PORTLAND, Oregon and PUNE, India, July 18, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Surgical Clips Market, by Material, Type, Surgery Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $4,849 million in 2017, and is expected to reach $7,322 million by 2025, growing at a CAGR of 5.2% from 2018 to 2025.
Surgical clip is a medical device that is used to prevent the bleeding from vessels and arteries. Growth in number of surgical procedures across the globe, rise in adoption of surgical clips, technological advancements in surgical clips, and increase in awareness of surgical clips are the major factors that drive the growth of the surgical clips market, globally. Some other factors such as, better clinical outcomes, cost effectiveness, and greater convenience, further boost the market growth. However, complications associated with surgical clips such as migration of the clips are expected to hinder the market growth.
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Based on type, the surgical clips market is segmented as ligating clips, aneurysm clips, and others. Presently, the ligating clips segment dominates the global market, and is anticipated to continue this trend during the forecast period. However, the aneurysm clips segment is expected to exhibit rapid growth in the market during the forecast period, due to increase in prevalence of aneurysm, and growth in demand for aneurysm clipping.
Based on material type, the market is classified as titanium, polymer, and others. Presently, the titanium surgical clips segment dominates the global market, and are estimated to remain dominant during the forecast period, owing to their advantages such as inertness, and cost effectiveness. While, the demand for polymer clips is expected to increase during the forecast period, owing to the growth in demand for absorbable surgical clips.
Depending on surgery type, the global surgical clips market is classified into automated surgery clips and manual surgery clips. Presently, the manual surgery clips segment is the major revenue contributor, as surgical procedures are preferably performed manually due to the cost effectiveness associated with them. However, the automated surgical clips segment is expected to experience fastest growth in the market during the forecast period, owing to growth in awareness about robotic surgeries.
Based on end user, the global surgical clips market is segmented into hospital & clinic, and ambulatory surgery center. At present, the hospital & clinic segment is the major revenue contributor, and is estimated to remain dominant during the forecast period. Whereas, ambulatory surgery center segment is expected to show fastest growth in the market during the forecast period, due to growth in the number of ambulatory surgery centers.
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KEY FINDINGS OF THE STUDY
- Based on type, the aneurysm clips segment is expected to experience rapid growth in the market, and is projected to grow at a CAGR of 5.8% from 2018 to 2025.
- Based on surgery type, the automated surgery clips segment exhibits fastest growth and is expected to grow at a CAGR of 8.0% from 2018 to 2025.
- Based on end user, the hospital & clinic segment held more than half of the global market share in 2017, and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.2% during the forecast period.
North America accounted for approximately one-half of the global market share in 2017, and is expected to remain dominant throughout the forecast period. This was attributed to the rise in demand for surgical clips, increase in number of surgeries, higher number of trained medical professionals, and supportive reimbursement policies in the healthcare system. While, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to, rise in number of surgeries along with the increase in adoption of surgical clips.
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SOURCE Allied Market Research