Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The demand for vessel sealing devices was slightly subsidized during the initial period of the COVID-19 pandemic due to decreased number of surgical and laparoscopic procedures. Also, elective and nonurgent procedures were halted to reduce the risk of transmission of the COVID-19 virus. However, the long waiting list for various surgical procedures is anticipated to increase the number of surgical procedures performed and may increase the demand for vessel sealing devices. Currently, a decrease in the number of COVID-19 cases and the resumption of surgical procedures in hospitals and ambulatory surgical settings also augments the need for vessel sealing devices.
In 2021, North America held a major market share and accounted for nearly 42% of the global vessel sealing devices market. Furthermore, the US, Germany, France, United Kingdom, China, and Japan constitute the largest market share in the vessel sealing market. Additionally, developing nations with improved healthcare services, including China, Japan, India, and South Korea, will forecast stronger growth rates, says Soumya Goud, Research Manager
“Advancing in the future, with the increased adoption of minimally invasive surgeries such as laparoscopic surgeries due to small incisions, fewer wounds, and reduced hospital stay augments the growth of the market. With the introduction of new technology, the use of vessel sealing tools is one of the key components that make laparoscopy possible as these devices can cut, coagulate, and dissect. Such a demand for the operations is anticipated to better answer the needs of the patients and propel the market towards expansion with a CAGR of 4.88% from 2022 to 2027.”
Soumya Goud, says, the growing burden of the bariatric, colorectal, and other procedures coupled with well-developed and advanced healthcare infrastructure propels the growth of the studied market in the North American region. As per the Canadian Institute of Health Information, 2020-2021 update, removal of the appendix, hysterectomy, and others is among the top ten surgical procedures performed in Canada in 2020-2021. In addition, the growing burden of targeted diseases such as kidney stones, and abdominal diseases in the region coupled with the product launches and approval from the USFDA compliments the large share of the region in the vessel sealing devices market in the studied period.
Globally, the increased adoption of minimally invasive surgeries steers the application of vessel-sealing devices. The growing burden of the diseases such as cancers, kidney diseases, and various reproductive system-related diseases coupled with ectopic pregnancies, and biopsies generates the need to perform laparoscopic procedures propelling the growth of the vessel sealing market. For instance, As per the American cancer society, 2022 update, it was estimated that 1.9 million new cases of cancer will be reported in 2022. Such an increasing burden of cancer creates the need for biopsies for diagnosis and thus bolsters the growth of the market.
This will create scope for new entrants and existing market players to witness significant growth opportunities in surgical sealing, minimally invasive devices, and laparoscopic sealing devices, among other areas.
The vessel sealing devices market is anticipated to gain good traction over the studied period due to the advancement in technology coupled with the increased research and development in the field and strategic initiatives such as acquisitions, mergers, and agreements among the market players. For instance, in October 2021, Hologic, Inc. signed a definitive agreement to acquire Bolder Surgical for approximately USD 160 million. The company provides advanced energy vessel-sealing surgical devices. Such strategic steps by the market players to expand offerings and product portfolios are augmenting the growth of the market.
The active involvement of major competitors in the market in research and development (R&D) created numerous opportunities for market growth. The government and market participants are making ongoing investments, which is advancing technology. Future market expansion is expected to be driven by rising demand for new product development. For instance, in September 2022, The THUNDERBEAT Open Fine Jaw Type X surgical energy device was released by Olympus Corporation for open surgery. A new surgical energy tool with a thermal shield has been developed to promote safer treatments. The device was launched in Japan, and later this year, it was made available in Europe, the U.S., and South Korea.
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