PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498802
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498802
Endoluminal Suturing Devices Market size was valued at USD 79.6 Million in 2023, expanding at a CAGR of 12.50% from 2024 to 2032.
Endoluminal suturing devices are medical devices used to seal or heal tissue inside the body. They are designed to be inserted through a small incision in the body and are commonly used in minimally invasive surgeries such as laparoscopic or endoscopic procedures. Endoluminal suturing devices consist of three parts: a handle, a suture needle, and a suture material. The handle controls the device, while the needle enters the tissue and the suture material closes the wound. Endoluminal suturing devices are helpful because they allow surgeons to do complex procedures with minimal invasiveness, resulting in reduced discomfort and faster patient recovery times.
Endoluminal Suturing Devices Market- Market Dynamics
Increasing Preference for Minimally Invasive Procedures
One key market driver for endoluminal suturing devices is the growing inclination for minimally invasive procedures among patients and healthcare providers. Minimally invasive operations have various advantages over typical open surgeries, such as less discomfort, shorter hospital stays, faster recovery times, and less scarring. Endoluminal suturing devices enable these surgeries by allowing surgeons to suture tissues internally, eliminating the need for extensive incisions. Furthermore, the desire for minimally invasive procedures is being spurred by technological breakthroughs that have improved the capabilities of endoluminal suture devices. These devices provide increased agility, better visibility, and superior suturing procedures, making them extremely useful tools for surgeons in a variety of medical fields.
Endoluminal Suturing Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.50% over the forecast period (2024-2032)
Based on Application segmentation, the gastrointestinal surgery category dominated the market
Based on End-user segmentation, in 2023, hospitals accounted for the largest market share.
On the basis of region, North America was the leading revenue generator in 2023
The Global Endoluminal Suturing Devices Market is segmented on the basis of Application, End User, and Region.
The market is divided into four categories based on Application: Bariatric Surgery, Gastrointestinal Surgery, Gastroesophageal Reflux Disease Surgery, and Others. In 2023, the gastrointestinal surgery category dominated the market, accounting for the greatest market share. This is due to the growing number of GI procedures and the availability of diverse applications in the field of GI, such as abdominal diseases. This disease encompasses a broad range of disorders involving the biliary system, pancreas, oropharynx, liver, and alimentary canal. Based on Gastroenterology Associates of Pensacola, about 60 million Americans are diagnosed with a digestive issue each year.
The market is divided into three categories based on End Users: Hospitals, Ambulatory Surgical Centers, and Others. The hospitals segment held the greatest market share in 2023 and is expected to maintain its dominance throughout the forecast period. This is attributable to the rising prevalence of chronic disease and the growing number of bariatric procedures. Furthermore, improving healthcare infrastructure and expanding the patient pool are driving growth in the market for endoluminal suturing devices. Furthermore, the presence of trained healthcare professionals in developed nations such as the United States, as well as increased private and public healthcare financing, are propelling the endoluminal suturing devices market.
Endoluminal Suturing Devices Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In 2023, North America dominated the market for endoluminal suturing devices, accounting for more than 45% of revenue. This is due to the availability of a large patient population as well as favorable reimbursement rules. It is expected that an increase in the number of bariatric surgeries will have a direct and positive impact on the growth of the market for endoluminal suturing devices.
The market for endoluminal suturing devices is anticipated to develop the fastest in the Asia Pacific, owing to improved healthcare infrastructure and a big population prone to different chronic conditions. Rising urbanization, as well as many shifting environmental and lifestyle variables, are all leading to an increase in gastrointestinal diseases across the region. Furthermore, developing countries such as India and China are seeing a boom in demand for minimally invasive surgeries as chronic and infectious diseases become more common.
The global market for endoluminal suturing devices is expanding rapidly because to advances in suturing techniques, the introduction of novel features such as real-time imaging and robotic assistance, and the optimization of device usability and safety. As a result, manufacturers are releasing new endoluminal suturing devices to the market that incorporate the most recent technological breakthroughs. These product introductions attempt to fulfill the changing needs of healthcare workers by improving efficiency, precision, and patient outcomes. In addition, many businesses develop alliances and cooperation with hospitals, research institutions, and other industry participants. These agreements encourage knowledge sharing, joint research projects, and product development activities, allowing businesses to exploit their pooled experience and resources.
In July 2022, Medtronic, a leading medical technology company, and the American Society for Gastrointestinal Endoscopy announced plans to expand the Medtronic Health Equity Assistance Program for colon cancer screening across the United States with the support of Amazon Web Services (AWS) Health Equity Initiative.
GLOBAL ENDOLUMINAL SUTURING DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Medtronic Plc.
B Braun Melsungen
Intuitive Medical
Johnson & Johnson (Ethicon)
Richard Wolf GmbH
Karl Storz GmbH
Olympus Corporation
Teleflex Corporation
Terumo Corporation
Boston Scientific
Apollo Endosurgery
Cook Medical
Cardinal Health
Others