Two of the major effects of COVID-19 on the global laparoscopy and endoscopy market were the suspension of elective surgeries and the postponement of installations, both of which had an immediate negative impact on market growth in 2020.
The leading market players in the Global Laparoscopy and Endoscopy Devices Market are Ambu A/S, Arthrex, Inc., B.Braun Melsungen AG, Boston Scientific Corporation, CapsoVision, Inc., CONMED Corporation, Cook Group Incorporated, Fujifilm Holdings Corporation, Hoya Corporation, Johnson & Johnson, Karl Storz SE & Co. KG, Laborie, Medtronic plc, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew Plc, Stryker Corporation, and Others. The Global Laparoscopy and Endoscopy Devices Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Laparoscopy and Endoscopy Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Laparoscopy and Endoscopy Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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