New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global endoscopic clips market size is slated to expand at ~ 6% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 560 Million by the end of 2033, up from a revenue of ~USD 380 Million in the year 2022. The growth of the market can be attributed to the surging cases of gastroesophageal reflux disease (GERD) as well as the rising threat of gastrointestinal hemorrhages. GERD has been identified as one of the most common gastrointestinal conditions. It affects ~20% of adults in western countries. Furthermore, with the growing emphasis by research institutes on the development of advanced surgical procedures in the region and a focus on amplifying minimally invasive surgeries, regional market growth is foreseen.
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For instance, it was proclaimed by the University of Pittsburgh that they have built a one-of-a-kind high-tech research, training, and innovation center for industry partners. The center will focus on developing surgical methods and enhancing minimally invasive surgical techniques across disciplines, in addition to collaborating closely with businesses to address their problems.
Global Endoscopic Clips Market: Key Takeaways
- Market in North America to propel the highest growth
- Hospital segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Growth in the Volume of Endoscopy to Boost Market Growth
Endoscopy or gastroscopy is a procedure that allows doctors to take pictures of the digestive tract for the accurate diagnosis and treatment of gastric ulcers, peptic ulcer disease, gastroenteritis, celiac disease, and others. The increasing ubiquity of gastrointestinal (GI) bleeding disorders, the surge in the adoption rate of endoscopic clips in the process of bleeding treatment, and growing research on gastrointestinal (GI) treatment globally with a prime focus on endoscopic clipping bleeding and endoscopic clip removal are envisaged to propel the global endoscopic clips over the projected period. It is observed that each year, ~80 to 150 out of every 100,000 people suffer from upper gastrointestinal bleeding (UGB), with an estimated death rate ranging from 2 to 15%. Furthermore, the growing volume of endoscopic procedures worldwide is further expected to boost market growth. For instance, it was found that, in 2021, nearly 222 million endoscopic procedures were performed worldwide.
Global Endoscopic Clips Market: Regional Overview
The global endoscopic clips market is broadly segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Prevalence of Coronary Arterial Disease (CAD) to Drive Growth in the North America Region
The endoscopic clips market in North America region is estimated to garner the largest revenue by the end of 2033. The growth over the forecast period in the North American region is backed by the increasing pervasiveness of cardiovascular disease (CVD) as well as growing cases of arterial bleeding among cardiac patients in addition to the rising prevalence of cardiac vessel bleedings and cardiomyopathy resulting in the increasing prevalence of invasive coronary angioscopy. The prevalence of CVD can be observed in the fact that almost every 40 seconds someone has a heart attack in the United States with coronary heart disease being the most common type of heart disease which killed ~382,820 people in 2020. Moreover, around 2 in 10 deaths from CAD happened in adults below 65 years in 2020.
Treatment of Inflammatory Bowel Syndrome to Drive Growth in the Asia Pacific Region
The endoscopic clips market in Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The heightening risk of precancerous abnormalities such as Barrett's esophagus as well as the growing prevalence of intestinal disorders including ulcerative colitis (UC) and Crohn’s disease (CD) along with speedily augmenting cases of colorectal cancer in the region is expected to boost the regional market growth in the upcoming years. For instance, in 2020, ~ 1.5 million patients were affected by Inflammatory Bowel Disease (IBD) in India, placing the country next to the United States with nearly 1.6 million patients. With the future of endoscopy moving towards chromoendoscopy together with the development of artificial intelligence (AI) applications in endoscopy to support decision-making in real-time, the demand for endoscopic clips for its applications such as the closure of bleeding arteries, perforations, Dieulafoy’s lesion, varices, and polyps in the GI tract is expected to increase tremendously in the Asian countries.
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Global Endoscopic Clips, Segmentation by End-User
- Hospital
- Ambulatory Surgical Centers
- Clinics
The hospital segment is anticipated to hold the largest revenue by the end of 2033. The growing global geriatric population, the rising burden of diseases, the increasing number of hospitalizations and surgeries performed worldwide, and a surge in the preference for minimally invasive surgery are expected to boost segment growth in the upcoming years. For instance, as per a report by the World Health Organization, globally, the proportion of the population beyond 60 years is expected to double from around 12% to 22% between 2015 and 2050. Hence, the hospital segment is expected to have the lion’s share in the global endoscopic clips market.
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Global Endoscopic Clips, Segmentation by Application
- Endoscopic Marking
- Hemostasis
The hemostasis segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment over the projected years include the growing prevalence of pancreatic cancer, the surge in the number of individuals suffering from colon issues, and the growing volume of laparoscopic cholecystectomy worldwide. It was observed that more than 495,000 people worldwide were suffering from pancreatic cancer in 2020. Moreover, as stated in a 2019 report, over 15 million colonoscopies were performed in the U.S. each year. Primarily, endoscopic clipping procedures in the colon are used for endoscopic hemostasis after a polyp has been removed from the colon, along with hemoclip endoscopy to prevent the bleeding in the GI tract.
A few of the well-known market leaders in the global endoscopic clips market that are profiled by Research Nester are Olympus America, Boston Scientific Corporation, Cook Group Incorporated, CONMED Corporation, Medtronic Plc, Ovesco Endoscopy AG, American Medical Endoscopy, Abbott Private Limited, Ackermann Instrumente Gmbh, Teleflex Incorporated, and other key market players.
Recent Development in the Global Endoscopic Clips
- Olympus America revealed the commercial availability of their 510(k) cleared EZ Clip endotherapy device which is a reloadable and rotating hemostasis clip designed for bleed control and defect closure during GI endoscopic operations requiring many clips.
- The US Food and Drug Administration (FDA) awarded de novo clearance for the GI Genius cognitive endoscopy module in the United States - Medtronic. It is the first and only GI Genius module commercially available computer-aided detection (CADe) system that is known to recognize colorectal polyps using artificial intelligence (AI).
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