The global endoluminal suturing devices market size is expected to reach USD 103.8 million by 2027, registering a CAGR of 12.0% over the forecast period, according to a new report by Grand View Research, Inc. The rapid growth can be attributed to factors such as increasing incidence of obesity and rising number of minimally invasive surgery. According to the World Health Organization (WHO), in 2016, more than 1.9 billion people aged 18 and above were overweight, out of which over 650.0 million people were obese. Furthermore, rising awareness about personal care and the availability of various weight reduction techniques will boost the market during the forecast period.
Technological advancement and the high adoption rate of endoluminal suturing devices are expected to boost market growth. In addition, the integration of robot-assisted surgery modalities in the field of gastroenterology is expected to expand the application of endoluminal procedures with high precision and reduced error. The robotic suturing technique gives surgeons a degree of freedom of robotic arm and also provide three-dimensional vision. Thus, the availability of these advance techniques is allowing doctors and surgeons to explore various applications of endoluminal surgeries. However, endoluminal suturing devices are comparatively new to the market. Only a handful of companies are making these medical devices and many new players are in a process of FDA approvals and clinical trials.
Further key findings from the report suggest:
- North America accounted for the largest share in 2019 owing to presence of favorable reimbursement policies and high obesity incidence
- Asia Pacific is expected to see robust growth during the forecast period owing to the rising awareness about minimally invasive procedures
- The gastrointestinal surgery segment dominated the market in 2019 owing to rising incidence of gastrointestinal diseases
- The hospital segment dominated the market in 2019 due to high incidence of chronic diseases
- Ambulatory surgical centers segment is expected to grow at the fastest pace due to increasing number of outpatient surgeries
- The key players are focusing on innovative product launches to maintain their market share
- For instance, in December 2018, Apollo Endosurgery, Inc. announced the sale of its surgical product line laparoscopic bariatric surgery to ReShape Lifesciences. This will boost Apollo’s Endo-bariatric product offerings.