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%. 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.
Prominent players in the market include Medtronic (Ireland), Ethicon (US), and The Cooper Companies (US).
The key strategies followed by most companies in the trocars market are expansions, agreements, and collaborations to achieve growth in the global trocars market. The strategy of expansions accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
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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. The company focuses on organic strategies such as expansions to strengthen its position in the market. For instance, in 2016, the company established new Asia Pacific regional headquarters in Singapore. The expansion strengthened the company’s business operations in 80 locations across the Asia Pacific region.
Ethicon (US) ranked second in the trocars market in 2017. Ethicon develops, manufactures, and markets disposable trocars with innovative technologies. The company’s broad portfolio includes bladed trocars, bladeless trocars, blunt trocars, and accessories. The company has a strong presence across the globe with direct distribution channels. A good brand image for trocars in the market helped the company to maintain its leading position in the market.
The Cooper Companies
The Cooper Companies (US) held the third place in the trocars market in 2017. To remain competitive in the market, the company offers unique trocars that include pyramidal tip trocars and conical tip trocars. It has a strong presence across all regions in more than 100 countries. Such a wide presence helped the company to maintain its position in the trocars market.