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Endoscopic Closure Systems Market

Market Study on Endoscopic Closure Systems: Increased Gastrointestinal Illnesses, Rising Preference for Minimally Invasive Procedures, and Demand for Effective Closure Solutions in Minimally Invasive Surgeries to Drive the Market Growth Ahead, PMR Foresees

A Detailed Analysis of the Endoscopic Closure Systems Market Based on the Expanding Application in Minimally Invasive Procedures, and Technological Advancements in Gastrointestinal and Surgical Interventions

Endoscopic Closure Systems Market

The global endoscopic closure systems market is forecast to expand at a CAGR of 6.7% and thereby increase from a value of US$309.8 Mn in 2023, to US$487.8 Mn by the end of 2030.

Attributes

Key Insights

Endoscopic Closure Systems Market Size (2023E)

US$309.8 Mn

Projected Market Value (2030F)

US$487.8 Mn

Global Market Growth Rate (CAGR 2023 to 2030)

6.7%

Historical Market Growth Rate (CAGR 2018 to 2022)

4.3%

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Market Introduction and Definition

Endoscopic closure systems constitute a diverse range of medical devices specifically designed for securing incisions made during minimally invasive procedures. Their primary function is to mitigate post-operative complications by ensuring effective wound closure within the body, thereby reducing infection risks and promoting expedited patient recovery. These solutions encompass various options, such as suturing devices for internal stitching, clips, and staples for non-suture closures, and sealants/glues for reinforcing closures. The growing demand for precise and reliable closure techniques in the field of endoscopy is attributed to the increasing prevalence of minimally invasive surgeries, advancements in technology, and a heightened focus on patient-centric care.

The global market for endoscopic closure systems is experiencing consistent revenue growth, primarily fuelled by the widespread adoption of minimally invasive procedures on a global scale. The surge in surgical volumes further drives the demand for these systems, given their integral role in minimizing overall complications associated with surgeries. Ongoing advancements in endoscopic technologies contribute to a sustained demand for sophisticated closure methods, intensifying competition within the market.

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Market Growth Drivers

Ballooning Geriatric Population, and Rapidly Increasing Chronic Disease Prevalence

The growing preference for minimally invasive surgical methods is a primary driver behind the consistent demand for effective endoscopic closure systems. With an increasing shift towards minimally invasive approaches in medical procedures, the market for these systems is poised for significant revenue growth.

The surge in global surgical volumes, fuelled by factors such as an aging population and the rising prevalence of chronic diseases, directly influences the demand for endoscopic closure systems. The higher number of procedures conducted leads to a proportional increase in the consumption of closure devices. Additionally, the expansion of healthcare facilities, both in terms of infrastructure and services, to accommodate the growing number of patients requiring diverse surgical procedures and treatments is expected to further contribute to the market's revenue growth.

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Market Restraints

High Initial Costs, and Lack of Training and Expertise

The integration of advanced endoscopic closure systems in healthcare facilities often entails substantial initial investments. The elevated expenses associated with acquiring equipment, providing training, and ensuring maintenance can act as a deterrent for certain healthcare providers, thereby impacting the potential revenue growth of the market. Effective utilization of endoscopic closure systems necessitates specialized training and expertise. The scarcity of proficient healthcare professionals with the requisite skills to use these systems may curtail their broader adoption, posing a constraint on revenue growth within the market.

Approval Delays, and Compliance-related Issues

The rigorous regulatory requirements for medical devices present hurdles in the development and commercialization of new products. Approval delays and compliance-related issues can impede the timely introduction of innovative endoscopic closure systems to the market, posing challenges for businesses in this sector.

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Opportunities

Diversified Product Offerings, and Training and Education Services

The strategic development of a varied array of endoscopic closure systems, encompassing suturing devices, clips, staples, and sealants, enables solutions providers to address diverse procedural needs. This diversification has the potential to attract a wider customer base and generate revenue from various segments within the market.

Providing extensive training programs and educational resources for healthcare professionals utilizing endoscopic closure systems presents an opportunity for a valuable revenue stream. Providers can implement fee-based models for training workshops, certifications, and online courses, ensuring optimal usage of the devices while simultaneously generating income.

Analyst’s Viewpoint

The global endoscopic closure systems market is anticipated to undergo substantial expansion and change. Strategic investment in research and development to engineer technologically advanced endoscopic closure systems, featuring integrated imaging capabilities or enhanced ergonomic designs, positions providers as frontrunners in the industry. The introduction of innovative solutions enables providers to command premium pricing, fostering revenue growth. Offering on-site or remote consultation and support services for healthcare facilities emerges as a key strategy to augment the adoption and optimal utilization of endoscopic closure systems. These services, structured as subscription-based models or integrated into maintenance packages, create a reliable and consistent revenue stream.

Supply-side Dynamics

Several factors, including the growing old population and increased awareness of endoscopic procedures, all contribute to the dynamic and rapid expansion of the global endoscopic closure systems market. CooperSurgical Inc., US Endoscopy, Life Partners Europe, Ovesco Endoscopy AG, Apollo Endosurgery, Inc., and St. Jude Medical, Inc. (Abbott), are market leaders in the manufacturing sector. The countries of Germany, Japan, China, France, and the US are significant producers of various goods. The growing prevalence of ambulatory centers and the rising frequency of endoscopic ultrasound procedures performed in these centers in Germany present an opportunity for the market expansion of endoscopic closure systems.

Several corporations are allocating resources toward expanding their capacity to satisfy the increasing need for advanced medical technology. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products.

Market Segmentation

Which Products are Expected to Benefit the Most from Revenue Generation?

Endoscopic Vacuum-assisted Closure Systems Lead for their Ability to Effectively Manage Gastrointestinal Conditions and Complications

Endoscopic vacuum-assisted closure systems are experiencing increased sales owing to their effectiveness in managing various gastrointestinal (GI) conditions, and complications. These systems offer a minimally invasive approach to address issues like leaks, fistulas, perforations, and abscesses within the GI tract. Their popularity is attributed to their versatility, user-friendly design, and potential to reduce hospital stays and overall healthcare costs. Utilizing innovative vacuum technology, these systems play a pivotal role in promoting tissue granulation and expediting the recovery process. The growing demand for less invasive and efficient treatment options has propelled endoscopic vacuum-assisted closure systems to a leading position in the endoscopic closure systems market, as healthcare providers and patients alike seek advanced solutions.

Which End User Category is Responsible for the Maximum Demand Generation?

Hospitals Remain the Top End User Segment

Hospitals, being hubs for a substantial volume of endoscopic procedures, generate significant demand for closure systems. Their extensive range of specialized medical services attracts a considerable number of patients in need of endoscopic interventions. With robust purchasing power and abundant resources, hospitals can invest in cutting-edge, high-quality closure systems. Additionally, as referral centers for complex cases, hospitals emerge as preferred choices, further solidifying their pivotal role in driving sales of endoscopic closure systems within the healthcare industry.

Top Regional Markets

North America Steers Global Market, Government Initiatives Boost Growth

The market expansion in this region is propelled by several factors, including widespread adoption of technology, a rising incidence of chronic diseases, an increasing geriatric population, reimbursement availability for endoscopic procedures, and the prominent presence of companies specializing in endoscopic closure devices. The facts state that China stands out with one of the world's fastest-growing aging populations, projected to reach 28% for those aged over 60 by 2040, driven by increased life expectancy and declining fertility rates, as per the World Health Organization (WHO). However, supportive initiatives of the US government and private organizations, including awareness campaigns on GI-related diseases and funding for research, tend to contribute significantly towards the growth of the endoscopic closure devices market.

Europe’s Expansion Receives an Impetus by Growing Integration of Advanced Health Monitoring Systems

The region's pronounced preference for minimally invasive surgical techniques is poised to exert a substantial influence on the demand for endoscopic closure systems. With both patients and healthcare providers showing an increasing inclination toward procedures characterized by minimal invasiveness and expedited recovery, the importance of efficient closure solutions become imperative. Additionally, the demographic trend of an aging population in Europe further fuels the demand, given the frequent utilization of endoscopic procedures for diverse medical interventions required by this specific demographic segment.

Competitive Intelligence and Business Strategy

Prominent organizations, including CooperSurgical Inc., US Endoscopy, and Life Partners Europe, are at the vanguard of this sector, providing inventive solutions by capitalizing on their technological prowess and vast experience in the medical device industry. New entrants in the endoscopic closure systems market consistently engage in multiple collaborations and substantial investments in research and development to offer convenient solutions to various healthcare industry segments.

Furthermore, to contend with the increasing market that is primarily motivated by the growing demand for minimally invasive surgical procedures and advancements in endoscopic technologies, companies are adopting innovative strategies to maintain a competitive edge. To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing distinctive attributes, enhanced precision, and more extensive health observations.

Key Recent Developments

New Product Launch

In July 2022, Apollo Endosurgery, Inc., a leading global provider of minimally invasive medical devices for gastrointestinal and bariatric procedures, officially released the groundbreaking multi-center ESG Randomized Interventional Trial (MERIT) Study in The Lancet through electronic publication.

Market Impact: The findings and recommendations of the MERIT Study have an impact on healthcare facilities and professionals, which could result in a rise in the use of minimally invasive medical devices such as endoscopic closure systems. The study's findings may raise awareness of and interest in cutting-edge endoscopic technologies, which could have an impact on consumer choices and industry trends.

In February 2022, Cooper Companies revealed the signing of a binding letter of intent for the acquisition of Cook Medical's Reproductive Health business, a notable manufacturer of minimally invasive medical devices.

Market Impact: The acquisition results in more research and development activities because of the expanded resources and knowledge, which could spur innovation in endoscopic closure systems. Increased industry collaboration and rivalry may lead to improvements in technology and product offerings, which would be advantageous for the Endoscopic Closure Systems Market's overall expansion and development.

(Source: Cooper Companies)

Endoscopic Closure Systems Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Product
  • End-User
  • Region

Key Companies Profiled

  • CooperSurgical Inc.
  • US Endoscopy
  • Life Partners Europe,
  • Ovesco Endoscopy AG
  • Apollo Endosurgery, Inc.
  • St. Jude Medical, Inc. (Abbott), etc.

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Endoscopic Closure Systems Market Research Segmentation

By Product:

  • Endoscopic clips/Endoclips (Over-the-scope Clips)
  • Overstitch endoscopic suturing system
  • Cardiac septal defect occluders
  • Endoscopic vacuum-assisted closure systems
  • Others

By End-User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • CooperSurgical Inc.
  • US Endoscopy
  • Life Partners Europe,
  • Ovesco Endoscopy AG
  • Apollo Endosurgery, Inc.
  • St. Jude Medical, Inc. (Abbott), etc.

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 6.7% during the projected period.

The endoscopic closure systems market was valued at US$309.8 million in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market are CooperSurgical Inc., US Endoscopy, Life Partners Europe, Ovesco Endoscopy AG, Apollo Endosurgery, Inc., and St. Jude Medical, Inc. (Abbott).

Endoscopic vacuum-assisted closure systems segment is expected to grow at the fastest CAGR during the forecast period.

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