Endoscopic Closure Systems Market : A Comprehensive Overview of the Industry’s Key Players and Trends
The global endoscopic closure systems market size was USD 632.0 Million in 2021 and is expected to register a revenue CAGR of 6.9% during the forecast period, according to latest analysis by Emergen Research. Surging requirements for endoscopy to diagnose and treat target diseases is projected to drive revenue growth of the endoscopic closure systems market between 2022 to 2030. Endoscopy operations are minimally invasive surgical procedures that involve use of small tubes, miniature cameras, and surgical tools through one or more small incisions. Main benefits of endoscopic procedures include less pain, shorter or no hospital stay, or fewer difficulties with pre- and post-surgery treatment, due to which, these operations are more affordable, successful, and safer than conventional open surgeries.
The most popular therapeutic method for treating an iatrogenic perforation is endoscopic closure. In the treatment of all GI wall abnormalities, endoscopic procedures have been demonstrated to be quite effective in lowering morbidity and mortality.
In addition, health insurance companies in wealthy nations including the U.S., Canada, the UK, Germany, Australia, and a few Middle Eastern nations including the UAE cover these operations. Moreover, these factors lead to a high preference for endoscopy procedures among patients and physicians. Every year, nearly 11.0 million colonoscopies, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasound examinations, and 169,500 endoscopic retrograde cholangiopancreatography procedures are performed in the U.S. (Source: Gastroenterology 2019).
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The report also discusses the key players involved in the market such as Coopersurgical, Inc., Steris, Ltd., Inc., Apollo Endosurgery, Ltd., Boston Scientific Corporation, Ovesco Endoscopy AG, Abbott Laboratories Ltd., Medtronic, Olympus Corporation, Teleflex Incorporated, and B. Braun Melsungen AG and others as well as new entrants in the market. It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others. The report also provides details about the company overview, business expansion plans, product portfolio, manufacturing and production capacity, global market position, financial status, and consumer base.
Further key findings from the report suggest
- The endoscopic suturing segment is expected to expand at a substantially rapid revenue CAGR during the forecast period. Endoscopic suturing is a cutting-edge method that has recently become popular for perforation closure. The OverStitch by Apollo Endosurgery, U.S., is an over-the-scope suturing device that has greatly aided development of this technique. Components of this endoscopic suturing tool are a catheter-based suture anchor, an operating handle attached to endoscope’s instrument channel’s neck, and a curved suturing needle that is put on endoscope’s tip. While both running and interrupted stitches can be used, many full thickness sutures can be administered without the need to retract scope. In addition, this procedure takes anywhere between 5 and 15 minutes and only 1 to 3 sutures are often required to permanently close a defect measuring 3 to 4 cm, which gives it advantage over other techniques, which is expected to drive revenue growth of this segment.
- The Europe region is expected to register a considerably steady revenue growth rate in the global endoscopic closure systems market over the forecast period. Growth of the market can be attributed to rising number of people with chronic diseases and increased knowledge for use of endoscopic closure systems. For instance, a 2019 report from European Commission found that 58% of Germans over 65 have at least one chronic illness, which is a little higher rate than in other European nations. The market in this region is also being driven by rise in endoscopic surgery procedures using endoscopic closure systems in Germany and increase in endoscopic closure device product development efforts.
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Emergen Research has segmented the global endoscopic closure systems based on product, distribution channel, end-use, and region:
- Product Outlook (Revenue, USD Million; 2019–2030)
- Endoscopic Clips/Endoclips (Over-the-scope Clips)
- Overstitch Endoscopic Suturing System
- Endoscopic Vacuum Assisted Closure Systems
- Other Products
- Distribution Channel Outlook (Revenue, USD Million; 2019–2030)
- End-use Outlook (Revenue, USD Million; 2019–2030)
- Ambulatory Surgery Centers
Major Regions Covered in the Endoscopic Closure Systems Market Report:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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