Endoscopic Clips Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Endoscopic Clips Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Endoscopic Clips Market studied was anticipated to grow with a CAGR of nearly 7.0%, during the forecast period.

Several communities, industries, businesses, and lives were harmed during the COVID-19 epidemic as a result of government restrictions. Most elective and non-urgent surgeries have been postponed during the COVID-19 pandemic because the healthcare infrastructure has been reserved for the treatment of COVID-19 patients. As a result, all surgical departments around the world have seen a significant decrease in the number of procedures conducted during the epidemic. According to the study published in the Journal of Clinical and Translational Gastroenterology in June 2021, titled "Real-World Data on the Impact of COVID-19 on Endoscopic Procedural Delays" nonurgent endoscopic treatments were postponed due to contamination concerns. The study found that endoscopy was the most often postponed operation during the COVID-19 epidemic. As a result, the COVID-19 pandemic had a considerable impact on market growth in its early stages.

The major factors attributing to the growth of the endoscopic clips market are increasing in the geriatric population and a rise in the global prevalence of gastrointestinal (GI) bleeding disorders such as colorectal and pancreatic cancers, inflammatory bowel disease, and gastroesophageal reflux disease (GERD), cardiac vessel bleedings, and gastrointestinal hemorrhages with the increasing geriatric population. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is aging at a much faster rate than in the past. Additionally, according to the American Cancer Society's Statistics 2021, With 60,430 new cases and 48,220 fatalities, pancreatic cancer is the third most frequent cancer in the United States. Thus, the growing geriatric population and rising incidence of GI bleeding disorders are expected to boost the market growth over the forecast period.

Furthermore, the strategic initiatives taken by the market players are also expected to propel the growth of the market segment. For instance, in July 2020, Olympus announced the commercial availability of their 510(k) cleared EZ Clip endotherapy device, a reloadable and rotating hemostasis clip designed for bleed control and defect closure during GI endoscopic procedures that need more than one clip. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, stringent regulatory reforms and patient safety concerns due to severe risks associated with the endoscopic clips may restrain the market growth over the forecast period.

Key Market TrendsThe Hemostatis are Expected to Hold the Largest Market Share in the Endoscopic Clips Market

Hemostatis clips are used to stop bleeding in the gastrointestinal tract. This is usually done after removing polyps from colon or to cure a bleeding ulcer. Polyps are tiny tissue growths that might be noticed during a Gastrointestinal (GI) treatment. The segment is driven by the rising prevalence of GI bleeding diseases and product launches by the key market players.

According to the study published by the National Library of Medicine in July 2022, titled “Gastroesophageal Reflux Disease,” Gastroesophageal reflux disease (GERD) is one of the most common chronic gastrointestinal disorders, affecting around 20% of people in Western culture. It is defined by the regurgitation of gastric contents into the esophagus. As a result, this frequent ailment among the target group is predicted to raise disease awareness, leading to treatment and diagnosis. As a result, it is likely to propel market expansion throughout the forecast period.

Additionally, market participants that are concentrating on the launch of cutting-edge items are fostering market expansion. For instance, in May 2022, Micro-Tech Endoscopy introduced the largest clip in their lockado line of hemostasis clips. Its ease of use and procedural benefits made it popular among microtech customers. The thumb ring allows for easy deployment, while the rotating grip allows for 360 degrees of controlled rotation. The new Lockado hemostasis clip provides clinicians with the same accuracy, dependability, and confidence as the rest of the Micro-Tech hemostasis clip portfolio, but with a wider reach. Thus, the launch of such a hemostasis clip in the market is expected to significantly contribute to the segment’s growth.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the overall endoscopic clips market throughout the forecast period. The dominance is due to the rise in arterial bleeding among cardiac patients and GI-related surgeries in the United States which holds the largest market share due to the presence of a huge patient population. For instance, according to a study titled "2021 Scientific Session of the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), Las Vegas, Nevada, 31 August–3 September 2021: Posters" published the Surgical Endoscopy in November 2021, laparoscopic cholecystectomy is the most common abdominal surgical treatment in the United States with over 750,000 performed annually. Additionally, as per the study titled "National survey regarding the timing of endoscopic procedures during the COVID-19 pandemic" in January 2021, in the United States, around 17.7 million endoscopic procedures (EPs) are performed each year. Thus, it is expected to increase the demand for endoscopic clips, thereby contributing to market growth.

Moreover, several key market players have also focused on the launch of innovative endoscopic clips in the nation, which is adding to the market’s growth. For instance, in July 2020, Apollo Endosurgery, Inc. announced the 510k submission of the X-TackTM Endoscopic HeliX Tacking System to the United States Food and Drug Administration seeking clearance for suture-based device designed specifically for closing defects in the lower gastrointestinal tract with additional applications in the upper gastrointestinal tract.

As a result of the increasing number of surgical procedures and new product approvals, the surgical clips market in North America is likely to rise during the forecast period.

Competitive Landscape

The endoscopic clips market is moderately competitive and consists of several major players. Few of the major players currently dominating the market are making acquisitions with the other companies to consolidate their market positions across the globe and while others are launching new products with advanced technologies to facilitate fast and accurate placement. Some of the companies which are currently dominating the market are B. Braun Melsungen AG, Boston Scientific Corporation, CONMED Corporation, Johnson & Johnson, and STERIS plc.

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