Laparoscopic Electrodes Market size is projected to experience significant growth from 2019 to 2025. Increasing demand for laparoscopic procedures due to growing usage in diagnosis of various chronic and internal disorders such as colorectal cancer and other gynecological disorders will boost the demand for laparoscopic electrodes. For instance, as per the 2014 estimates of Healthcare Cost and Utilization Project (HCUP), more than 100 thousand laparoscopic procedures for gastrointestinal therapeutics were performed in ambulatory surgical settings in the U.S. Growing emphasis on minimally invasive surgical procedures will further drive the industry growth in the future.
Increasing prevalence of colorectal cancer and other gastrointestinal disorders will boost the demand for laparoscopic procedures, thus fostering business growth. For instance, more than 300 thousand new cases of colon cancer were diagnosed in Europe in 2018. Increasing pervasiveness of various lower-abdominal cancer cases will significantly escalate the growth of laparoscopic electrodes market in the future.
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However, increasing use of robot-assisted surgeries in developed economies coupled with dearth of skilled professionals in developing economies will hamper the market growth in the future.
Monopolar electrodes segment is estimated to hold significant revenue size over the forecast years. Various advantages associated with monopolar laparoscopic electrodes such as ease-of-handling, rapid exchange of individual components and robust ceramic tips will increase the device preference among physicians. Moreover, owing to wide array of applications such as laparoscopic and thoracoscopic surgeries will drive segmental growth.
Endoscopy segment will show robust growth over the projected timeframe as the device offers flexible and efficient diagnosis of hollow cavity or organ of the patient’s body. Moreover, various technological and design improvements will foster the use of laparoscopic electrodes in various endoscopic procedures. Increasing demand for minimally invasive surgeries will further lead to high usage of laparoscopic electrodes during endoscopy.
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Hospitals segment will hold a significant revenue size over the estimated period owing to the availability of skilled healthcare personnel that are capable of using laparoscopic electrodes. Presence of state-of-the-art facilities coupled with increasing government funding in developing nations to develop healthcare infrastructure will augment business growth.
U.S. laparoscopic electrodes market is expected to dominate the overall market across the forecast timeframe. Presence of large number of skilled healthcare personnel coupled with increasing preference for minimally invasive surgeries will be the major growth driving factor. Moreover, increasing adoption of technically advanced surgical instruments will be conducive to market growth.
India laparoscopic electrodes market will witness lucrative growth opportunities over the upcoming years period owing to the presence of a large number of people suffering from colon and lower GI tract diseases. For instance, as per the WHO estimates, in 2018, more than 50 thousand new cancer cases of lower GI tract were diagnosed. Furthermore, increasing investment for development if healthcare infrastructure will further boost market growth.
Few of the prominent players operating in the global laparoscopic electrodes market include B. Braun, Bovie Medical, Bharat Surgical Co, Erbe and Medtronic among other players. These industry players implement various strategic alliances such as mergers & acquisitions, partnerships, strategic collaborations, and new product launch to enhance profitability and company growth.