Surgical Clips Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Surgical Clips Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The surgical clips market is expected to register a CAGR of 5.2% over the forecast period.

COVID-19 had a profound impact on the studied market owing to the cancellations of surgical procedures worldwide. For instance, according to a research article published in the JAMA Network, in December 2021, there were 458,469 surgical procedures performed during the first shutdown period in 2020 compared to 905,444 surgical during the equivalent period in pre-pandemic. All surgical specialists limited their surgical practices and prioritized the necessary surgeries. However, the market recovered in the later phase of the pandemic as the restrictions were lifted and surgical procedures gained pace. The market is expected to show stable growth over the next 4-5 years due to the rising surgical interventions.

In addition, the increase in the number of surgical procedures worldwide, the surge in the global geriatric population, and the surge in healthcare expenditure worldwide are actively affecting the growth of the studied market.

According to the Organization for Economic Co-operation and Development (OECD) data updated in August 2022, the number of surgeries, including cardiovascular surgeries performed in some European countries such as Portugal, Denmark, Ireland, and Norway in 2021 includes 94.87, 49.33, 32.84, 21.5 (in thousand). Such a huge number of surgeries in developed European countries will lead to increased adoption of the surgical clips market over the forecast period.

Also, the high incidence of surgical procedures is expected to propel the market growth. For instance, according to a study published in November 2021, laparoscopic cholecystectomy is the most common abdominal surgical treatment in the United States, with over 750,000 performed annually. Surgical clips are most commonly used as an alternative to suturing for ligation in patients undergoing several surgical procedures, especially cholecystectomies. Hence, the high burden of surgical procedures is expected to propel the market growth.

Moreover, the growing burden of cardiovascular diseases and other chronic conditions (where surgery is being suggested as mandatory) and the increasing elderly population is expected to drive the studied market's growth. For instance, according to the American Cancer Society Cancer Statistics 2022, 1,918,030 new cancer cases and 609,360 cancer deaths are predicted to occur in the United States in 2022. Also, according to the world population prospect 2022 report, the world's population is projected to reach 8 billion in 2022. The high burden of cancer and the rising geriatric population require surgical procedures for treating cancer and other chronic diseases, which is estimated to propel the utility of surgical clips, thereby augmenting the market growth.

Therefore, owing to the factors such as the rising prevalence of chronic diseases and the geriatric population, the studied market is anticipated to witness growth over the analysis period. However, the poor demand in underdeveloped countries and complications associated with surgical clips will likely impede the market growth.

The demand for ligating clips is increasing in the market and is estimated to rise further during the forecast period. The growth of the ligating clips market is majorly attributed to the increasing number of surgeries and the growing burden of the geriatric population. These clips are made specifically for tying tubular structures and are used in both open and laparoscopic surgery to ligate organs and blood arteries.

According to the April 2021 data of the University of Alabama at Birmingham, every year, about 350,000 CABG surgeries are performed in the United States. This high number of procedures is expected to increase with the country's rising burden of cardiovascular diseases and boost growth in the studied segment.

Furthermore, the high prevalence of cancer is estimated to propel the segment's growth as the majority of patients undergo some type of surgery to treat their cancer. For instance, according to the Canadian Cancer Statistics November 2021 report, an estimated 2 in 5 Canadians are likely to be diagnosed with cancer in their lifetime. It stated that an estimated 229,200 Canadians was predicted to be diagnosed with cancer in 2021. Thus the high prevalence of cancer is estimated to propel the usage of ligating clips for surgical interventions.

Therefore, due to the factors such as the high burden of cancer and cardiovascular disorders, the market studied is expected to grow in the segment over the forecast period.

North America is expected to hold a significant market share owing to factors such as the rising incidence of chronic diseases, growing geriatric population, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the region.

According to an article published in the Canadian Society of Intestinal Research and updated in September 2021, diverticular disease occurs when small sac-like protrusions develop along the gastrointestinal tract. It affects 5% of the western adult population younger than 40 years of age but affects 50% of those aged 60 years and above and rises to 65% in those aged 85 years and above. It is also reported that constipation affects 15% of the Canadian population but is much more common in older individuals, affecting 13% of those aged 30-64 years and 23% of those aged 65-93 years. Also, as per the American Cancer Society report, there will be an estimated 106,180 new colon cancer cases in the United States in 2022. The high burden of gastrointestinal diseases such as appendicitis and colon cancer among the older population commonly requires surgical procedures, which use surgical clips during the process and propel the growth of the studied market.

Additionally, the high healthcare expenditure by government bodies contributes to market growth. For instance, as per the Canadian Institute of Health Information 2021 article, total health expenditure in Canada rose to over USD 308 billion in 2021. The high healthcare expenditure is expected to create growth opportunities for various surgical interventions in the region, which is ultimately expected to propel the market growth.

Thus, owing to the increasing number of surgical procedures and new product approvals, the surgical clips market is expected to grow over the forecast period in North America.

The surgical clips market is moderately competitive and consists of a few major players. Some of the companies currently dominating the market are Ackermann Medical GmbH & Co., B. Braun SE, Boston Scientific Corporation, Edwards Lifesciences Corporation, Johnson & Johnson Services, Inc., Lemaitre Vascular Inc., Medtronic PLC, Scanlan International, Teleflex Incorporated, among others.

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