The Global Laparoscopic Devices Market is expected to grow to $18,907.05 million by 2027

The market is being driven by an increase in the use of minimally invasive operations over traditional methods, growth in the prevalence of colorectal cancer, an increase in the number of laparoscopic bariatric procedures, and other surgical-related technology breakthroughs. The COVID-19 pandemic is having an impact on many parts of businesses, including product demand, operations, supply chains, distribution networks, and the ability to study and develop new goods. COVID-19 has lowered procedure volumes in almost all firms, since all hospital resources are being directed to combat the disease.

Deferrable and semi-deferrable surgeries are being postponed by many hospital settings and government bodies, diminishing demand for the companies' products. Because of the reduced trauma, minimally invasive surgical methods are becoming more popular. Small incisions reduce postoperative pain and speed healing, resulting in the widespread use of these treatments and fueling R&D in this sector.

The global laparoscopic devices market was worth $12,067.60 million in 2019, and is expected to grow at a CAGR of 5.8% to $18,907.05 million by 2027.

Furthermore, in some countries, health insurance companies pay for minimally invasive laparoscopic surgeries. According to the Medicare Benefits Schedule, Medicare now pays up to 75.0 percent of laparoscopic procedures (MBS). Patients' preferences for minimally invasive surgeries have risen as a result of these considerations.

Colorectal cancer is the fourth most prevalent cancer and the second leading cause of cancer-related deaths in the United States, according to a study published in NCBI. Colorectal cancer is more common in those aged 65 to 74 years, therefore the risk increases with age. According to the WHO, the global population aged 65 and up is anticipated to increase from 7% in 2000 to 16% in 2050. Similarly, according to the American Society of Nephrology, urologic illnesses are the third most common cause of physician visits among the elderly, accounting for almost 47 percent of all visits. As a result, one of the major market drivers is predicted to be the growing geriatric population.

North America dominated the market in 2020, accounting for more than 34.6 percent of total revenue. This increase can be ascribed to rising rates of chronic conditions like diabetes and cancer, as well as supportive government initiatives and increased awareness. China, Japan, India, Singapore, and Australia is the primary market driver in the Asia Pacific. In terms of revenue share, China dominated the market in 2020. Over the projection period, market growth in the Asia Pacific will be boosted by an expansion in the number of advanced, well-equipped hospitals and a significant number of surgical procedures.