The global endoluminal suturing devices market is anticipated to reach market size of around US$ 80,000 Mn by 2027 and is anticipated to grow at a CAGR of around 12% in terms of revenue during the forecast period 2020 -2027.
Growing trend to minimize invasive procedures has accelerated market demand for medical instruments that enable those procedures. Advances in the methods of suturing and important outcomes in the operations have contributed to a greater use of highly specialized equipment. Devices such as endoscopic suturing have reported considerable market demand and are expected to increase substantially during the forecast period. For specialized endoscopic procedures, physicians use endoscopic suturing instruments to position complete sutures using a flexible endoscope. Because of this endoscopy, there is safe growth in the market. To perform endoscope suturing, a lightweight, durable and advanced endoscopic suturing system is used. Endoscopic suturing technologies encourage an earlier rehabilitation and shorten the total period of stay in hospital environments by aiding with minimum invasive procedures
A booming demand is anticipated to lead the growth of endoscopic suturing instruments for minimally invasive surgery. Additional factors are expected to fuel demand growth, with a widening of suturing practices, increased elderly and technical advances in product expansion. The limits of the demand for endoscopic suturing equipment are that the product is actually without ability and has certain technical limitations. The demand is challenged by advanced wound sealing agents including glues, fibrin and popular surgical adhesives, as well as other sealants. The surgeons and healthcare professionals vigorously support these medications due to reasons including faster recovery time, less blood loss and improved clinical performance. One of the American clauses The Consumer Safety and Health Care Act, which states a 2.3% excise tax on medical devices, would act as a limitation on the overall industry by appointing an extra burden on suppliers of medical devices.
Endoluminal Suturing Devices Industry Background
Suturing devices have been used since 2008 to treat obesity and gastrointestinal defects. Endoluminal suturing equipment is a comparatively young market. Only a few firms sell endoluminal saturation equipment and all are currently undergoing clinical trials and clearance. Leading to rising numbers of patients with gastrointestinal deficiencies and obesity, the market is expected to expand dramatically over the next few years. The need for endoluminal suturing instruments is expected to rise in the future with an increasing impact of minimally invasive surgical therapies. Recently, the FDA approved the launch and marketing of the proxy suture products by Ethicon Endo-Surgery, Johnson's subsidiary. Key companies seek to use less competition in the market to a full degree to gain a large market share.
The endoluminal suturing instruments industry was led by North America and in 2019 accounted for 44.1% of revenues. The presence of a broad patient population and competitive insurance policies was responsible for this. A increasing number of bariatric operations are projected to have direct beneficial impacts on the demand growth of endoluminal suturing products. Accordingly, nearly 252,000 bariatric operations were conducted in the US in 2018 , up from 158,000 in 2011, according to the American Society of Metabalic and Bariatric Surgery. The endoluminal suturing equipment demand in Asia Pacific is projected to rise in the rapidest possible rate because of the strengthened medical facilities and the large populations vulnerable to many chronic conditions. Growing urbanisation and numerous changes in the climate and lifestyle lead to the development of gastrointestinal diseases in the area. Moreover, developed countries like India and China are facing a great number of chronic and infectious diseases, resulting in minimally invasive surgery.
The major players concentrate on the production of advanced endoluminal sutures to enhance patient efficiency. These players concentrate on initiatives like mergers, sales and creative introduction of products. Business leaders in the industry thus profit from the low market competition for endoluminal suturing products and are seeking to grab a large share of the market. Some of the industry players include Apollo Endosurgery, Inc., Medtronic and Johnson and Johnson (Ethicon Endo-Surgery, Inc.). These companies adopt strategies such as mergers and acquisitions, novel product launch to foster business in endoluminal suturing devices industry.
Endoluminal Suturing Devices Market
The global endoluminal suturing devices market is segmented as below:
Endoluminal Suturing Devices Market By Application
Gastroesophageal Reflux Disease Surgery
Endoluminal Suturing Devices Market By End User
Ambulatory Surgical Centers
Endoluminal Suturing Devices Market By Geography
Middle East & Africa
The market for endoluminal suturing devices is expected to reach a market value of around US$ 80,000 Mn by 2027.
The endoluminal suturing devices market is expected to grow at a CAGR of around 12% from 2020 to 2027.
The gastrointestinal surgery is the leading segment by application in the endoluminal suturing devices market.
Increasing demand for minimally invasive procedures is the major factor driving the growth of the market.
Apollo Endosurgery, Inc., Medtronic and Johnson and Johnson (Ethicon Endo-Surgery, Inc.), and others are the prominent players in the market.
North America held the highest market share in the endoluminal suturing devices market.
Asia Pacific is expected to be the fastest growing market over the forecast period.