Global Vessel Sealing Devices Markets to 2028: Applications (General Surgery, Laparoscopic Surgery), & Products (Generators, Instruments, Accessories) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 14, 2021--
The “Global Vessel Sealing Devices Market” report has been added to ResearchAndMarkets.com’s offering.
The global vessel sealing devices market size is anticipated to reach USD 2.4 billion by 2028 and is expected to expand at a lucrative CAGR of 8.1% from 2021 to 2028.
The key factors driving the market growth include the rising number of surgeries across the globe, aging population, and technological advancements.
The COVID-19 pandemic resulted in several challenges such as logistical bottlenecks, low demand, decreased sales and marketing activities, and reduced sales. The key impact, however, was the cancellation or postponement of elective surgeries during the pandemic.
The number of surgeries performed is a key contributor to the market growth. In the U.S. increasing prevalence of chronic diseases and an aging population, are leading to increases in the number of surgical procedures performed every year. According to the U.S. Census Bureau, an estimated 75 million of the 328 million U.S. population, were aged 60 years and older in 2019. This implies that a significant number of American citizens are vulnerable to chronic and acute conditions, leading to an increased number of surgeries.
According to Definitive Healthcare, LLC, as of 2019, there were about 9,280 active ambulatory surgery centers in the U.S. This high number also contributes to market growth. In addition, ASCs enable large volumes of surgeries in a short period, which is expected to fuel the market growth during the forecast period.
The adoption of automated and robotic systems in surgery is another driver estimated to contribute to the market growth. In a study conducted by the University of Michigan, School of Medicine, it was found that from 2012 to 2018 the use of robotic technology in general surgery increased from 1.8% to 15.1%.
Market players are leveraging this trend to introduce new products, expand their regional presence, and increase their market share. Bolder Surgical, partnered with Intuitive Surgical to provide an exclusive licensing agreement to its energy-based vessel sealing and tissue stapling technologies for use in the latter’s robotic-assisted surgery solutions.
In May 2021, Bowa Medical opened a new office in Cairo to control and support sales activities for Turkey, Iran, Pakistan, and the entire Middle East region.
Vessel Sealing Devices Market Report Highlights
- Rising prevalence of chronic diseases is increasing the number of surgeries performed around the globe. This is one of the key contributing factors towards market growth
- The application segment was dominated by laparoscopic surgery in 2020 owing to wider use of vessel sealing devices in these procedures, while the general surgery segment held a significant share. In June 2021, for instance, Johnson and Johnson’s Ethicon launched ENSEAL X1 Curved Jaw Tissue Sealer for use in colorectal, bariatric surgery, gynecological, and thoracic procedures
- The laparoscopic surgery segment, however, is also anticipated to grow the fastest due to rise in technological advancements and minimally invasive surgeries
- The instruments segment held the largest revenue share in 2020 and is also expected to register the highest CAGR over the forecast period. Easy availability of instruments is one of the primary factors driving this segment
- The hospitals and specialty clinics segment held the largest revenue share of 57.4% in 2020, as they are the primary point of care for treatment. Furthermore, hospitals and specialty clinics are known to offer superior care to their patients and treatment at these centers are generally reimbursed, which drives adoption
Vessel Sealing Devices Market Dynamics
Market driver analysis
- Increasing number of surgeries
- Rising Technological advancements
- Increasing preference for minimally invasive surgeries
Market restraint analysis
- High cost of vessel sealing devices
- Olympus Corporation
- B. Braun Melsungen AG
- Medical Devices Business Services, Inc. (Johnson & Johnson)
- Erbe Elektromedizin GmbH
- Bowa Medical
- OmniGuide Holdings, Inc.
- Intuitive Surgical
- Bolder Surgical, LLC
- KLS Martin Group
For more information about this report visit https://www.researchandmarkets.com/r/6d4y2f
View source version on businesswire.com:https://www.businesswire.com/news/home/20210914005820/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 09/14/2021 10:45 AM/DISC: 09/14/2021 10:46 AM