Find Out More About Laparoscopic Electrodes Market Global Growth With Rising CAGR And Forecast Till 2030

Posted by Mrudula Karmarkar on September 8th, 2022

The global laparoscopic electrodes market size is anticipated to reach USD 408.20 million by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 6.5% over the forecast period. The primary growth-driving factors for the market growth include the adoption of minimally invasive surgeries along with the high usage of these devices in the diagnosis of several chronic disorders including cancer and others. The outbreak of the COVID-19 pandemic in the year 2020 had a negative impact on the market as the majority of elective laparoscopy surgeries were postponed to free-up limited space in healthcare settings to treat COVID-19 patients.

However, the European Society for Gynecological Endoscopy and the American Association of Gynecologic Laparoscopists issued guidelines to continue performing minimally/non-invasive surgeries with the adoption of specific care measures in case of emergency. In addition, the reduction in the COVID-19 impact and increase in medical device supplies across countries may collectively propel the market growth over the forecast period. An increase in the demand for minimally invasive surgeries is likely to boost the growth of the market during the forecast period.

This can be attributed to the increasing number of obese patients worldwide and the growth in the geriatric population. According to the American Society of Nephrology, urologic diseases are the third-most common concern among the geriatric population, and these account for approximately 47% of the physician visits. Minimally invasive surgeries have faster recovery time and are less time-consuming, and they attract a lot of consumer attention, hence rapid adoption of these surgeries is driving the market.

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.

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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.

Laparoscopic Electrodes Market Report Highlights

  • The monopolar electrodes segment accounted for the largest market share in 2021 owing to high demand as these electrodes offer precision control on coagulation and provide ease to the surgeon while performing surgery
  • Based on applications, the other surgeries segment dominated the market in 2021. Other surgeries mainly include cholecystectomy, colon, and prostrate laparoscopy due to constant innovation being employed to boost its success rate
  • Based on end-users, the hospital segment accounted for the largest revenue share in 2021 due to a rise in the number of patients suffering from various chronic ailments and the consequent rise in surgical procedures
  • Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to the growing volumes of surgical procedures

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 2022, 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 2022, the number of colorectal cancer cases in the U.S. increased to 101,420.

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With the surge in demand for minimally invasive laparoscopic procedures, global manufacturers are enforcing higher product quality through mergers and acquisitions. Also, numerous market players are investing in R&D for developing innovative products. For instance, in 2017, Ethicon Inc., acquired Megadyne Medical to accelerate Ethicon’s advanced energy devices portfolio with Megadyne’s innovative portfolio of electrosurgical tools. In February 2022, CONMED Corp. announced the acquisition of Buffalo Filter LLC, a healthcare company specializing in surgical smoke evacuation technologies. Through this acquisition, the company will expand its General Surgery product portfolio by providing smoke-evacuation products, such as smoke evacuators, smoke evacuation pencils, and electrodes.

Furthermore, product launches, strategic acquisitions, and innovation are the major strategies adopted by companies to retain their market share. The market is currently consolidated with a few companies capturing the maximum share. However, recent market dynamics and increasing demand for innovative technologies are making way for a number of new entrants. The emergence of local players in developing countries, especially in China and India, is expected to increase the competition at the global level. Local players in these countries offer equipment at much lesser prices due to the availability of low-cost labor and raw materials. Some of the prominent players in the global laparoscopic electrodes market include:

  • Medtronic
  • Ethicon U.S., 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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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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