Laparoscopic Electrodes Market Growth & Trends
The globallaparoscopic electrodes marketsize 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.
Laparoscopic Electrodes Market Segmentation
Grand View Research has segmented the global laparoscopic electrodes market on the basis of product, application, end-user, and region:
Based on the Product Insights, the market is segmented into Monopolar Electrodes and Bipolar Electrodes.
- The monopolar electrodes segment captured the largest market share of more than 53.00% in 2021. Increasing preference for minimally invasive surgeries, adoption of monopolar electrosurgery instruments by laparoscopic surgeons, and high prevalence of chronic conditions are some of the major factors responsible for the segment growth. Electrodes are an integral part of electrosurgical procedures. A wide range of these electrodes is available and is used based on certain variables, such as surgery objective and tissue types involved.
- The bipolar electrodes segment is expected to grow at the fastest CAGR from 2022 to 2030 owing to its growing applications in sensitive cases, including those pertaining to neurology, ophthalmology, and otolaryngology. Moreover, the use of bipolar electrodes during electrosurgery significantly reduces the risk of patient burns. The rising frequency and incidence of diseases, such as colorectal cancer, are likely to fuel market expansion.
Based on the Application Insights, the market is segmented into Bariatric Surgery, Urological Surgery, Gynecological Surgery, General Surgery, Colorectal Surgery, Other Surgeries.
- In 2021, the other surgeries segment dominated the market with a share of 23.03% of the global revenue. Cholecystectomy laparoscopy, appendectomy laparoscopy, thoracic laparoscopy, colon laparoscopy, and prostrate laparoscopy are among the most common procedures. Colon laparoscopy, for instance, is predicted to rise steadily as a result of ongoing innovation aimed at improving its success rate. Thus, this segment is expected to witness a moderate growth rate over the forecast period.
- On other hand, the bariatric surgeries segment is expected to grow at the fastest CAGR during the forecast period owing to the increasing incidence of obesity in adults due to excessive intake of calories and changing lifestyle habits.
Based on the End-user Insights, the market is segmented into Hospital, Clinic and Ambulatory.
- The hospital segment dominated the market with a share of more than 61.80% in 2021. The growth of this segment can mainly be attributed to an increase in the number of patients suffering from various chronic diseases and the consequent rise in surgical procedures. In comparison to other healthcare settings, hospitals see a significantly higher inflow of patients for bariatric surgeries or other laparoscopic procedures, owing to the ease of handling any emergencies that may arise during surgical procedures and the availability of a wide range of treatment options in such facilities.
- Moreover, hospitals are the primary health system in the majority of countries; therefore, the number of laparoscopic surgeries done at hospitals is relatively high than in other healthcare settings, such as Ambulatory Surgery Centers(ASCs) or clinics. Thus, the demand for laparoscopic electrodes in hospitals is comparatively high than in other end-use segments. The ASCs segment is expected to grow at the fastest CAGR during the forecast period.
Laparoscopic Electrodes Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
- February 2019: 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.
Key Companies Profile & Market Share Insights
With the surge in demand for minimally invasive laparoscopic procedures, global manufacturers are enforcing higher product quality through mergers and acquisitions.
Some of the prominent players operating in the global laparoscopic electrodes market include,
- Medtronic
- Ethicon US, LLC. (Johnson and Johnson)
- Olympus Corp.
- CONMED Corp.
- Braun Melsungen AG
- Millennium Surgical Corp.
- LiNA Medical ApS
- AngioDynamics
- Bovie Medical (Apyx Medical)
- RUDOLF Medical
Order a free sample PDF of the Laparoscopic Electrodes Market Intelligence Study, published by Grand View Research.
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