Endoluminal Suturing Devices Market worth over $119.8mn by 2027
Published Date: July 21, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Endoluminal Suturing Devices Market size is set to surpass USD 119.8 million by 2027, according to a new research report by Global Market Insights Inc.
Increasing demand for minimally invasive procedures and technological advancements in developed economies will propel the market growth. There has been an increase in the adoption of minimally invasive procedures through robotic systems.
Growing prevalence of obesity & rising demand for bariatric procedures will foster the endoluminal suturing devices market expansion
The prevalence of obesity and overweight increased exponentially over the past decade and now affects approximately 40% of adults worldwide. According to the WHO, 39 million children (under the age of 5) of the world are obese. As the number of obese people rises, the prevalence of obesity-related diseases such as cardiovascular diseases, diabetes, musculoskeletal disorders, cancers, hypertension, and others rise as well. Various strategies have been employed for the treatment of overweightness; however, few people cannot reach their desired weight goal. Therefore, bariatric surgery is considered as an effective treatment for those patients who cannot lose weight. The surgery is also beneficial for the treatment of obesity-related comorbidities, thereby, fostering the demand for endoluminal suturing devices.
Side-effects associated with endoluminal suturing devices is one of the serious barriers to the revenue growth of the market. The standard endoluminal bariatric procedure includes aspiration therapy, intragastric balloons, endoscopic gastrointestinal bypass devices, endoluminal vertical gastroplasty, and duodenal mucosal resurfacing. Any complication in the procedures results in chronic nausea and vomiting, obstruction of the stomach, ulcers, bowel obstruction, hernias, malnutrition, and other long-term risks. Moreover, bariatric surgery and endoscopic procedures may lead to various infections and side effects. Treatment of these side effects may result in increased hospital stay, thereby escalating hospital expenditure. These factors may hinder the industry growth and may result in a decline in revenue in coming years.
Increase in the number of bariatric surgeries will spur the segment growth
The bariatric surgery segment accounted for 34.5% of the endoluminal suturing devices market share in 2020 led by rise in number of bariatric surgeries amid to increase in obesity. Numerous surgical procedures have arisen to resolve the obesity or overweight related comorbidities. This will lead to higher acceptance of endoluminal suturing devices in these procedures, thereby boosting the product demand and stimulate the segment expansion.
Browse key industry insights spread across 100 pages with 109 market data tables & 11 figures & charts from the report, “Endoluminal Suturing Devices Market Size By Application (Bariatric surgery, GI Defects, GERD), By End-user (Hospitals, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Ability of ambulatory surgical centers to offer surgery and lower healthcare costs will further favor the segment progression
The ambulatory surgical centers (ASC’s) segment was valued at around USD 16.5 million in 2020 impelled by the rising demand for cost-effective treatments for various obesity management procedures. Furthermore, various advantages of an ASC, such as short hospital stay, high accessibility, low cost treatment, will further favor the segment revenue in the coming years.
Rising geriatric population in the European region has enhanced the market value
Europe endoluminal suturing devices market is expected to reach over USD 37.4 million by 2027. In geriatric population, obesity further increases the risk of cardiovascular disease, depression, risk of fall etc. due to weakening of metabolic system and musculoskeletal system. Additionally, European countries have largest share of geriatric population which will further fuel the market during the forecast period. Treatment of obesity in elderly population through bariatric surgery is highly recommendable. The technological advancement allows innovative approaches in the treatment of obesity. Moreover, the endoluminal suturing devices upgraded over the last decade enables the doctors to operate via minimally invasive technique to minimize complications associated with surgery that will augment the industry revenue.
Market players are focusing on launching various endoluminal suturing devices product to influence the industry expansion
Prominent companies operating in the endoluminal suturing devices market are Medtronic plc, Apollo Endosurgery, Inc. and Johnson and Johnson. The market leaders undertake various strategic initiatives to gain a competitive edge in the industry.