by The Laparoscopic Power Morcellators Market is estimated to be valued at US$ 113.21 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The laparoscopic power morcellators market deals with minimal invasive medical devices used to morcellate tissues during laparoscopic surgeries. These morcellators are used to cut and extract tissues like fibroids and other benign growths through small incisions, thereby avoiding large incisions. The advantages of using morcellators include reduced blood loss, fewer complications, shorter hospital stay, and quicker recovery time for patients.
Market key trends:
One of the key trends driving the growth of laparoscopic power morcellators market is increasing adoption of minimally invasive surgeries. Minimally invasive techniques are preferred over traditional open surgeries as they are associated with less post-surgery complications, minimal scarring, shorter hospital stays, and quicker return to normal activities. According to the Society of American Gastrointestinal and Endoscopic Surgeons, in 2016 approximately 700,000 hysterectomies were performed in United States, out of which around 70% were minimally invasive laparoscopic assisted procedures. Moreover, growing geriatric population who are more prone to health issues like fibroids is also contributing to the demand for less invasive treatment options like laparoscopic morcellation. However, regulations over safety concerns may hinder the market growth.
Porter’s Analysis
Threat of new entrants: The laparoscopic power morcellators market faces low threat of new entrants due to high R&D costs, established distribution channels, and regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of substitutes and standard product offerings.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to dependence on few suppliers for specialized components and switch costs involved.
Threat of new substitutes: Threat of new substitutes is moderate as other minimally invasive surgical devices can be used for tissue removal during laparoscopic procedures.
Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation and expansion.
SWOT Analysis
Strength: Laparoscopic power morcellators offer minimally invasive procedures, faster recovery, reduced hospital stay and costs compared to open surgeries.
Weakness: Product recalls due to safety concerns like spread of occult cancer and regulations limiting usage. High costs of systems.
Opportunity: Growing geriatric population susceptible to gynecological conditions and increased adoption of minimally invasive procedures. Emerging markets in Asia Pacific and Latin America.
Threats: Stringent regulatory approvals and monitoring. Development of alternative tissue removal methods.
Key Takeaways
Global Laparoscopic Power Morcellators Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing demand for minimally invasive procedures. North America dominated the market in 2023, owing to presence of key players, high healthcare spending and regulatory approvals for systems.
The Asia Pacific region is expected to be the fastest growing market for laparoscopic power morcellators during the forecast period. Factors such as rising medical tourism, increasing healthcare expenditure and growing adoption of advanced gynecological treatments are expected to drive regional market growth.
Key players operating in the laparoscopic power morcellators market are LiNA medical, Blue endo, Johnson and Johnson, Hangzhou kangji medical instruments, WISAP medical technology, Zhejiang geyi medical instrument, Karl storz GmbH, Medtronic, Richard wolf GmbH, Lumenis (Boston Scientific Corporation), Nouvag AG, RUDOLF Medical GmbH, and Olympus Corporation. These companies are focusing on new product launches, partnerships and expansion in emerging markets to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
