The global endoscopic closure systems market is poised for significant growth, with a projected value of US$ 570.2 million by 2033. This translates to a promising CAGR of 6.3% from its current value of US$ 309.2 million in 2023. This growth is attributed to the increasing popularity of minimally invasive endoscopic procedures for diagnosing and treating various medical conditions.
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Minimally Invasive Approach Fuels Market Expansion:
The rising demand for endoscopy, a minimally invasive diagnostic and treatment technique, is a key driver for the endoscopic closure systems market. These systems allow surgeons to perform procedures through small incisions, reducing patient recovery time and associated complications compared to traditional open surgeries.
Endoscopic Treatments on the Upswing: A Paradigm Shift in Patient Care:
The development of specialized equipment and techniques that allow for the endoscopic closure of minor GI holes and the rising adoption of minimally invasive endoscopic procedures are the primary drivers of the global endoscopic closure systems industry.
The rising prevalence of stomach and gastrointestinal tumors around the world is expected to have a significant impact on the market. The industry is predicted to develop dramatically as the population of senior adults grows.
Endoscopic surgery is popular because it allows access to internal organs through microscopic incisions and cutting-edge equipment, resulting in less discomfort and a fast recovery than traditional surgical approaches. These considerations necessitate the use of endoscopic closure technologies.
Demand Outpaces Supply: Skilled Endoscopic Closure Experts in Short Supply:
Certain hurdles are likely to make market expansion difficult even though endoscopic closure systems have several uses. Since there are not enough trained people with endoscopic treatment administration experience, the endoscopic closure systems industry can’t expand. The high cost, infection risk, and tight rules and regulations imposed by several governmental organizations may restrict the endoscopic closure systems industry.
Regional Outlook:
North America’s market is set to account for 34.5% of the total market share even though endoscopic closure systems have several uses. North America controls the market. Investments in technologically advanced research and treatment platforms, rising cancer and GI tract problem incidence, and many endoscopic clip manufacturers in the region are expected to be significant growth factors in the endoscopic closure systems industry
The growing usage of improved diagnostic tools in gastrointestinal (GI) disorders such as inflammation, surgical anastomoses, neoplastic fistulae, and important endoscopic closure systems manufacturers are thrusting growth in the United States.
Europe ranked second in market share for endoscopic closure systems, with 26.4% by 2023. Sales are projected to expand in the future years as government healthcare spending increases. The primary factors spurring market expansion in the region include increased arterial bleeding among cardiac patients and surgeries associated with the GI system, which account for a significant market share and have a big patient base.
The expansion of ambulatory clinics in the region and the increase in the number of endoscopic ultrasonography operations performed suggest a possible need for an endoscopic closure system.
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Global Endoscopic Closure Systems Market Key Takeaways:
- The endoscopic vacuum-assisted closure systems segment in the product type category to grab a share of 25.4% from 2023 to 2033.
- In the end-user category, the hospitals segment is to capture a market share of 67.3% between 2023 and 2033.
- Europe’s endoscopic closure systems industry is estimated to acquire a share of 26.4% by 2023.
- The United States endoscopic closure systems business is likely to obtain a share of 30.1% by 2023.
- Germany’s endoscopic closure systems industry is expected to grab a share of 4.8% by 2023.
- Japan’s endoscopic closure systems industry is projected to hold a share of 4.4% by 2023.
- Australia’s endoscopic closure systems demand is anticipated to expand at a CAGR of 5.6% by 2023.
- China’s endoscopic closure systems business is predicted to expand at a CAGR of 7.7% through 2033.
- India’s endoscopic closure systems sales are estimated to develop at a CAGR of 6.3% from 2023 to 2033.
- The United Kingdom’s endoscopic closure systems sales are estimated to evolve at a CAGR of 4.4% through 2033.
- North America’s endoscopic closure systems business is likely to acquire a share of 34.5% by 2023.
Competitive Landscape:
The competition in the endoscopic closure systems industry is intense, with various companies contending for market dominance. Further, endoscopic closure systems manufacturers strive to develop innovative and efficient closure systems as the demand for minimally invasive procedures boosts. Skilled professionals are in high demand to meet the growing needs of the medical community.
Recent Breakthroughs:
- In February 2022, Cooper Companies announced signing a legally binding letter of intent to purchase Cook Medical’s Reproductive Health Business, which manufactures minimally invasive medical devices.
- Cantel Medical is a global supplier of infection prevention products and services to customers in endoscopy, dentistry, dialysis, and life sciences. STERIS plc revealed the acquisition of Cantel Medical in June 2021.
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Key Players Profiled in the Global Endoscopic Closure Systems Market:
- Cooper Surgical Inc.
- US Endoscopy
- Life Partners Europe,
- Ovesco Endoscopy AG
- Apollo Endosurgery, Inc.
- St. Jude Medical, Inc. (Abbott), etc.
- Others
Global Endoscopic Closure Systems Market Key Segmentation:
By Product Type:
- Endoscopic clips/Endoclips (Over-the-scope Clips)
- Overstitch endoscopic suturing system
- Cardiac septal defect occluders
- Endoscopic vacuum-assisted closure systems
- Others
By End-user:
- Hospitals
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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