Growth in this market is mainly driven by the increasing prevalence of diseases requiring surgical treatment, especially minimally invasive surgery (MIS). However, the high cost of ligation devices is a major restraint for this market, particularly in emerging countries.
The ligation devices market is projected to reach USD 1,189 million by 2024 from USD 876 million in 2019, at a CAGR of 6.3%.
Market Dynamics
+ Drivers
+ Growing Demand for Minimally Invasive Surgery
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The ligation devices market is segmented into gastrointestinal & abdominal surgeries, gynecological surgeries, cardiovascular surgeries, urological surgeries, and other applications such as wound, ENT, and cosmetic applications. The cardiovascular surgeries segment is anticipated to drive growth in the market at a CAGR of 6.9% over the forecast period. This growth can be attributed to the increase in the incidence of cardiovascular diseases. Additionally, with technological advancements in cardiovascular robotic surgery, the demand for ligation devices is anticipated to increase.
The ligation devices market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the large patient population and increasing infrastructural development in the region.
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