Endoluminal Suturing Devices Market Expected to Flourish in Coming Years says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

28 Mar, 2023, 10:53 GMT

LONDON, March 28, 2023 /PRNewswire/ -- The Global Endoluminal Suturing Devices Market is slated to amplify with a CAGR of 6.5% over the assessment timeline of 2022-2029.

Endoluminal suturing devices are referred to a type of medical devices which are equipped with the ability to close punctures or incisions in the walls of vessels or hollow body organs during a minimally invasive surgical process. These devices comprise of a catheter-like tube that is flexible in nature along with a needle at the end. This allows surgeons to insert these devices directly into the body through a small incision. They are particularly useful in procedures such as gastric bypass surgery, endoscopic suturing of gastrointestinal perforations, and closure of oesophageal fistulas, among others.

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Global Endoluminal Suturing Devices Market Outlook (2022-2029)

Growing pervasiveness of chronic ailments worldwide, escalating demand for minimally invasive surgeries, and technological advancements in the healthcare sector are primarily augmenting the outlook of this business sphere.

Furthermore, rising healthcare expenditure across various regions, increasing R&D investments in the field, along with the surge in the population of older adults are creating lucrative opportunities for this marketplace to prosper.

Alongside, rapidly improvements in the healthcare infrastructure of various nations, unhealthy lifestyle trends of the masses, and surge in medical tourism in developed countries are aiding the expansion of the Global Endoluminal Suturing Devices Market.

On the contrary, high cost of these devices and shortage of skilled medical professionals are hindering the remuneration of this industry vertical.     

Competitive Hierarchy

The prominent players characterizing the competitive terrain of the Global Endoluminal Suturing Devices Market are Apollo Endosurgery Inc., Ethicon Endo-Surgery, Boston Scientific Corporation, Medtronic plc, Cook Group Incorporated, USGI Medical Inc., Stryker Corporation, Thermo Fisher Scientific Inc., ErgoSuture, and Sutrue Ltd.

Segmental Outlook

By Application:

  • Bariatric Surgery
  • Gastrointestinal Surgery
  • Gastroesophageal Reflux Disease Surgery

By Component:

  • Suction Port
  • Cannula
  • Needle

By End User:

  • Hospitals
  • Clinics
  • Ambulatory Surgery Centers

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Region-Wise Outlook

Which is the leading region in the Global Endoluminal Suturing Devices Market?

North America is poised to lead the industry in terms of revenue share. This is due to the rising healthcare expenditure, growing prevalence of chronic ailments, surge in the geriatric population base, and the increasing practice od minimally invasive surgical procedures.

How is Asia Pacific faring in this industry?

Asia Pacific is slated to account for a significant market share over the estimated timeframe of 2022-2029. This is attributable to the rise in the geriatric population base, rapidly improving healthcare infrastructure, and influx of advanced technologies in this field.

Category-Wise Insights

Which is the fastest growing application segment in this business sphere?

The gastrointestinal surgery segment has emerged as one of the fastest growing application segments in this market. This is ascribed to the growing pervasiveness of gastrointestinal cancer across the globe.

Which is the most dominant end user segment in this marketplace?

The hospitals segment is presently dominating the market and is poised to showcase similar progression trends in the ensuing years. This is credited to the presence of skilled medical professionals and adequate medical equipment across hospitals.

Comparing the historical outlook and ongoing trends of this market

This marketplace has been generating significant returns over the stipulated timeframe due to the emergence of numerous expansion propellants.

There has been a rising prevalence of chronic diseases across the globe. With a rapid shift towards a more sedentary lifestyle and unhealthy dietary trends, many people are being diagnosed with lifestyle based and chronic ailments including obesity, gastrointestinal diseases, diabetes, and cancer, among others. Many patients suffering from such ailments require to undergo surgeries during the course of their treatment. This in turn is stimulating the overall dynamics of this business vertical.

The escalating demand for minimally invasive surgical procedures is another crucial growth stimulant for this industry sphere. As compared to traditional open surgeries, minimally invasive surgeries are safe for the patients since they are associated with lesser rates of infections. Apart from that, they also ensure fast recovery and shorter hospitals stays, thereby reducing a patient's overall healthcare expenditure. These factors together are positively swaying the outlook of this industry sphere.

Apart from that, there has been a rapid increase in the volume of geriatric population across the globe. It is evident that older adults are highly susceptible to chronic and lifestyle based diseases since they have a weakened immune system. They are also at a high risk of contracting infections when they undergo an open surgery. Therefore, minimally invasive surgery is ideal for older adults since it is safe in nature and ensures quicker recovery. This in turn is adding traction to the expansion of this market space during the stipulated timeframe of 2022-2029.

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North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

In February 2021, Medtronic plc announced the acquisition of privately-held RF Surgical Systems, Inc. with an aim to enhance its portfolio of surgical products with the addition of RF technology for detection and prevention of retained surgical items.

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