NEWARK, Del, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The Endoluminal Suturing Device Market was estimated at US$ 83.8 million in 2022, and by 2033, it is anticipated to grow to US$ 295.4 million. With a value share of around 49.4%, endoscopic suturing devices led the global market within the product category in 2022 and are anticipated to expand at a CAGR of over 12.4% from 2023 to 2033.
There is a growing trend towards single-incision laparoscopic surgery (SILS) and natural orifice transluminal endoscopic surgery (NOTES). These techniques aim to minimize the number of incisions and reduce visible scars. Endoluminal suturing devices play a crucial role in enabling these procedures by facilitating internal suturing through a single incision or natural orifice.
Innovative suturing techniques are being developed to improve the effectiveness and efficiency of endoluminal suturing procedures. Examples include barbed sutures, self-anchoring sutures, and knotless sutures. These techniques aim to simplify the suturing process, reduce procedural time, and enhance the security of tissue approximation.
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In general, the market for endoluminal suturing devices market is likely to expand more in the coming next years. This market provides patients with advanced devices & convenient way to improve their gastric condition.
Key Takeaways from Market Study:
- By product, endoscopic suturing devices accounts for US$ 41.4 Million in 2022 owed to the benefits provided in natural orifice transluminal endoscopic surgeries.
- By application, gastrointestinal procedures accounts for US$ 36.0 Million in 2022. Endoluminal suturing devices are used to create or repair anastomoses in the gastrointestinal tract. The use of endoluminal suturing devices in gastrointestinal anastomosis procedures has facilitated the adoption of minimally invasive surgical techniques.
- Hospitals holds about 43.4% of the global market share in 2022. Endoluminal suturing devices can enhance surgical efficiency and workflow in hospitals. These devices enable surgeons to perform suturing tasks more efficiently and with greater precision. Hospitals focused on optimizing their surgical processes and improving efficiency may prioritize the use of endoluminal suturing devices.
- By region, North America held dominant share in world in 2022. The demand for minimally invasive surgeries is substantial in the United States. Endoluminal suturing devices play a crucial role in enabling these procedures, as they allow surgeons to perform suturing internally through smaller incisions.
“Rising cases of gastrointestinal disorders and increase in adoption rate of minimally invasive procedures contribute to its higher demand and global expansion.” says an analyst of Future Market Insights.
Country-wise Insights Endoluminal Suturing Device Market:
- North America (United States and Canada): These countries have well-established healthcare systems and are likely to have a significant demand for advanced medical devices, including endoluminal suturing devices. The market here might be driven by factors such as technological advancements, increasing preference for minimally invasive procedures, and a high burden of gastrointestinal diseases.
- Europe: European countries with strong healthcare systems and a focus on minimally invasive procedures could contribute to the growth of the endoluminal suturing device market. Regulatory approvals and reimbursement policies would play a role in market adoption.
- Asia-Pacific: Countries like Japan, China, and South Korea have been investing in healthcare infrastructure and adopting advanced medical technologies. As these countries continue to develop, there might be an increasing demand for endoluminal suturing devices to support minimally invasive surgeries.
- Latin America: The adoption of such devices could vary in Latin American countries depending on healthcare access, economic development, and medical practices.
- Middle East and Africa: The adoption of advanced medical devices can be influenced by factors like healthcare infrastructure, awareness, and economic development. Wealthier nations might have higher adoption rates compared to less developed regions.
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Market Competition
Leading companies various strategies continue maintaining their market share. These may include merger and acquisition to enter new market or to gain new product portfolio or divestiture to avoid loss making business.
Recent Developments
- In June 2023, Cardinal Health announced that it had signed a legally binding agreement to transfer its Outcome business into Transaction Data Systems in return for a small equity investment in the new company.
- In November 2022, Apollo Endosurgery, Inc. will be acquired by Boston Scientific Corporation for a price in cash of $10 per share, or about $615 million, according to a definitive deal that was disclosed.
Key Players in the Global Market
- Medtronic Plc.
- B Braun Melsungen
- Intuitive Medical
- Johnson & Johnson (Ethicon)
- Richard Wolf GmbH
- Karl Storz GmbH
- Olympus Corporation
- Teleflex Corporation
- Terumo Corporation
- Boston Scientific
- Apollo Endosurgery
- Cook Medical
- Cardinal Health
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Key Market Segments Covered in the Endoluminal Suturing Devices Industry Research
By Product:
- Endoscopic Suturing Devices
- Endovascular Suturing Devices
- Consumables
By Application:
- Gastrointestinal Procedures
- Urological Procedures
- Thoracic Procedures
- Other Procedures
By End User:
- Hospitals
- Specialty Clinics
- Independent Surgical Centers
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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