Endoscopic Closure Devices Market by Product (Band Ligators, Clips, Suturing Devices), End-user (Ambulatory Surgical Centers, Hospitals) - Global Forecast 2024-2030

Endoscopic Closure Devices Market by Product (Band Ligators, Clips, Suturing Devices), End-user (Ambulatory Surgical Centers, Hospitals) - Global Forecast 2024-2030

The Endoscopic Closure Devices Market size was estimated at USD 509.75 million in 2023 and expected to reach USD 538.15 million in 2024, at a CAGR 5.88% to reach USD 760.93 million by 2030.

Endoscopic closure devices are used to close perforations, incisions, or lumens in the gastrointestinal tract during or after endoscopic procedures. These tools are crucial for procedures such as endoscopic resections, treatment of gastrointestinal defects, and surgeries that require temporary or permanent closure of an opening in the gut wall. The increasing prevalence of gastrointestinal diseases is raising the need for relevant surgeries and, consequently, endoscopic closure devices. Growing preference for minimally invasive procedures that promote faster recovery and reduce hospital stays is expanding the need for endoscopic closure devices. The high cost of advanced endoscopic closure devices hampers the market growth. The growing development of endoscopic closure devices equipped with features that allow integration with health systems for better data management and patient monitoring is expected to create opportunities for market growth.

Regional Insights

The Americas represents a growing market for endoscopic closure devices due to its advanced healthcare infrastructure and high incidence of gastrointestinal procedures. Consumers in the Americas demonstrate a high awareness of minimally invasive surgeries, subsequently increasing the need for endoscopic closure devices. The endoscopic closure devices market in South America is supported by government and private sector initiatives to reduce surgical times and improve recovery periods. The market across EU countries is driven by stringent EU regulations, which ensure high-quality standards and the safety of medical devices. There is a steady need for endoscopic closure devices in EU countries driven by an aging population and the high prevalence of chronic diseases that require surgical interventions. Recent initiatives include EU funding for research into innovative surgical techniques and device improvements. The Middle East benefits from the affluent economies of GCC countries, which invest heavily in healthcare infrastructure. Africa, while still developing in terms of healthcare facilities, shows promise due to an increasing focus on healthcare reforms and foreign investments. Asia-Pacific’s market for endoscopic closure devices is rapidly expanding, driven by government initiatives aimed at improving healthcare standards and a growing middle-class population. Rising substantial investments in preventive medicine and advanced surgical devices in Asia-Pacific are creating a platform for market growth in the region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Endoscopic Closure Devices Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising prevalence of gastrointestinal disorders worldwide
Growing preference for minimally invasive procedures

Market Restraints

High cost of endoscopic closure devices

Market Opportunities

Growing integration of digital and smart technologies in endoscopic closure devices
Increasing potential of robot-assisted endoscopic closure devices

Market Challenges

Certain mechanical limitations with the usage of endoscopic closure devices

Market Segmentation Analysis

Product: Growing usage of band ligators for immediate hemorrhage control
End-user: Growing accessibility of endoscopic closure devices across hospitals for handling diverse patient needs

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Endoscopic Closure Devices Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Endoscopic Closure Devices Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Boston Scientific Expands Endoscopy Capabilities with Apollo Endosurgery Acquisition

Boston Scientific announced its acquisition of Apollo Endosurgery for gastrointestinal and endo bariatric therapies. The acquisition is a strategic enhancement that provides a broader range of endoluminal surgery (ELS) and endo-bariatric solutions. This expansion enriches their product offerings and integrates new expertise into their team, aiming to foster advancements in patient care and medical innovation.

Substantial Investment Fuels Advancement in Endoscopic Technologies

IQ Endoscopes has garnered a significant EUR 5.2 million investment led by BGF, with contributions from the Development Bank of Wales and other investors. This financial boost is earmarked for enhancing the development and deployment of IQ Endoscope’s pioneering device, aimed at transforming early detection and diagnosis of various cancers and gastrointestinal ailments.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Endoscopic Closure Devices Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Endoscopic Closure Devices Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Apollo Endosurgery, Inc., Boston Scientific Corporation, Conmed Corporation, Cook Group Incorporated, CooperSurgical Inc., Duomed Group, ENDO-FLEX GmbH, EnVision Endoscopy, Johnson & Johnson Services, Inc., Leo Medical Co.,Ltd., Medorah Meditek Pvt. Ltd., Medtronic PLC, Meril Life Sciences Pvt. Ltd., Micro-Tech USA Incorporated, Olympus Corporation, Ovesco Endoscopy AG, Saint-Gobain S.A., SiTime Corporation, Steris plc, and Wuxi Beien Surgery Device Co., Ltd.

Market Segmentation & Coverage

This research report categorizes the Endoscopic Closure Devices Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Band Ligators
Clips
Suturing Devices
End-user
Ambulatory Surgical Centers
Hospitals
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year