Indian Laparoscopy Devices Market is Generating Revenue of $811 million by 2023
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The Indian laparoscopy devices market was valued at $490 million in 2016, and is projected to reach $811 million by 2023, growing at a CAGR of 7.3% from 2017 to 2023. The energy devices segment accounted for one fourth share of the total market in 2016.
Laparoscopy is a minimally invasive surgical procedure that assists in the diagnosis of various abdominal and pelvic disorders, such as cysts, adhesions, fibroids, and infection that occurs in the female pelvic organs. Laparoscopy is also known as keyhole surgery, and it is performed by creating a small incision. Laparoscopes are inserted through a small incision in the abdomen, which captures pictures of the abdominal organs. This procedure also assists in performing a biopsy of tissues and surgeries, such as cholecystectomy (laparoscopic gallbladder surgery), appendectomies (removal of appendix) and anti-reflux surgery, treatment for acid reflux, also known as GERD (gastroesophageal reflux disease).
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The market report includes a detailed analysis of the Covid-19 impact on the laparoscopy devices market. Over the course of 2020–2027, the market is expected to show significant growth. However, the recent Covid-19 outbreak is likely to affect some of the business operations. The report includes an analysis of how Covid-19 has and will affect the industry, studying reliable sources, interviews of experts, and annual reports of the major market players. The report includes major drivers, restraints, and opportunities within the laparoscopy devices market.
Indian laparoscopic devices market is fueled by the growing number of minimally invasive procedures along with the rising disposable income. In addition, rise in the number of obese population, growth in laparoscopic-based bariatric surgeries for weight reduction will supplement the growth of Indian laparoscopy devices market. However, lack of awareness regarding newly developed laparoscopy products along with unfavorable reimbursement policies will restraint market growth. Moreover, the growing investments and funding in healthcare sector will certainly create many lucrative opportunities for various regional key players in this market.
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The robot-assisted surgeries segment is anticipated to grow with a high CAGR of 8.1% during the forecast period. This is attributed to the fact that robot-assisted laparoscopic surgeries are becoming a preferred modality over open surgeries as the former offers greater visualization, enhanced dexterity, and greater precision.
Bariatric surgery application accounts for about two-ninths of the total share in 2016, driven by the growth in number of surgeries, such as gastric bypass, sleeve gastrectomy, and gastric banding. The growth in obese patients is expected to increase chances of related diseases, such as cardiovascular diseases, cancer, osteoarthritis, and diabetes, in turn increasing the demand for laparoscopic based bariatric surgery in India.
The Major Key Players Are:
Johnson & Johnson (Ethicon, Inc.), Olympus Corporation, Medtronic PLC. (Covidien), Boston Scientific Corporation, Stryker Corporation, Karl Storz GmbH & Co.KG, Smith & Nephew PLC., Richard Wolf GmbH, B. Braun Melsungen AG (Aesculap, Inc.), and Dolphin Surgicals.
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The other Key players Are:
Medical Equipment India (MEI), Universe Surgical Equipment Co., Xcellance Medical Technologies Pvt Ltd., Hospiinz International, INDIA PRIVATE LIMITED, Bharat Surgical Co, Masppo Medical Devices, Hib Surgicals, SI Surgical Pvt. Ltd, and Jay Shakti Industries.
Key Findings of the Indian Laparoscopy Devices Market:
• The access devices segment holds significant share in the Indian laparoscopy devices market accounting for one-seventh share of the total Indian market in 2016.
• The hernia repairs segment is expected to grow with a high CAGR of 7.1% during the forecast period.
• Cholecystectomies segment dominated the Indian laparoscopy devices market accounting for two-third share of the total Indian market in 2016.
• Gastric bypass segment dominated the Indian laparoscopy devices market accounting for half share of the total Indian market.
• Sleeve gastrectomies segment is expected to grow at highest rate, registering a CAGR of 9.0% from 2017-2023.
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