Laparoscopic Electrodes Market size is set to register commendable gains during the forecast period of 2023-2032. One of the major factors favoring the adoption of these devices is the benefits offered by them, such as cost-effectiveness, extended insulation for greater safety, decrease in eschar build-up, and reduction of smoke in the operative field.
The number of laparoscopic surgeries is rising across the world to treat a wide range of chronic diseases. Nearly 15 million laparoscopic operations are carried out worldwide, and the U.S. accounts for around one third of these surgeries. Laparoscopy is also used to diagnose various ailments and forms a vital part of general surgeries. Revenue in pediatric laparoscopic procedures is another key factor that will positively influence the market outlook.
Based on product, laparoscopic electrodes market is segmented into monopolar, bipolar, and other electrodes. The monopolar electrode segment is anticipated to hold a sizeable industry share by 2032 as the product has several advantages, such as faster exchange of individual components, robust ceramic tips, and ease in handling. Other features that might boost the product usage include the presence of dissection spatula & hook, high-quality insulation, right-angled dissection hook, and needle electrode versions.
In terms of end-use, global laparoscopic electrodes market is bifurcated into hospitals, ambulatory surgical centers, specialty clinics, and others. The market size from the hospital segment is likely to record an appreciable CAGR during the forecast timeframe. Hospitals have a vast availability of skilled healthcare professionals that use laparoscopic electrodes to detect an underlying medical condition. These medical institutions are also equipped with state-of-the-art facilities and devices to improve the quality of patient care during and after surgery.
Moreover, governments in developing countries are increasing their investments to create a robust healthcare infrastructure. For instance, in November 2022, the Finance and Health Ministries of Indonesia collaborated with the Islamic Development Bank to strengthen the nation’s healthcare system by making infrastructural investments in 6 vertical integrated service hospitals. Such developments will fuel the market progress.
North America laparoscopic electrodes market revenue is estimated to grow at a steady rate by 2032 as many companies across the region are introducing technological innovations in their medical devices to improve their performance. They are also signing partnership agreements to expand the usage of these devices. For example, in November 2022, Ethicon, a subsidiary of Johnson & Johnson, declared its partnership with CMR Surgical to advance efforts in minimally invasive robotic surgery.
Through this collaboration, the companies will offer their respective products to clinicians, such as CMR’s Versius Robot and Ethicon’s vast range of laparoscopic instruments. This agreement aims to streamline the process of minimally invasive operations for surgery centers and hospitals by giving them access to robotics and specialized tools to treat a variety of chronic ailments. Such deals will bolster the product usage, thereby accelerating the market expansion.
Some of the prominent organizations operating in laparoscopic electrodes market include B. Braun, Medtronic, Bovie Medical, Bharat Surgical Co, Erbe, and many others. These firms are implementing various demand strategies, such as mergers, acquisitions, partnerships, and product launches to strengthen their business capabilities and increase the penetration of their products across different regions.