The global endoscopic closure systems market is poised for substantial growth, with sales projected to reach a valuation of USD 309.2 million in 2023. The market is expected to continue its upward trajectory, exhibiting a robust Compound Annual Growth Rate (CAGR) of 6.3%, and is anticipated to reach USD 570.2 million by 2033. This marks a significant acceleration from the industry’s steady expansion at a CAGR of 4.1% from 2018 to 2022.
Endoscopic closure systems are critical in modern healthcare, particularly for diagnosing and treating a variety of diseases. The increasing demand for endoscopy procedures globally is a key driver of this market growth. Enhanced health insurance coverage for such procedures in regions including the UAE in the Middle East, as well as in affluent nations like the United States, Canada, the United Kingdom, Germany, and Australia, has further incentivized patients and healthcare professionals to adopt endoscopic techniques.
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The rise in endoscopic procedures is largely attributed to their minimally invasive nature, which offers reduced recovery times and lower risk of complications compared to traditional surgical methods. This has led to greater acceptance and preference among patients and healthcare providers alike.
As the market continues to grow, advancements in endoscopic technology and the development of new and improved closure systems are expected to further enhance the efficiency and effectiveness of endoscopic procedures. This ongoing innovation will likely contribute to sustained market growth and the continued adoption of endoscopic techniques in medical practice.
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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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 Market:
- Cooper Surgical Inc.
- US Endoscopy
- Life Partners Europe,
- Ovesco Endoscopy AG
- Apollo Endosurgery, Inc.
- St. Jude Medical, Inc. (Abbott), etc.
- Others
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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