The Trocars Market is expected to register a CAGR of nearly 4.2% during the forecast period.
The COVID-19 pandemic is expected to have a slightly negative impact on the market in the short term. The lockdown measures across the world have resulted in decreased public mobility and impacted the diagnostic and surgical industry. As per the American Society for Metabolic & Bariatric Surgery (ASMBS), bariatric surgeries are considered non-emergent procedures, due to which, these procedures are put on hold and are experiencing a declining rate. As per a recent study 'Bariatric Surgery During the COVID-19 Pandemic-the Perspective of Physicians and Patients', that was published in September 2020, virtual consultation and telemedicine are considered suitable to continue weight loss programs, as the risks and complications of morbid obesity and surgery during the COVID-19 pandemic is high. The obese population is susceptible to distress and physiological conditions, which has led to a detrimental effect on obesity management during the pandemic. According to a Lancet article titled 'Bariatric and metabolic surgery during and after the COVID-19 pandemic' 2020, obesity treatment has been hugely affected by the pandemic, leaving millions of children, adolescents, and adults at high risk for worsening comorbidities, with less access to treatment and increased risk for poor outcomes from COVID-19. Thus, considering the rising cases of COVID-19 and its significant effect on healthcare systems across the region, it is estimated that the market demand for trocars is likely to be impacted during the pandemic period
Due to the outbreak of COVID-19 worldwide and lockdown situation across some countries, it is expected to show a negative impact on the market due to a hold on services, such as surgeries and other services, in order to prevent the spread of the COVID-19 virus and in fact, the tremendous pressure on the hospitals in providing services to COVID-19 patients is also one of the factors that are inhibiting the hospitals and surgical centers in providing surgical services. Moreover, the impact of COVID-19 on the market might be for short period of time and expected to start surgical services by the hospitals and surgical centers in near future with some challenges in initial period. The market has registered rapid declines in the product revenues over the first few months of the pandemic. Medtronic, one of the leaders in the market, saw its United States weekly revenue drastically fall by 60% with revenue from other regions also negatively affected due to COVID-19. Thus, negative growth is expected in the short term.
As there has been a rise in the prevalence of chronic diseases and obesity, therefore laparoscopy is an operation performed in the abdomen or pelvis using small incisions, which involves a trocar. Moreover, laparoscopy is a minimally invasive surgery and all these factors have increased the demand for laparoscopy. As trocar is one of the essential components in this surgery, increasing demand for laparoscopy is also expected to help the trocar market growth.
The burden of chronic diseases is rapidly increasing around the world. Most of the chronic disease deaths are due to diabetes, cardiovascular diseases, and obesity. These chronic diseases are affecting a large proportion of the population, and these are reportedly appearing earlier in life. The proportion of the burden of chronic diseases or non-communicable diseases was expected to be 57% in 2020 as per the World Health Organization (WHO). The World Health Organization states that chronic diseases are driven by factors, such as globalization of unhealthy lifestyles and ageing population. Unhealthy diets and lack of physical activities are likely to result in increased blood glucose, elevated blood lipids, and obesity. These above health conditions are metabolic risk factors that can lead to cardiovascular disease, which is one of the leading non-communicable diseases in terms of premature deaths.
According to the World Ageing Report 2019, there were approximately 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019 and projected to rise further to 16% by 2050, so that one in six people in the world will be aged 65 years or over. As number of older population are more to prone to different chronic diseases, such as cardiovascular diseases, diabetes, and obesity, which ultimately drives the demand for laparoscopic procedures. Trocars are used in minimally invasive surgeries as a result of which their use is expected to increase due to more laparoscopic procedures.
Key Market Trends
Application in General Surgery is Expected to Show Better Growth Over the Forecast Period
General surgery refers to the surgical specialty that focuses on abdominal contents including the stomach, small intestine, large intestine, liver, pancreas, etc. Due to increasing incidences of liver diseases, gastrointestinal diseases, etc, the demand for minimally invasive general surgeries has increased that require minimum incisions. As a result, the demand for laparoscopic procedures that use trocars has increased. Moreover, gastroesophageal reflux disease is also a prevalent form of gastrointestinal disorder. Minimally-invasive surgery has gained popularity for benign diseases and has proved its safety and efficacy over traditional methods, owing to which, it has gained substantial attention in the past several years due to which there will be a demand for trocars.
The International Foundation for Gastrointestinal Disorders estimated in 2018 that there were approximately 2.4 to 3.5 million annual physician visits for irritable bowel syndrome (IBS) in the United States alone. Irritable bowel syndrome (IBS) is the most common disorder diagnosed by gastroenterologists, which accounts for up to 12% of total visits to primary care providers
General surgery is likely to post the highest growth rate during the forecast period due to lesser healing time when compared to traditional surgeries and its increasing reliance on minimally invasive surgeries.
North America is Expected to Dominate the Trocars Market Over the Forecast Period
The North American countries of the United States and Canada have a developed and well-structured health care system. The number of people suffering from obesity in the United States has been increasing. In 2018, the Centers for Disease Control and Prevention (CDC) estimated that around 39.8% of American adults are obese. Thus, obesity is linked to an increasing number of bariatric surgeries performed each year. The prevalence of obesity is on the rise, and bariatric surgery has proven to be effective in its treatment.
According to the American Society for Metabolic and Bariatric Surgery statistics, around 252,000 surgeries in 2018 in the United States. These statistics show an increase in the number of bariatric surgeries, which drives the growth of the overall market as trocars are used in the case of minimally invasive surgeries.
Furthermore, the majority of the population in Canada and the United States are insured, which enables them to obtain these procedures at subsidized rates. As a result of these factors, this North American region is expected to grow at a robust rate during the forecast period.
Majority of the trocars are being manufactured by a variety of global and regional players. The market is slightly fragmented although there are many large companies. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Growing Demand for Minimally-Invasive Surgery
- 4.2.2 Rising Prevalence of Chronic Diseases and Obesity
- 4.2.3 Technological Advancements in the Field of Laparoscopy
- 4.3 Market Restraints
- 4.3.1 Complications Associated With the Use of Trocars
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Disposable Trocars
- 5.1.2 Reusable Trocars
- 5.2 By Tip Type
- 5.2.1 Bladeless Trocars
- 5.2.2 Optical Trocars
- 5.2.3 Blunt Trocars
- 5.2.4 Bladed Trocars
- 5.3 By Application
- 5.3.1 General Surgery
- 5.3.2 Gynaecological Surgery
- 5.3.3 Urological Surgery
- 5.3.4 Other Surgeries
- 5.4 Geography
- 5.4.1 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.4.2 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 France
- 220.127.116.11 Italy
- 18.104.22.168 Spain
- 22.214.171.124 Rest of Europe
- 5.4.3 Asia-Pacific
- 126.96.36.199 China
- 188.8.131.52 Japan
- 184.108.40.206 India
- 220.127.116.11 Australia
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 126.96.36.199 GCC
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle East and Africa
- 5.4.5 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 B. Braun Melsungen AG
- 6.1.2 CONMED Corporation
- 6.1.3 GENICON, INC.
- 6.1.4 Johnson & Johnson
- 6.1.5 LaproSurge
- 6.1.6 Medtronic PLC
- 6.1.7 Molnlycke Health Care AB
- 6.1.8 Purple Surgical
- 6.1.9 Teleflex Incorporated
- 6.1.10 The Cooper Companies Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS