Laparoscopic Electrodes Industry Overview
The global laparoscopic electrodes market size was valued at USD 233.79 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.
Increasing preference for minimally invasive surgeries over the traditional methods, increasing prevalence of colorectal cancer, rise in the number of laparoscopic bariatric procedures, and other surgery-related technological advancements are among the major factors driving this market growth. In addition, the rapidly growing geriatric population in the Asia Pacific region, especially in countries, such as Japan, India, and China, and quick technological improvements are expected to boost the demand for laparoscopic electrodes over the forecast period.
The outbreak of the COVID-19 in the year 2020 negatively impacted the market. To allocate and direct medical supplies and capacity to the COVID-19 response, hospitals in the U.S and around the world postponed and delayed elective surgeries to varying degrees. Manufacturers have found it difficult to serve their surgeon customers since some hospitals restricted access to their facilities or changed access regulations. Almost all the companies are affected by reduced procedure volumes due to the pandemic, as all hospital resources are being diverted to fight the disease. As a result, they saw a decrease in procedural volumes in 2020, which is expected to stifle market growth.
Gather more insights about the market drivers, restrains and growth of the Global Laparoscopic Electrodes Market
However, the market is expected to rebound and grow over the forecast period, as most of the countries across the globe have started easing lockdown measures and resumed some of the elective procedures. Key players are planning to extend their businesses regionally and create new warehouses in other locations, as well as run their operations through numerous channels in the worst-affected areas. Companies are using a variety of tactics to deal with supply chain disruptions, including rerouting logistics, sourcing from extra partners, and air freight delivery. Local manufacturers have also benefited from the pandemic. These factors are expected to create lucrative opportunities for market growth.
The rapidly growing geriatric population in the Asia Pacific region, especially in countries with large untapped opportunities, such as Japan, India, and China, is expected to drive the market during the forecast period. Colorectal cancer is commonly diagnosed in people aged between 65 and 74 years as the risk of colorectal cancer increases with age. As per the World Bank, in 2019, more than 28% of the population in Japan was over the age of 65 years. Increased risk of colorectal and urinary bladder cancers has raised the demand for colorectal surgeries. In addition, the American Cancer Society (ACS) reported that, in 2019, the number of colorectal cancer cases in the U.S. increased to 101,420.
Thus, the growing geriatric population and increasing prevalence of colorectal cancer are expected to drive the demand for laparoscopic electrodes over the forecast period. The rising inclination towards minimally invasive surgical procedures and growing awareness about the safety and benefits of laparoscopic electrodes are majorly driving the market growth. Nowadays, minimally invasive surgical procedures are being increasingly adopted due to lower trauma associated with them. Small incisions decrease postoperative pain and facilitate speedy recovery, leading to the high adoption of these procedures, which is driving R&D in this field.
In addition, minimally invasive laparoscopic surgeries are being covered by health insurance providers in selected countries. For instance, Medicare now covers up to 75% of laparoscopic operations, as listed in the Medicare Benefits Schedule (MBS). These factors have led to the increased preference for minimally invasive surgeries by patients. As per the Journal of the Society of Laparoendoscopic Surgeons (JSLS), women who underwent single-site incision laparoscopic surgery tend to report less postoperative pain compared to traditional method laparoscopic surgery. Thus, the growing demand for single-incision laparoscopic surgery would in turn boost the market growth over the forecast period.
The U.S dominated the global market with the highest revenue share in 2021. This can be attributed to the increasing reliance on laparoscopic surgeries over open surgeries and raising awareness about the benefits of minimally invasive procedures. Furthermore, competition among prominent players, related to product innovation, will also impact the market. In addition, increasing healthcare expenditure in the U.S. may also favor the entry of both new and old players. For instance, as per the Centers for Medicare and Medicaid Services, U.S. healthcare spending increased by 4.6% and reached USD 3.8 trillion in 2019, accounting for approximately 17.7% of the GDP.
National Health spending is expected to grow at an annual rate of 5.4% from 2019 to 2028, to reach USD 6.2 trillion by the year 2028. Furthermore, several governments and non-government bodies increased their funding in healthcare sectors to support innovations and technological advancements in surgeries & other fields. For instance, healthcare finance by local and state governments had increased to 4.1% in 2017 from 3.8% in 2016. These factors are anticipated to boost the market growth. Moreover, the globally increasing incidence of obesity across all age groups is one of the major factors that can be attributed to the market growth over the forecast period.
Obesity is a major health concern, which leads to several associated diseases or complications, such as diabetes, Cardiovascular Diseases (CVDs), and cancer. For instance, as per the WHO, in 2016, more than 1.9 billion adults were overweight, out of which, around 650 million people were obese. These factors are expected to increase the demand for bariatric procedures. As the prevalence of obesity is increasing, the number of bariatric surgeries is also likely to increase, which is expected to directly drive the market for laparoscopic electrodes.
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Laparoscopic Electrodes Market Segmentation
Grand View Research has segmented the global laparoscopic electrodes market on the basis of product, application, end-user, and region:
Laparoscopic Electrodes Product Outlook (Revenue USD Million, 2017 - 2030)
- Monopolar Electrodes
- Bipolar Electrodes
Laparoscopic Electrodes Application Outlook (Revenue USD Million, 2017 - 2030)
- Bariatric Surgery
- Urological Surgery
- Gynecological Surgery
- General Surgery
- Colorectal Surgery
- Other Surgeries
Laparoscopic Electrodes End-user Outlook (Revenue USD Million, 2017 - 2030)
- Hospital
- Clinic
- Ambulatory
Laparoscopic Electrodes Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- October 2019: Apyx Medical Corp. (BOVIE MEDICAL) received the U.S. FDA approval to market Apyx Plasma/RF Handpiece, a single-use monopolar electrode for cutting, coagulation, and ablation of soft tissue. The device is an addition to the Renuvion product portfolio.
- February 2019: CONMED Corp. announced the acquisition of Buffalo Filter LLC, a healthcare company specializing in surgical smoke evacuation technologies.
Key Companies profiled:
Some prominent players in the global laparoscopic electrodes market include
- Medtronic
- Ethicon US, LLC. (Johnson and Johnson)
- Olympus Corp.
- CONMED Corp.
- B. Braun Melsungen AG
- Millennium Surgical Corp.
- LiNA Medical ApS
- AngioDynamics
- Bovie Medical (Apyx Medical)
- RUDOLF Medical
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