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Laparoscopes product segment held a laparoscopic instruments market share of around 40% in 2019 owing to adoption of laparoscopes in surgical procedures including cholecystectomy, gynecology, and urology, among others. Furthermore, growing cases of obesity across the globe has led to the increase in number of bariatric surgeries performed laparoscopically, positively impacting the market size. Additionally, several advantages associated with the advanced laparoscopy such as decreased risk of specific long-term complications, greater ease, and greater speed for lysis of adhesions makes laparoscopy a preferred option.
Gynecology application segment valuation was around USD 3.1 billion in 2019 and is projected to observe significant gains during the forecast period. This is attributed to the rising number of gynecological laparoscopic procedures such as tubal ligation, hysterectomy, and ovarian cyst removal, among others. In addition, rising fund for research projects in gynecology and increasing awareness programs related to minimally invasive gynecology surgery will further fuel the market size expansion.
The hospitals end-use segment in the laparoscopic instruments market is estimated to register a growth rate of over 11% till 2026 led by growing number of people visiting hospitals owing to various medical conditions such as ulcerative colitis, crohn’s disease, rectal prolapse, among others. Furthermore, growing number of laparoscopic procedures conducted in the hospital due to cost-effectiveness and proper treatment is contributing to the segmental growth.
U.S. laparoscopic instruments market size is poised to expand at more than 10.6% CAGR through 2026 propelled by increasing prevalence of obesity and colorectal cancer coupled with growing awareness of laparoscopic procedures among American population. According to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity during 2017-2018 was 42.4% in the country. Hence, large group of these patients are preferring for bariatric surgery through laparoscopic procedures. Moreover, increase in the number of healthcare facilities such as hospitals and ambulatory surgical centers in the U.S. will upsurge the product demand.
Europe laparoscopic instruments market crossed USD 2.5 billion in 2019. Growing cases of colorectal cancer across the region is one of the factors attributing to the high revenue. According to the Journal of Colorectal Cancer of Europe, around 1.2 million people are presently living with colorectal cancer. Additionally, according to the latest news article, in 2019, around 260,000 colorectal laparoscopic surgeries were performed in the region. Hence, owing to these statistics and growing awareness about the advantages of laparoscopic procedures, the region will witness a substantial market growth in the upcoming years.