The trocars market is expected to reach USD 762.3 million by 2023 from USD 538.5 million in 2018, at a CAGR of 7.2% according to the latest MarketsandMarkets (MnM) analysis. The key strategies followed by most companies in the trocars market are expansions, agreements, and collaborations to achieve growth in the global trocars market.
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Increasing preference for minimally invasive surgeries over conventional open surgeries and rising prevalence of cancer, hernia, and appendicitis are the major factors driving the growth of the market. Emerging economies such as India and China provides opportunities for players operating in the trocars market.
Key Market Players
Key players in the trocars market include Medtronic (Ireland), Ethicon (US), B. Braun (Germany), Applied Medical (US), Cooper Companies (US), Teleflex (US), ConMed (US), LaproSurge (UK), Purple Surgical (UK), and GENICON (US).
Medtronic held the leading position in the trocars market in 2017. The company’s leadership position in the market can be attributed to its strong geographic presence in over 155 countries and diversified product portfolio, which includes bladeless, optical, blunt, and bladed trocars.
Growing preference for minimally invasive surgeries
The demand for minimally invasive surgeries (MIS) has grown over the years owing to their advantages over conventional surgical techniques. Apart from time and cost reductions, minimally invasive surgeries are also associated with increased safety, decreased scarring, faster recovery, and decreased hospital stay. A news article published in JAMA (Journal of the American Medical Association) stated that research conducted by investigators at Johns Hopkins Medicine (Johns Hopkins University (US)) showed that American hospitals could collectively save between USD 280 million and USD 340 million a year by performing MIS instead of traditional surgeries.
Market Segmentation
The MnM report throws light on an inclusive segmental analysis of the global Genotyping Assay market based on Product Type, Application & End user.
· Bladeless trocars segment is expected to account for the largest share of the trocars market
· The general surgery segment is estimated to grow at the highest CAGR during the forecast period
· Disposable trocars are expected to account for the largest market share
Regional Analysis
Based on region, the trocars market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the global trocars market.
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The large share can primarily be attributed to the increasing prevalence & incidence of cancer, hernia, and appendicitis. The strong presence of major market players in this region ensures easy access to trocars.
