Unprecedented challenges are predicted to surround the laparoscopy devices market amidst the COVID-19 pandemic.
Coronavirus Modifies Activities in Operating Theaters to Prevent Spread of Infection
Unprecedented challenges are predicted to surround the laparoscopy devices market amidst the COVID-19 (coronavirus) pandemic. High risks of virus diffusion in operating theatres during surgeries due to the utilization of laparoscopy devices poses a challenge for healthcare workers. Several surgeries for benign gynecological diseases are being performed worldwide that demand the utilization of laparoscopy devices. However, the novel coronavirus is modifying activities in operating theatres, as surgeons are increasing efforts to limit the spread of the infection.
Analysts of the Transparency Market Research (TMR) opine that the laparoscopy devices market is anticipated to experience slowdown in the upcoming months, since patients with non-urgent and non-cancer conditions are postponing their treatment to stay protected from COVID-19. However, manufacturers are tapping into opportunities where there is a need for laparoscopy devices in procedures that involve immediate and emergency intervention.
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Low Cost Rigid Video Laparoscopes Acquire Prominence in Cash-strapped Hospitals
The laparoscopy devices market is estimated to progress at a robust CAGR of ~7% during the forecast period. However, the penetration of diagnostic laparoscopies in rural areas of developing countries such as India is relatively slow, owing to high cost of set up. Hence, companies in the laparoscopy devices market are innovating in low cost alternatives such as rigid video laparoscope devices. This is evident since the revenue of Asia Pacific is predicted for exponential growth during the forecast period.
Manufacturers are upgrading the technology of video cameras and LED (Light Emitting Diode) lights in rigid video laparoscope devices to improve patient outcomes. As such, healthcare practitioners expect phenomenal image quality through rigid video laparoscope devices. High prevalence of laparoscopic surgeries in rural areas of India are creating value-grab opportunities for manufacturers who are increasing the availability of cystoscopes.
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Startups Pave Way for Innovations with Portable Surgical Robot Systems
The laparoscopy devices market is primarily dominated by tier 1 companies. However, surgery instrument startups are posing a stiff competition to key market players. For instance, Surge-on Medical-a Dutch surgery instrument startup, announced to launch its equity crowdfunding campaign to build its portfolio in arthroscopy, laparoscopy devices, and robotic surgeries. As such, the revenue of robot assisted systems dictate the second-highest value among all products in the laparoscopy devices market, where the product’s revenue is expected for aggressive growth during the assessment period.
Startups in the market landscape are increasing their R&D muscle to innovate in minimally invasive laparoscopy devices. They are focusing on cable-free steerable mechanisms in order to build their credibility in the global market landscape. Manufacturers are increasing their production capabilities to produce advanced laparoscopy line products and portable surgical robot systems.
Single Incision Surgeries with Robotic Platforms Increasingly Meet Patient Satisfaction
The scope of robot-assisted single site surgeries is broadening as the laparoscopy devices market matures with an expected revenue of US$ 10.5 bn by the end of 2030. Patients are increasingly demanding single incision and minimally invasive surgeries to reduce incidences of post-surgery complications. Minimally invasive laparoscopy devices are helping to perform complex surgeries and improve patient quality of life. High probability of performing complex surgeries through a single incision has helped to restore faith among patients requiring gynecological and other general surgeries.
Single site surgeries are becoming increasingly popular, owing to its advantageous attributes of reduced morbidity and cater to patient satisfaction. As such, robotic platforms are playing an instrumental role in the adoption of minimally invasive surgeries in hospitals and clinics. The feasibility of single incision robotic colectomy (SIRC) has been validated with years of research evidence and multiple case series published in the laparoscopy devices market.
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Funding for Small Businesses by Biomedical Imaging Institutes Leads to FDA Approvals
There is a growing demand for slender laparoscopy devices that can be inserted through external layers of the skin to provide high quality imagery of internal organs. Hence, organizations such as the National Institute of Biomedical Imaging and Bioengineering (NIBIB) are taking the initiative to launch small business innovation funding. For instance, medtech company ClearCam Inc., gained FDA (Food and Drug Association) approval for its device, which wipes the lens of laparoscopes and mimics the mechanism of a typical wiper blade.
Conventional laparoscopy devices are challenged with the problem of becoming clouded by the condensation of blood, fat, and other particulate matter. Hence, companies in the laparoscopy devices market are increasing their production capabilities to incorporate wiper blade-like features in devices that clear a fogged up laparoscope lens.
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Safe Insertion of Laparoscopy Devices Transform Interventional Radiology Techniques
The laparoscopy devices market is projected for an uptick in Y-o-Y (Year on Year) growth during the assessment period. However, the pace of technological advancements is relatively slow as compared to other medical devices markets. Hence, Dr. Ernesto Molmenti at New York’s nonprofit healthcare provider Northwell Healthcare announced a collaboration with i360medical-a MedTech IP (Intellectual Property) development and commercialization company to reveal their surgical/clinical introducer device that allows surgeons to safely insert instruments into the body of patients. Manufacturers in the laparoscopy devices market are building their credibility credentials as many commercial, clinical, and regulatory experts are investigating the efficacy of cutting-edge laparoscopy devices that are revolutionizing interventional radiology techniques.
Strategic collaborations between companies in the laparoscopy devices market are resulting in better commercialization, design, and developmental advancements in devices. Manufacturers are engaging with clinicians on a weekly basis to deploy design improvements in laparoscopy devices.
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