15 Mar 2017
Posted in Press Release
Asia-Pacific video laparoscopes market to pass $600 million by 2023
The video laparoscopes market in the Asia-Pacific (APAC) region, which covers Australia, China, India, Japan, New Zealand, South Korea, and Taiwan, is set to grow from $406.7 million in 2016 to around $601 million by 2023, at a compound annual growth rate (CAGR) of 5.7%, according to GlobalData, a recognized leader in providing business information and analytics.
The company’s latest report states that key drivers of this growth include an increasing number of procedures through laparoscopy, such as hernia repair, bariatric surgery, and cholecystectomy, owing to its benefits over open surgical interventions and advanced product features that enable better image output and quality compared to non-video laparoscopes.
Vinie Varkey, MSc, Healthcare Analyst for GlobalData, explains: “Regional adoption of video laparoscopes tends to depend on factors such as reimbursement, infrastructure capabilities, and the financial resources of healthcare settings in individual markets. India’s market, for example, will almost double from $110.2 million in 2016 to $215.9 million by 2023, representing a strong compound annual growth rate of 10.1%.
“India has been experiencing an increase in the use of laparoscopic surgical interventions in areas such as gynecology. Primary reasons for this growth include availability of better endoscopic devices and increases in the skill sets of surgeons. GlobalData believes that increasing investment in healthcare infrastructure facilities along with demand for laparoscopic procedures will fuel the growth of the Indian market.”
In terms of key market players, the video laparoscopes market is consolidated with the presence of major multinational companies. The technology supporting the various product portfolios offered by these players is fairly standard in terms of the external product design and functions, with incremental innovations in visualization modes and usability. Major players include B. Braun, Karl Storz, Olympus, Richard Wolf, and Stryker.
– Information based on GlobalData’s report: MediPoint: Video Laparoscopes – APAC Analysis and Market Forecasts.