The endoscopic closure devices market is anticipated to be significantly impacted by the investments in scientific platforms for cutting-edge research and treatment, the prevalence of G.I. tract disorders and cancers, and numerous endoscopic clip producers in the emerging region.
Newark, Dec. 01, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the endoscopic closure system market will grow from USD 485.66 million in 2022 and reach USD 852.71 million by 2030. Increased need for endoscopy to identify and treat target diseases is anticipated to fuel market revenue growth for endoscopic closure systems. Health insurance companies in a few Middle Eastern countries, including the UAE, and wealthier nations, including the US, Canada, the UK, Germany, and Australia, also cover these procedures. These factors also influence patients’ and doctors’ preferences for endoscopic procedures.
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Key Insight of the Endoscopic Closure System Market
Asia-Pacific dominated the endoscopic closure system market with a market share of 34.57% in 2022.
Due to factors such as growing senior populations, increasing GI tract disease prevalence, and rising health consciousness, the Asia Pacific is expected to witness a considerable growth rate of 9.23% in the endoscopic closure system market throughout the forecast period. Increasing the need for high-quality medical care, the popularity of endoscopic equipment and technical improvements drive the market in such a region. Rising healthcare costs and favourable reimbursement regulations fuel market expansion in the Asia Pacific region. Additionally, the growth of government investments in the healthcare industry is speeding up the demand for endoscopic closure systems. The extensive use of endoscopy and growing demand for minimally invasive procedures contribute to China’s anticipated growth.
By 2022, Europe held the second-highest market share for endoscopic closure systems, with 29.34%. As government healthcare spending rises, sales are expected to rise in the coming years. The key factors driving market expansion in the region are the rise in arterial bleeding among cardiac patients and the surgeries connected to the GI system that accounts for a significant share of the market and have a large patient base. A potential need for the endoscopic closure system is also presented by the expansion of ambulatory clinics in the region and the rise in the number of endoscopic ultrasonography procedures carried out.
Endoscopic closure system Market Scope:
|Growth momentum & CAGR||Accelerate at a CAGR of 7.29%|
|Market growth 2022-2030||USD 852.71 million|
|Regional analysis||APAC, Europe, North America, South America, and MEA|
|Performing market contribution||Asia-Pacific dominated the endoscopic closure system market with a market share of 34.57% in 2022.|
|Competitive landscape||Leading companies, competitive strategies, consumer engagement scope|
|Companies profiled||CooperSurgical Inc.,US Endoscopy,Life Partners Europe,Ovesco Endoscopy AG,Apollo Endosurgery, Inc.,St. Jude Medical, Inc. (Abbott),Boston Scientific Corporation,Olympus Corporation,B. Braun Melsungen AG.,Medtronic,Steris, Ltd.,Teleflex Incorporated|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
Endoscopic Clips/Endoclips (Over-the-Scope Clips) dominated the market with a market share of 24.83% in 2022.
Endoscopic Clips/Endoclips (Over-the-Scope Clips) dominated the endoscopic closure system market with a market share of 24.83% in 2022. An endoclip is a metallic mechanical tool used in endoscopy to join two mucosal surfaces without sutures or surgery. Although it can be placed through an endoscopic channel under direct view, its objective is comparable to the function of a suture in gross surgical applications, where it is utilised to bring together two distinct surfaces. Endoclips are used for various treatments, including polypectomy, to stop bleeding following therapeutic procedures and to close gastrointestinal perforations. They can treat bleeding in the upper and lower GI tracts. Numerous types of endoclips are available in various sizes and shapes, including two and three-prong devices.
The hospital segment dominated the market with a market share of 61.02% in 2022.
The hospital segment led the market by accounting for over 61.02% of global revenue in 2022. This is due to various reasons, including that minimally invasive surgery is becoming popular because it leads to shorter hospital stays, less financial hardship, and quicker patient recovery. In addition, the evolution of the endoscopic closure system was supported by hospitals’ expansion and their collaboration with research organisations to create cutting-edge surgical techniques.
Advancement in market
CooperCompanies stated in February 2022 that it had signed a legally binding letter of intent to purchase Cook Medical’s Reproductive Health business, which makes minimally invasive medical devices.
Cantel Medical is a global provider of infection prevention products and services to endoscopy, dental, dialysis, and life sciences Customers. In June 2021, STERIS plc announced the acquisition of Cantel Medical.
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Driver: Increased use of endoscopic treatments
The development of specialised equipment and techniques that allow for the endoscopic closure of minor GI perforations and the increased acceptance of minimally invasive endoscopic operations are the main drivers of the growth of the global endoscopic closure systems market. Numerous endoscopic closure devices, such as Bio-absorbable plugs by W.L. Gore and Associates, Mucosal clips by Boston Scientific Inc., End loops by Olympus Corporation, etc., are being developed and tested in animal models. The increasing prevalence of stomach and gastrointestinal tumours worldwide is predicted to impact the market substantially. The market is expected to expand significantly as senior citizens grow. Endoscopic surgery is well-liked because it accesses interior organs using tiny incisions and cutting-edge technology, resulting in less discomfort and a speedier recovery than conventional surgical methods. These factors most likely create the requirement for endoscopic closure systems.
Restraint: Endoscopic closure system lacks skilled professionals
Although endoscopic closure systems have numerous applications, various challenges will likely make market expansion challenging. The market cannot grow since there aren’t enough skilled people with endoscopic treatment administration experience. The high cost, the risk of infection, and the stringent norms and restrictions by numerous governmental organisations will restrict the market for the endoscopic closure system.
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Some of the major players operating in the endoscopic closure system market are:
• CooperSurgical Inc.
• US Endoscopy
• Life Partners Europe
• Ovesco Endoscopy AG
• Apollo Endosurgery, Inc.
• St. Jude Medical, Inc. (Abbott)
• Boston Scientific Corporation
• Olympus Corporation
• B. Braun Melsungen AG.
• Steris, Ltd.
• Teleflex Incorporated
Key Segments cover in the market:
By Product Type:
• Overstitch Endoscopic Suturing System
• Endoscopic Vacuum-assisted Closure Systems
• Endoscopic Clips/Endoclips (Over-the-Scope Clips)
• Cardiac Septal Defect Occluders
• Ambulatory Surgical Centers
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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