Global Endoluminal Suturing Devices Market Size By Product Type (Single-Use, Reusable), By Application (Bariatric Surgery, Gastrointestinal (GI) Surgery), By End-Use (Hospitals, Ambulatory Surgical Centers), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEndoluminal Suturing Devices Market Size And Forecast
Endoluminal Suturing Devices Market size was valued at USD 75.6 Million in 2022 and is projected to reach USD 177.06 Million by 2030, growing at a CAGR of 11% from 2023 to 2030.
So, why is the market blowing up right now? Well, a lot of it has to do with things like rising obesity rates and more and more people wanting weight loss surgery that's minimally invasive. Obesity is a real problem; it’s a major health risk and the second biggest killer in the US. The Centres for Disease Control and Prevention (CDC) says that back in 2018, over 42% of adults in the US were considered obese, with 9.2% struggling with severe obesity. Now, these endoluminal surgeries, they're minimally invasive – think tiny incisions using suturing and stapling inside a hollow organ. People are digging these procedures because they're learning about less invasive options and seeing that there are fewer complications afterward, so that's fueling the demand.
Global Endoluminal Suturing Devices Market Definition
Endoluminal suturing devices? Think of them as tiny helpers for surgeons, used to seal or repair tissue inside you. They're designed to go in through a small incision – perfect for minimally invasive surgeries like laparoscopic or endoscopic procedures. These devices usually have three partsa handle for the surgeon to control things, a suture needle to pierce the tissue, and suture material to close everything up. The great thing about them is that surgeons can do really complex repairs with less cutting, which means less pain and a faster recovery for you!
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Global Endoluminal Suturing Devices Market Overview
The rising obese population and chronic illnesses resulting in patient pools, as well as the increasing desire for minimally invasive operations, are the primary drivers driving the worldwide growth of the Endoluminal Suturing Devices Market. Obesity has become a global pandemic, posing a serious health risk as well as being the second most avoidable cause of death in the United States. According to the Centres for Disease Control and Prevention (CDC), the obese population in the United States was 42% in 2018, with individuals suffering from severe obesity accounting for 9.2%.
Endoluminal surgery meets the desire of patients for less invasive procedures conducted in a hollow organ employing suturing and stapling surgical methods. Endoluminal operations are becoming more popular as people become more aware of the benefits of less invasive treatments and the reduction in post-surgical problems. These reasons will help to explain the growth of the market for endoluminal suturing devices. Other factors driving market growth include an increase in the number of suturing operations, an increase in the elderly population, and technological advancements in the manufacture of suturing equipment.
Basically, the endoluminal suturing device industry is facing some tough times. These devices can be a little clunky and have some limitations, which really hampers their progress. Plus, they're up against some pretty stiff competition from things like fibrin, glues, and medical adhesives. Doctors and nurses often prefer these alternatives because they're easier to use, cause less bleeding, help wounds heal faster, and generally lead to better results. To top it all off, that 2.3% excise tax on medical equipment here in the US, thanks to the PPACA, is putting a global damper on things too.
Endoluminal suturing robotics have been established to address issues such as the use of endoluminal suturing devices in confined places, error reduction, and robotic surgery also allows the surgeon to imitate human wrist movement. Furthermore, the use of robotics allows the surgeon to have some mobility with the robotic arm and greater control of three-dimensional vision.
Global Endoluminal Suturing Devices MarketSegmentation Analysis
The Global Endoluminal Suturing Devices Market is Segmented on the basis of Product Type, End-use, Application, and Geography.
Endoluminal Suturing Devices Market, By Product Type
- Single-Use
- Reusable
Based on Product Type, the market is segmented into Single-Use and Reusable. In 2022, the single-use category will account for the majority of revenue in the worldwide Endoluminal Suturing Devices Market. This is related to an increase in the need for minimally invasive surgeries, the incidence of GI illnesses, and the preference for disposable medical equipment. Single-use devices have several advantages, including less cross-contamination, increased safety, and convenience of handling and storage.
Furthermore, these instruments do not require sterilisation or maintenance, which reduces the overall cost of operation. During the forecast period, the reusable category is predicted to have a consistently rapid revenue growth rate in the worldwide Endoluminal Suturing Devices Market. This is owing to a greater emphasis on sustainability and environmental responsibility, as well as cost-effectiveness and technical advancements in the manufacturing process.
Endoluminal Suturing Devices Market, By Application
- Bariatric Surgery
- Gastrointestinal (GI) Surgery
- Others
Based on Application, the market is segmented into Bariatric Surgery, Gastrointestinal (GI) Surgery, Others. In 2022, the gastrointestinal surgery category had the highest revenue growth rate in the worldwide Endoluminal Suturing Devices Market. This is owing to an increase in the prevalence of GI illnesses such as Gastroesophageal Reflux Disease (GERD), Inflammatory Bowel Disease (IBD), and Colorectal Cancer, as well as an increase in the demand for Minimally Invasive Surgeries (MIS).
Endoluminal suturing devices are used in gastrointestinal operations to suture and seal perforations, create anastomoses, and mend fistulas. Furthermore, these technologies provide many benefits such as shorter surgery times, shorter hospital stays, and faster recovery. During the forecast period, the bariatric surgery segment is estimated to account for a sizable revenue share of the worldwide Endoluminal Suturing Devices Market. This is owing to the rising incidence of obesity and its associated comorbidities, which include type 2 diabetes, hypertension, and cardiovascular disease.
Endoluminal Suturing Devices Market, By End-use
- Hospitals
- Ambulatory Surgical Centers
- Others
Okay, so when we look at where these endoluminal suturing devices are used, we're talking Hospitals, Ambulatory Surgical Centers, and, well, Others. Right now, hospitals are leading the pack and are expected to stay there for a while. Why? Think about the rise in chronic illnesses and more folks getting bariatric surgery. Plus, you've got more patients and better healthcare in general. The presence of trained pros and more money being spent on healthcare in places like the United States is a big deal too! But hey, Ambulatory Surgical Centers are growing fast! It's all about those minimally invasive surgeries that let you get back home sooner.
Endoluminal Suturing Devices Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Looking at the different regions, we can see the Endoluminal Suturing Devices Market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Right now, North America is in the lead, mainly because there are a lot of patients who could benefit from these devices, and the reimbursement policies are pretty good. Plus, with more and more people getting bariatric surgery, that's only going to help the market grow. But don't count out the Asia Pacific region! It's expected to grow the fastest, thanks to better healthcare and a large population that's susceptible to various chronic diseases.
Key Players
The “Global Endoluminal Suturing Devices Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Teleflex Incorporated, Apollo Endosurgery, Inc., Medtronic plc., Boston Scientific Corporation, Olympus Corporation, Cook Medical, EndoEvolution, LLC, Ethicon US, LLC (a subsidiary of Johnson & Johnson), Sewa Medicals Limited.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In July 2022, Medtronic, a leading medical technology company, and the American Society for Gastrointestinal Endoscopy have announced plans to expand the Medtronic-Health-Equity-Assistance-Program for colon cancer screening across the United States with the help of Amazon Web Services’ (AWS) Health Equity Initiative.
- In May 2022, Aesculap and True Digital Surgery reinforced their long-term collaboration in robotically-controlled-3D-digital visualization by establishing a new distribution agreement. Aesculap has officially awarded the Aesculap Aeos electronic surgical microscope long-term exclusive distribution rights. A deal was struck between Aesculap AG and True Digital Surgery, Inc.
- In January 2022, Endo Tools Therapeutics (ETT), a provider of complex endoscopic medical devices for gastroenterologists, announced the FDA 510(k) approval of the domina system, which was designed for endoscopic suture application and soft tissue approximation in the gastrointestinal tract on adults. A global triangulation platform with a tissue piercing and approximation device comprises the domina system.
- In September 2021, Boston Scientific Corporation purchased Devoro Medical, a company specializing in the development of minimally invasive technologies for the treatment of different GI illnesses. Boston Scientific will be able to increase its product portfolio as a result of this purchase, providing clinicians with more treatment options.
- In June 2021, Ethicon, a Johnson & Johnson subsidiary and a leader in flexible endoluminal robotics and soft tissue microwave ablation, stated that the National Institute for Health and Care Excellence (NICE) new medical technology guidelines has endorsed the use of its Plus Sutures.
- In February 2020, Medtronic plc. acquired Digital Surgery, a company that specialises in the development of digital tools for surgical teaching and training. Medtronic will be able to expand its surgical solution portfolio while providing clinicians with cutting-edge training and instructional resources as a result of this purchase.
- In December 2020, Reshape Lifesciences has acquired Apollo Endo-surgery, Inc.’s surgical product line laparoscopic bariatric surgery. This will expand Apollo’s Endo-bariatric product line.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Endoluminal Suturing Devices Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Endoluminal Suturing Devices Market gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES | DETAILS |
---|---|
STUDY PERIOD | 2019-2030 |
BASE YEAR | 2022 |
FORECAST PERIOD | 2023-2030 |
HISTORICAL PERIOD | 2019-2021 | </t
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