Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The endoscopic clips industry was worth US$ 383.7 million in 2022. By the end of 2031, it is expected to reach US$ 632.5 million, growing at a CAGR of 5.8% during the forecast period. The use of robotic-assisted surgery in combination with endoscopic procedures is on the rise.
With endoscopic clips designed to integrate with robotic systems in the future seamlessly, minimally invasive surgeries may be enhanced in precision and control. Medical device manufacturers are researching biodegradable materials. There is a possibility of biodegradable endoscopic clips in the future, which would eliminate the need to remove the clips in some cases.
This would likely result in fewer long-term complications. Over the past few years, global healthcare expenditures have increased, enabling the development of advanced medical technologies, including endoscopic clips. Innovative endoscopic clip products can be developed, commercialized, and researched by providing financial support.
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Key Findings of the Market Report
- By 2022, North America dominated the endoscopic clips market.
- Based on application, the hemostasis segment will drive market growth for endoscopic clips.
- In terms of end-users, the hospital segment is predicted to drive demand for endoscopic clips.
- Manufacturers of endoscopic clips are developing advanced and specialized clips for niche medical applications.
Global Endoscopic Clips Market: Key Players
Several major players hold major market share in the global endoscopic clips industry. Endoscopic clip market trends are driving manufacturers to develop sophisticated and specialized endoscopic clips for niche medical uses. Their production strategy also emphasizes reducing costs and increasing the quality of their endoscopic clips.
- Cook Endoscopy
- Olympus America
- Boston Scientific Corporation
- CONMED Corporation
- Medtronic
- Ovesco Endoscopy AG
Global Endoscopic Clips Market: Growth Drivers
- Laparoscopic and endoscopic procedures use endoscopic clips to minimize damage. Less invasive surgeries are becoming more popular, leading to an increase in endoscopic clip demand. The number of gastrointestinal disorders is rising, including polyps, tumors, and gastrointestinal bleeding. The demand for these medical devices is boosted by using endoscopic clips to treat and manage these conditions.
- Enhanced imaging capabilities and flexible endoscopes make endoscopic procedures more effective as technology advances. The use of endoscopic clips facilitates the increased adoption of these technologies. Globally, diseases and conditions requiring medical intervention are rising as the population ages. GI issues are more common among older individuals, increasing their need for endoscopic procedures and clips.
- Endoscopic clips have been used in various medical fields, including urology, gastroenterology, and gynecology. Endoscopic clips are widely accepted and adopted because of their versatility in different medical field. Patient preferences are shifting towards less invasive treatment options due to decreased pain, faster recovery, and fewer hospital stays. To minimize trauma to the body, endoscopic clips are being used in procedures that focus on patient-centric care.
- Increased awareness among healthcare professionals and continuing education initiatives enhance the proper use of endoscopic clips in clinical settings. The endoscopic clip market's growth depends on regulatory approvals for new products and technologies. Research and development are encouraged by positive regulatory environments and approvals.
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Global Endoscopic Clips Market: Regional Landscape
- Endoscopic clips are expected to be most popular in North America. The United States and Canada will likely drive demand for endoscopic clips. Inflammatory bowel diseases and colorectal cancer are relatively common in North America. These conditions are commonly diagnosed and treated using endoscopic clips, which contributes to their demand.
- North America is a leader in healthcare technology. As endoscopic technologies advance and clip designs and functionality improve, the demand for endoscopic clips increases. Medical specialists in different specialties perform diagnostic and therapeutic endoscopic procedures in the region. It is expected that the demand for these clips will increase as endoscopic clips become increasingly popular during these procedures for controlling bleeding, securing tissue, and closing incisions.
- Investing in advanced medical technologies is possible in North America due to its relatively high healthcare expenditures. Innovations in endoscopic clips are made possible through this financial support. Due to the well-established regulatory environment in North America, medical devices are subject to strict safety and efficacy standards. Because of this regulatory support, healthcare professionals feel more confident about using the product and the market grows.
Global Endoscopic Clips Market: Segmentation
By Application
- Endoscopic Marking
- Hemostasis
- Mucosal/Submucosal Defects
- Bleeding Ulcers
- Bleeding Arteries
- Polypectomy Sites
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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