Increasing inclination toward minimal invasive surgeries has boosted the market growth for medical devices which assists such surgeries. Advancements in the suturing techniques and their significant performance in the surgeries have led to the increase in adoption of highly sophisticated equipment. Devices such as endoscopic suturing have recorded substantial demand in the market and are projected to grow significantly during the forecast period.
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Physicians use endoscopic suturing devices for advanced endoscopic surgeries to place the full thickness sutures through flexible endoscope. Due to this tissue endoscopy has secure market growth. A small, flexible, and specialized endoscopic suturing device is used to perform suturing through an endoscope. Endoscopic suturing devices facilitate a faster recovery through assisting in minimal invasive surgeries leading to early recovery of patients and shorten average length of stay in clinical settings.
Burgeoning demand for minimally invasive surgeries is anticipated to trigger the market growth for endoscopic suturing devices. Other factors are foreseen to drive the market growth which include extended aggrandizement in the number of suturing procedures, increasing elderly population, and technological improvements in the area of product expansion. The restraints of the endoscopic suturing devices market are that presently the devices lack dexterity and suffer numerous functional limitations.
The market faces compelling threat from advanced wound closure substances such as glues, fibrin, and eminent-strength medical adhesives as a consequence as well as other sealants. These substances are actively endorsed by surgeons and health care providers owing to factors such as less healing time, decreased blood loss, and better clinical outcomes. One of the clauses of the U.S. Patient Protection and Affordable Care Act (PPACA), which affirms an excise tax of 2.3% on medical devices, serves the all-embracing market as a restraint as it will appoint a supplementary strain on medical device manufacturers.
Based on application type, the endoscopic suturing device market can be segmented as perforation closure, endoscopic suturing device, EMR closure, post-bariatric surgery endoscopic stoma reduction, primary endoscopic obesity surgery, and other procedures. In terms of type of product, the market can be segmented as single-use suturing device, multiple-use suturing device, and others.
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Geographically, the global market for endoscopic suturing device is distributed over North America, Europe, Asia Pacific, and rest of the world (RoW). The U.S. is anticipated to account for a substantial share of the endoscopic suturing device market in North America. Europe is likely to follow North America in terms of market share. It is anticipated to comprise a significant share of the endoscopic suturing device market. However, the Asia Pacific and RoW markets are predicted to show high growth rate during the forecast period owing to factors such as high unmet suturing needs, emerging economies, and continuously improving scenario.
In Asia Pacific, multinational players operating in the endoscopic suturing device market are projected to face intense competition from local manufacturers as the latter offers various types of endoscopic suturing devices at low prices. Rapidly evolving medical tourism sector in countries such as India, South Korea, Malaysia, Thailand, and Singapore drives major health care providers to equip themselves with the latest endoscopic suturing devices, which in turn is estimated to boost the growth of the market.
Each segment of the endoscopic suturing device market is dominated by a selected number of players. The market for endoscopic suturing devices is dominated by players such as Apollo Endosurgery, Inc., Ethicon Endo?Surgery, USGI Medical, Inc., and Covidien.
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