Expansion in Emerging Economies in Asia Pacific and Latin America to Offer Opportunities to Laparoscopic Clips Manufacturers
- Asia Pacific consists of China, Japan, India, Australia, and New Zealand. The region is projected to be the most attractive market for laparoscopic clips in the near future. Growth of the market in the region is expected to be supported by India, China, and Japan. Japan is one of the largest medical devices markets, while China and India are the most populated countries.
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- Rise in per capita income, developing medical sector, and acceptance of newer technology are the major factors favoring the market
- Emerging economies are major markets for laparoscopic clips due to expansion of health care infrastructure in these countries
- Surge in trend of medical tourism, developing medical sector, and rise in the availability of skilled doctors & advanced technology have increased the number of laparoscopic procedures which in turn drives the laparoscopic clips market in Asia Pacific
- Economic development, rise in disposable income of patients, and increase in health care awareness in Asia and Latin America are gradually attracting major players to expand their business in these regions
- The Government of China has increased investments in the health care sector, allowing more training opportunities for surgeons and development of infrastructure. These trends will have a positive impact on the laparoscopy clips market in the region.
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Key Drivers and Restraints of Global Laparoscopic Clips Market
- Rise in obesity rate across the globe increases demand for laparoscopic surgeries. This in turn is expected to augment the global laparoscopic clips market in the near future. Currently, North America has the largest number of laparoscopic surgeries being performed every year. However, growing medical tourism is likely to make Asia Pacific the next major destination for laparoscopic surgeries.
- According to the World Health Organization, obesity rate is rising across the globe. The global obese population was estimated to be 1.4 billion adults and more than 40 million children under the age of five in 2010
- Laparoscopic procedures are minimally invasive, as these involve small incisions in the patient’s body, unlike an open surgery. Minimally invasive surgery offers fast recovery time, reduces the risk of atrial fibrillation and is less time consuming. This attracts a lot of consumer attention, which in turn drives the market.
- Laparoscopic procedures, like any other health care related procedure, have the risks of side effects. Studies have shown that patients experience bodily disorders such as post-surgery pain, damaged tissues & blood vessels, and gastrointestinal disorders post a laparoscopic procedure. These side effects act as a restraint of the laparoscopic clips market.
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Polymeric Absorbable Clips Segment to Expand Significantly
- In terms of type, the global laparoscopic clips market can be bifurcated into polymeric absorbable clips and metallic clips
- The polymeric absorbable clips segment dominated the market owing to high potential of providing long-term benefits to patients following laparoscopic surgery because it prevents the impact of foreign bodies
Hospitals Dominated Global Market
- Based on end-user, the global laparoscopic clips market can be classified into hospitals, clinics, medical research centers, and others
- The hospitals segment is projected to witness strong growth due to rise in laparoscopic procedures at these settings
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North America to Lead Global Laparoscopic Clips Market
- In terms of region, the global laparoscopic clips market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to account for major share of the global laparoscopic clips market during the forecast period, owing to continuous technological innovations and available capital to upgrade to latest expensive equipment
Key Manufacturers Operating in Market
The global laparoscopic clips market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Aesculap, Inc. (B. Braun Melsungen)
- Medtronic
- LocaMed
- Ovesco Endoscopy AG
- Ethicon, Inc. (Johnson & Johnson)
- Teleflex Incorporated
- CONMED Corporation
- Cooper Medical
- HOYA Corporation
- GENICON
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