There are an estimated 2.5 million laparoscopic procedures performed annually in the United States. Of these procedures, almost 1 million are cholecystectomies (surgical removal of the gallbladder).
In 2010, the worldwide laparoscopic instrument market was estimated at $6 billion, with annual growth of 7% to 9%. The global trocar and closure market have yearly revenues of approximately $800 million and $200 million, respectively.
According to MarketStrat, Johnson & Johnson dominates the trocar market with its 50% share, followed by Covidien (30%), Applied Medical (15%), and others (5%).
The market seeks an easy-to-use, cost-effective device that provides physicians with a reliable method for suturing the fascia.