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Laparoscopy is a surgical diagnostic procedure used to examine the organs inside the abdomen. It’s a low-risk, minimally-invasive procedure that requires small incisions, perfomed with the help of laparoscopy devices. The increasing prevalence of cancers (such as colorectal) which can be treated laparoscopically, increasing number of bariatric surgeries, and growing preference for minimally-invasive surgeries among the population are primarily responsible for the growth of the market. Additionally, new product launcws by the market players is also favoring the market growth. According to World health Organization (WHO), the prevalence of increasing significantly and is a leading cause of deaths worldwide. In 2018, the estimated deaths due to cancer were 9.6 million.
The laparoscopy devices market is expected to register a remarkable growth during the forecast period due to factors such rising number of cases of colorectal cancer, pregnancies, escalating health-consciousness, and growing number of product launches by the key players. However, Lack of trained professionals is the major factor anticipated to decline the growth of laparoscopy devices market.
Key Market Driver -
Rising prevalence of cancer, preference for minimally-invasive surgeries
Key Market Restraint -
Lack of trained professionals
Globally, the laparoscopy devices market can be segmented on the basis of the product, application, end user, and region. Based on the product, the market can be segmented into laparoscopes, energy devices, insufflators, and others. The laparoscopes segment is further segmented into video laparoscopes and fiber laparoscopes. Based on application, the market is segmented into general surgery, gynecological surgery, urological surgery pediatric surgery, and others Based on end user, the market can be segmented into hospitals, ambulatory surgery centers, and others. Geographically, the Laparoscopy Devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the laparoscopy devices market are Karl Storz GmbH & Co. KG, OLYMPUS CORPORATION, Medtronic, B. Braun Melsungen AG, Stryker, BD, Smith & Nephew, Cook, and other prominent players.
Geographically, the laparoscopy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for majority of the share of the laparoscopy devices market. The dominance is attributable to the increasing number of pregnancies, rising number of bariatric surgeries, and well-developed healthcare facilities. Europe is expected to hold the second largest market share during the forecast period. Increasing preference for minimally-invasive procedures and highly aware population is likely to fuel the market growth in this region. On the other hand, Asia Pacific market is expected to grow with the highest growth rate during the forecast period owing to the increasing technological advancements in the laparoscopic devices and growth in the healthcare sector of the region. The market in Latin America and the Middle East & Africa are expected to showcase substantial growth during the forecast period.
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