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(Medical-NewsWire.com, November 02, 2018 ) Factors such as rising prevalence of colorectal cancer which can be treated laparoscopically, increasing use of laparoscopy for bariatric surgeries, and technological advancements in laparoscopic instruments are driving the laparoscopic instruments market.
Laparoscopic instruments are used during laparoscopy, a type of minimally invasive surgical procedure used for diagnostic and treatment purposes. The procedure allows surgeons to access the inside of the abdomen and pelvis region, without making large incisions in the skin. The procedure involves creation of small incisions in the abdominal wall through which a laparoscope (viewing tube) is inserted, which allows the doctor to examine the abdominal and pelvic organs on a video monitor connected to the tube.
On the basis of application, the laparoscopic instruments market is segmented into bariatric, general, gynecological, urological, colorectal, and pediatric surgery. The Bariatric surgery segment is expected to register the highest CAGR during the forecast period. Most bariatric surgeries are laparoscopic as it requires a smaller cut, produces less tissue damage, enables earlier hospital discharges, and leads to fewer problems, particularly the occurrence of hernias after surgery. As per the Bariatric Surgery Worldwide 2013 report by International Federation for the Surgery of Obesity and Metabolic Diseases (IFSO), laparoscopy surgery contributed more than 92% of the bariatric surgeries performed worldwide in 2013.
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The laparoscopic instruments market in APAC is expected to grow at the highest CAGR during the forecast period owing to the favorable environment for growth of the laparoscopic instruments market in Japan, Japan’s Revitalization Strategy, penetration of key players into China’s laparoscopic instruments market, increasing infrastructure to support laparoscopic procedures in India, and growth of medical tourism and number of hospitals in Asian countries.
Laparoscopic Instruments Market
End Users in hospitals and ambulatory surgical centers drive the growth of laparoscopic instruments market
Hospitals
The hospitals end-user segment comprises surgical units based in hospitals or attached to hospitals that are equipped with laparoscopic instruments to perform laparoscopic procedures for diagnostic or treatment purposes. The procedures may be conducted at hospitals on an inpatient basis or may be conducted in hospital-owned outpatient facilities. In general, laparoscopic procedures conducted at hospital outpatient units are more economical for the patient and the hospital as compared to inpatient procedures.
Ambulatory Surgical Centers
Ambulatory surgical centers (ASCs) are healthcare facilities where selected surgical and procedural services can be performed outside the hospital setting. Laparoscopic surgeries can be performed at ambulatory surgical centers as they involve lesser bleeding and post-operative complications, and result in faster recovery of patients. Ambulatory surgical centers significantly help improve quality and customer service while simultaneously reducing costs. According to the report by Medicare Payment Policy, in 2012, around 5,357 ASCs treated 3.4 million fee-for-service (FFS) Medicare beneficiaries, and combined Medicare program and beneficiary spending on ASC services was USD 3.6 billion. Similarly, according to a report by the Pennsylvania Health Care Cost Containment Council (PHC4) the number of ASCs in Pennsylvania increased by 3.7% during FY 2012.
Critical questions the report answers:
Where will all these developments take the industry in the mid to long term?
What are the upcoming industry applications for laparoscopic instruments?
The reduce Medicare spending is a major factor restraining the growth of the market. In August 2012, the U.S. government planned to reduce Medicare spending by USD 716 billion over the next 10 years (till 2022). As a part of its healthcare reform, a 2% cut in Medicare payments was announced for Critical Access Hospitals (CAH) and Cancer Hospital interim payments (effective from April 2013). Furthermore, the government imposed a 2.3% excise duty on domestic sales of taxable medical devices, effective from 2013 (under the Patient Protection and Affordable Care Act, 2010). Industry stakeholders estimate these reforms to negatively affect the cash flow for medical device companies operating in the U.S. This reduced Medicare spending is likely to impact the reimbursements for medical procedures including laparoscopic surgeries. This will make it increasingly difficult for medical device manufacturers to secure investments for developing new products and will also affect the sales of their technologically advanced laparoscopic instruments to end users who may seek to reduce costs incurred in laparoscopic procedures. This may restrain the overall market growth of the laparoscopic instruments market.
Key players in the market include Karl Storz GmbH & Co. KG (Germany), Olympus Corporation (Japan), Medtronic plc (Ireland), B. Braun Aesculap (Germany), Stryker Corporation (U.S.), Richard Wolf GmbH (Germany), Ethicon, Inc. (U.S.), Smith & Nephew plc (U.K.), Cook Medical Inc. (U.S.), and ConMed Corporation (U.S.). These players are increasingly undertaking partnerships, agreements, alliances, collaborations, product launches, expansions, and acquisitions in the market.
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