Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Global Surgical Stapling Devices Market: Analysis By Type, By Product , By Application, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global surgical stapling devices market was valued at US$5.23 billion in 2023. The market value is expected to reach US$8.32 billion by 2029. The market is expected to grow at a CAGR of approx. 8% during the forecasted period of 2024-2029.
One of the primary drivers of this expansion is the increasing shift towards minimally invasive procedures, which offer benefits such as reduced pain, shorter recovery times, and lower risk of infection. Additionally, upsurge in healthcare expenditure and investments in innovative surgical technologies have further propelled market growth. Increased access to healthcare services, including surgical operations, is the result of the expansion of the healthcare infrastructure in emerging nations. In turn, this has increased demand for surgical stapling devices, fueling market expansion.
The global surgical stapling devices market are focusing on tapping emerging markets to increase market share and the consumer base through exclusive product launches and approval in the emerging market. Apart from this, the growing efforts of major players to offer cost-effective and superior quality products are expected to fuel the growth of the global surgical stapling devices market in the coming years. Some of the strategies among key players in the market for surgical stapling devices are partnerships, mergers, acquisitions, and collaborations.
In 2023, the North America region led the surgical stapling devices market, propelled by the growing adoption of technologically advanced laparoscopic surgical staplers combined with the rising acceptance of surgical robots that use powered staling devices across the region and the increase in preference of key players to launch new products of surgical stapler.
During 2024-2029, the US is forecasted to maintain its lead within North America, owing to the country's advanced healthcare system, high number of surgical interventions, ongoing innovations in stapling technology and the growing demand for improved medical technology all create significant potential possibilities for the surgical stapling devices market. With a significant number of surgeries performed annually and substantial investments in medical research and technology, the US remains a central hub for market expansion. Canada and Mexico are also emerging as important markets, with growing healthcare investments and increasing adoption of advanced surgical devices.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the global surgical stapling devices market into two types: Disposable Surgical Stapling Device and Reusable Surgical Stapling Device.
The disposable surgical stapling devices segment held the highest share of the market. The market is experiencing significant growth and is poised to continue expanding in the coming years due to several key factors. Firstly, the segment is characterized by its convenience and the ability to eliminate the need for cleaning and reprocessing, which contributes to its widespread adoption in various surgical settings. Additionally, the rise in surgical operations, the prevalence of chronic diseases, and the desire for minimally invasive procedures are some of the factors propelling the disposable segment of the surgical stapling device market.
By Product: The global surgical stapling devices market has been further analyzed based on the product: Powered Surgical Stapling Device and Manual Surgical Stapling Device.
The powered surgical stapling device segment held the dominant share in the market as they provide enhanced functionality and adaptability for complex surgical needs. The segment is experiencing rapid growth attributed to the wide range of benefits associated with powered staplers, such as ease of use, minimal risk of complications like blood loss/leakage, shorter operating time, reduced hospital costs as compared to manual staplers, technological advancements and increasing adoption in specialized surgical fields. Moreover, advantages offered by powered stapling devices compared to manual staplers such as simplicity of wound closure without requiring physical effort and the availability of powered surgical stapling devices in various sizes are estimated to augment the market segment growth.
By Application: The global surgical stapling devices market has been further analyzed based on the application: Orthopedic Surgery, Endoscopic Surgery, Cardiac & Thoracic Surgery, Abdominal & Pelvic Surgery, Others.
The orthopedic surgery segment held the dominant share in the market. The growth in this segment is driven by the rising prevalence of orthopedic conditions, including age-related disorders like osteoarthritis and osteoporosis, that drives the demand for surgical interventions such as joint replacements and fracture repairs. Advances in surgical techniques and technologies, including minimally invasive procedures and improved surgical stapling devices, enhance the precision and effectiveness of orthopedic surgeries, further fueling market growth.
Market Dynamics
Growth Drivers
- Burgeoning Prevalence of Chronic Diseases
- Upsurge in Healthcare Expenditure
- Rapidly Expanding Geriatric Population
- Growth in Surgical Procedures
- Favouritism for Minimally Invasive Procedures
- Increasing Preference for Surgical Staplers Over Sutures
Challenges
- High Cost of Cutting-Edge Surgical Stapling Devices
- Risk of Device Malfunctions and Complications
- Regulatory and Compliance Issues
Market Trends
- Growing Acceptance of Aesthetic and Cosmetic Procedures
- Rising Incidence of Obesity
- Surging Trend of Medical Tourism
- Regulatory Approvals and New Product Launches
- Technological Advancements
Competitive Landscape: The global surgical stapling devices market is extremely consolidated.
The key players in the global surgical stapling devices market are:
- Johnson & Johnson (Ethicon Inc.)
- Medtronic plc
- ConMed Corporation
- Smith & Nephew Plc
- Becton, Dickinson and Company
- Braun Holding GmbH & Co. KG
- Stryker Corp.
- 3M Company
- Boston Scientific Corporation
- Zimmer Biomet Holdings, Inc.
- Meril Life Sciences Pvt. Ltd.
- Intuitive Surgical Inc.
- Grena Limited
For more information about this report visit https://www.researchandmarkets.com/r/43xlko
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