NEWARK, Del, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global automated suturing devices market is expected to secure US$ 6.2 Billion while displaying a CAGR of 7.46% during the forecast period of 2022-2032. The expansion of the market can be attributed to the growing prevalence of chronic disorders and the increasing preference for minimally invasive surgeries. From 2017 to 2021, the market flourished at a CAGR of 7.2%.
Manufacturers are taking various initiatives to launch new products in the market. In 2021, Genesis MedTech inked an agreement with LivsMed for enhancing sales and distribution of the ArtiSential ™ line of products in China and Singapore. The ArtiSential ™ line is a series of articulating laparoscopic instruments that aim to offer the user fully articulating, wristed motion during laparoscopic surgery. In 2018, Ethicon US, LLC, rolled out a range of automated surgical suturing devices like ECHELON FLEX GST System, HARMONIC HD 1000i, 3 STRATAFIX Knotless Tissue Control Device, and others, with an aim to offer better suturing for bariatric surgeries.
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With the growing adoption of bariatric surgery as obesity prevalence increases, the market is projected to benefit the market during the forecast period. According to a report published in the International Journal of Environmental Research and Public Health in October 2019, in India, the prevalence of overweight, hypertension, obesity, and diabetes was 14.6%, 3.4%, 5.2%, and 7.1%, respectively. Further, in 2019, more than 30% of both male and female adults in the U.S reported themselves as obese.
Key Takeaways from the Market Study
- By product, reusable automated suturing devices to accumulate maximum revenue in 2022, at 49%
- Hospitals to retain top spot with regard to end user, capturing 56% of global market share in 2021
- North America to experience fastest growth amongst all regions, clocking a CAGR of 7.5% until 2032
- 1/3rd of automated suturing devices to be deployed across Europe in 2022 and beyond
- APEJ to be the 2nd fastest growing market for automated suturing devices, registering a 6.5% CAGR
- As of 2022, global automated suturing devices market revenue to surpass US$ 3 Billion
“Implementation of modern techniques to provide minimally invasive surgeries and growing cases of chronic illness across the globe will benefit the market significantly in the forthcoming time. Another factor offering remunerative opportunity is the increasing adoption of bariatric surgery owing to the rising obesity,” remarks an FMI Analyst.
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Competition Analysis
Key players in the global automated suturing devices market include Medtronic PLC, Boston Scientific, C.R. Bard Inc., Apollo Endosurgery, Endo Evolution LLC, LSI Solutions Inc., and SuturTek Inc.
Recent Developments in the Industry Include:
- In April 2021, Medtronic announced its partnership with Surgical Theater, a startup that markets a Surgery Rehearsal Platform. With the initiative, the companies focused to integrate SynAR’s augmented reality of Surgical Theater with Medtronic’s StealthStation S8 surgical navigation system. In addition, Medtronic is likely to allow surgeons to increase their outputs by providing ingenious technologies to them
- In January 2022, Endomina, an endoscopic medical suture device developed an Endo Tools Therapeutics, was approved by the United States Food and Drug Administration for endoscopic placement of sutures in the gastrointestinal tract in the adult population.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global automated suturing devices market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Products (Reusable Automated Suturing Devices, Disposable Automated Suturing Devices), Applications (Minimally Invasive Surgeries, Open Surgeries, Trauma Cases), by End Use (Hospitals, Clinics, Ambulatory Surgical Centers), & Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
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Table of Content
1. Executive Summary
2. Assumption & Acronyms Used
3. Research Methodology
4. Market Overview
4.1. Market Taxonomy
4.2. Introduction & Parent Market Overview
4.3. Wound Closure Devices Market Overview
4.4. Global Automated Suturing Devices Market Analysis
4.4.1. Introduction
4.4.1.1. Market Value (US$ Mn) & Y-o-Y Growth
4.4.1.2. Absolute $ Opportunity
About the Healthcare Domain at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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