Endoluminal Suturing Devices Market Size ByApplication(Bariatric SurgeryGastrointestinal Defects, Gastroesophageal Reflux Disease (GERD)), By End-use (Hospitals, Ambulatory Surgical Centres), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jul 2021  |  Report ID: GMI3005  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 100   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Endoluminal Suturing Devices Marketsize exceeded USD 56.6 million in 2020 and is predictedto grow at a CAGR of over 12.2% between 2021 and 2027. The rising pervasiveness of obesity coupled with obesity-related diseases will boost the market growth. The rising incidence of gastrointestinal defects is attributable to the adoption of a sedentary lifestyle along with an unhealthy diet and alcohol abusethat will further fuel the market expansion. Moreover, the rising prevalence of the chronic disease will spur the market progression during the forecast timeframe.
 

Endoluminal Suturing Devices Market Overview

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The spread of the COVID-19 pandemic across the globe had impacted the market negatively in 2020. The medical device market witnessed a drop in the sales of endoluminal suturing devices during pandemic. Due to the increasing COVID-19 infection, the hospitals suspended or postponed the non-essential surgical and non-invasive procedures. These procedures fall under elective surgical procedures because they are not critical or life-saving surgeries. Owingto the pandemic, the healthcare system has restructured to avoid overcrowding at the hospitals.
 

Increasing prevalence of chronic diseaseswill propel the demand for endoluminal suturing devices

The risingprevalence of chronic diseases will influence the demand for market. According to the World Health Organization, the prevalence and burden of chronic diseases is rapidly increasing every year. In U.S., 51.8% of the adults are suffering from at least one of the chronic diseases and 27.2% adults had multiple chronic conditions. The growingprevalence of chronic diseases may result in high healthcare expenditure in the future. Furthermore, rising incidences of multiple chronic diseases in the geriatric population will further stimulate the demand for endoluminal suturing devices in the industry.
 

Less acceptance ofbariatric surgeries in developing countries will slow down the endoluminal suturing devices marketvalue

Stringent regulations associated with bariatric and metabolic surgeries (BMS) have slowed down the industry expansion for endoluminal suturing devices. For instance, governments of developing countries have imposed stringent regulations on medical devices associated with bariatric surgeries. Additionally, only 30% cost is reimbursed or covered under medical insurance. This has been negatively accelerating the market and will continue to restrain the industry progression in the future. Moreover, lower insurance coverage scenarios in developing economies will restrict the industry revenue of endoluminal suturing devices during the forecast period.
 

Rising prevalence of gastrointestinal diseases will boostthe demand for endoluminal suturing devices

Endoluminal Suturing Devices Market Size

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GI defects segment accounted for USD 24.5 million in 2020. The increasing prevalence of gastrointestinal diseases will fuelthe demand for endoluminal suturing devices products and drive the industry value. The functional gastrointestinal disorder is a chronic disease that includes severe symptoms like acid reflux, heartburn, dyspepsia, chronic constipation, bloating, irritable bowel symptoms, and abdominal distention. The symptoms may arise throughout the GI tract from the upper part (oesophagus and stomach) to the lower part (intestine). A recent international survey revealed that 40% of the adult population of the world suffer from functional gastrointestinal diseases varying in severity. The disease is linked to a significantly lower level of quality of life. Additionally, rising incidences of GI diseases worldwide will further augment the demand for endoluminal suturing devices in the industry.
 

Growingnumber of minimally invasive surgical procedures in hospital settingswill impelthe market revenue

The hospital segment dominated more than 58.9% of the market share in 2020 led by the rising popularityof minimally invasive surgical procedures in a hospital setting. In addition, increasing government regulations to provide high-quality patient care will attract a larger patient pool in hospitals to seek medical care, thereby fostering the market demand. Furthermore, the increasing burden of GI disease and rising healthcare investments across the globe will further boostthe industrygrowth of endoluminal suturing devices.
 

North America dominated the overall market owing to the rising number of bariatric surgeries

Global Endoluminal Suturing Devices Market

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North America endoluminal suturing devices market is expected to show considerable growth rate of 11.4% through 2027. The rising incidence of bariatric surgery is credited to increasing obesity and overweight among the population, adoption of a sedentary lifestyle along with unhealthy diet, alcohol, and drug abuse. The American Society for Metabolic & Bariatric Surgery (ASMBS) reported that in 2019 there have been 256,000 total bariatric surgeries operated in the U.S. The unhealthy lifestyle has led to obesity which is the significant reason behind bariatric surgeries and obesity-related morbidities. The high prevalence of obesity will drivethe demand for bariatric surgery, thereby propelling the market growthof endoluminal suturing devices over the forecast timeframe.
 

Growth strategies of market players are focused on increasing the customer base

A few key companies operating in the market areJohnson and Johnson, Apollo Endosurgery, and Medtronic plc. These marketparticipants are focusing on numerous strategies such as acquisitions, mergers, partnerships, new product launches, and collaborations to increase their revenue sharefor endoluminal suturing devices.
 

Recent industry developments:

  • In November 2018, Apollo Endosurgery, Inc announced the commercial shipment of its endoscopic suturingdevice system, OverStitch into the market. OverStitchis used in bariatric surgeries and treatment of various gastroesophageal diseases. This strategy created a larger customer base in U.S. & Europe, thereby strengthening its industry positioning.
     

The endoluminal suturing devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Application

  • Bariatric surgery
  • Gastrointestinal defects
  • Gastroesophageal reflux disease (GERD)
  • Others

Market, By End-use

  • Hospitals
  • Ambulatory surgical centres
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

 

Frequently Asked Questions (FAQ) :

The market size was valued at USD 56.6 million in 2020 and is pegged to record a 12.2% CAGR up to 2027 driven by the increasing prevalence of obesity and related diseases across the globe.
The overall market share from the GI defects application segment exceeded USD 24.5 million in 2020 and will rise with the higher prevalence of gastrointestinal diseases.
Hospitals accounted for close to 58.9% of revenue share in 2020 owing to the increasing popularity of minimally invasive surgical procedures in these settings.
The North America market is expected to see an 11.4% growth rate through 2027 driven by the growing instances of bariatric surgeries and the higher adoption of sedentary lifestyles in the region.

Premium Report Details

  • Published Date: Jul 2021
  • Pages: 100
  • Tables: 109
  • Charts / Figures: 11
  • Companies covered: 4
  • Countries covered: 14

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