Canada Laparoscopy Devices Market is expected to grow at a CAGR of 7.31% | BIS Research

The Canada Laparoscopy Devices Market was valued at $392.1 million in 2021 and is anticipated to reach $865.6 million by 2031, witnessing a CAGR of 7.31% during the forecast period 2022-2031. The market is driven by factors such as the rising preference for minimally invasive surgeries, growing geriatric population, rising bariatric population, and rising approval for robotic surgical systems.

Market Lifecycle Stage

The Canada laparoscopy devices market is in the developed phase. The rising preference for laparoscopic surgeries over open surgeries is leading to increased demand for laparoscopy devices such as laparoscopes, energy devices, access and closure devices, and the integration of industry with robotics and AI are some of the major opportunities in the Canada laparoscopy devices market. Furthermore, some of the current key trends in the market are the shift from conventional surgeries to robot-assisted surgery, development and adoption of disposable laparoscopy devices, rising demand for minimally invasive procedures, and increasing number of product launches among market players.

Impact of COVID-19

The COVID-19 pandemic has impacted practically all sectors and social functions worldwide, including the Canada laparoscopy devices market. COVID-19 led to a decline in the Canada laparoscopy devices market, as elective and surgical procedures were stopped during the lockdown.

Overall, the supply side was negatively impacted, especially during the peak of the COVID-19 pandemic. The significantly high number of laparoscopic procedures resumed after the restrictions were lifted, which offset the negative impact and led to the growth of the market in 2021.

In addition to this, the COVID-19 pandemic also helped in the adoption of disposable laparoscopy devices. Single-use laparoscopy devices eliminate the risk of cross-contamination, which turned out to be a favorable condition for their adoption during the COVID-19 pandemic.

Market Segmentation:

Segmentation 1: by Product

•    Conventional Laparoscopy Devices

        o    Laparoscopes

        o    Energy Devices

        o    Hand Instruments

        o    Access Devices

        o    Closure Devices

        o    Insufflators

        o    Others

•    Robotic-Assisted Laparoscopy Devices

        o    Robotic Systems

        o    Instruments and Accessories

        o    Services

The conventional laparoscopy devices segment holds the larger share in the Canada laparoscopy devices market at $350.6 million compared to the robotic-assisted laparoscopy devices segment which is valued at $41.5 million in the year 2021.

Segmentation 2: by Application

•    General Surgery

•    Gynecological Surgery

•    Urological Surgery

•    Bariatric Surgery

•    Other Surgeries

The general surgery segment holds the maximum share in the Canada laparoscopy devices market, and the urological surgery segment is anticipated to be the fastest growing segment in the market during the forecast period 2022-2031.

Segmentation 3: by End User

•    Hospitals

•    Ambulatory Surgery Centers

•    Others

Hospitals account for the major share of the Canada laparoscopy devices market. The growth in the hospital segment is primarily driven by the uptake of laparoscopic procedures by private hospitals.

Recent Developments in the Canada Laparoscopy Devices Market

•    In June 2022, Ethicon, Inc., a subsidiary of Johnson & Johnson, launched the next-gen Echelon 3000 stapler, a closure device for surgical procedures.

•    In April 2022, Ethicon, Inc., a subsidiary of Johnson & Johnson, launched Enseal X1 Straight Jaw Tissue Sealer, a closure device for stronger sealing in several surgical procedures.

•    In December 2021, Medtronic plc received a Health Canada license for its Hugo RAS system for the expansion of robotic-assisted surgery.

•    In December 2021, Intuitive Surgical Inc. received approval from the U.S. FDA for its 8 mm SureForm 30 curved-tip stapler (closure device).

•    In July 2019, Intuitive Surgical, Inc. acquired the robotic endoscope business of Schölly Fiberoptic. Through this acquisition, the company gained access to Schölly’s robotic endoscope manufacturing line.

Demand – Drivers and Limitations

Following are the drivers for the Canada laparoscopy devices market:

•    Rising Preference for Minimally Invasive Procedures

•    Rising Regulatory Approvals for Robotic Systems 

•    Growing Geriatric Population

•    Rising Bariatric Surgeries

The market is expected to face some limitations as well due to the following challenges:

•    Long Waiting Time for Laparoscopic Procedures

•    High Cost of Robotic-Assisted Surgery Systems

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How can this report add value to an organization?

Type: The type segment helps the reader understand the different types of laparoscopy products available in the market. Moreover, the study provides the reader with a detailed understanding of products that fall under the two main segments, i.e., conventional laparoscopy devices and robotic assisted laparoscopy devices.

Growth/Marketing Strategy: The Canada laparoscopy devices market has witnessed major development by key players operating in the market, such as product launches, business expansions, partnerships, collaborations, and regulatory and legal approvals. The favored strategy for the companies has been regulatory and legal activities and new offerings to strengthen their position in the market. For instance, in June 2022, Ethicon, Inc., a subsidiary of Johnson & Johnson, launched the next-gen Echelon 3000 stapler, a closure device for surgical procedures, and in December 2021, Medtronic plc received a Health Canada license for its Hugo RAS system for the expansion of robotic-assisted surgery.

Competitive Strategy: The key players in the Canada laparoscopy devices market analyzed and profiled in the study involve established and emerging players that offer different products for laparoscopic procedures. Moreover, a detailed competitive benchmarking of the players operating in the Canada laparoscopy devices market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Moreover, comprehensive competitive strategies such as partnerships, agreements, collaborations, mergers, and acquisitions will help the reader understand the untapped revenue pockets in the market.

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