According to market research report, “Endoluminal Suturing Devices Market by Application (Bariatric, Gastrointestinal, Gastroesophageal Reflux Disease), End User (Hospitals, Clinics, Ambulatory Surgical Centers), Technology Analysis, Regulatory Landscape, Trends – Global Forecast to 2027″, is projected to reach USD 139 million by 2027 from USD 78 million in 2022, at a CAGR of 12.0%.
The increasing number of surgical procedures worldwide, the rising prevalence of gastrointestinal diseases along are some of the key factors driving the market for endoluminal suturing devices.
Growth in this market is majorly driven by the rising prevalence of gastrointestinal cancers, inflammatory bowel disease, and other digestive diseases and the increasing number of surgical procedures worldwide.
Endoluminal suturing devices are widely used in open surgeries, abdominal surgeries, endoscopy, and other gastrointestinal surgeries. Over the years, the affordability and accessibility to surgical care have increased, leading to a significant rise in the number of surgical procedures performed utilizing suturing devices.
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The increasing prevalence of lifestyle diseases and the subsequent rise in surgical procedures have further increased the demand for advanced surgical equipment, including suturing devices.
This can be attributed to the growing adoption of endoluminal suturing devices for the growing number of gastrointestinal cancer cases worldwide and the increasing prevalence of gastrointestinal disorders.
The ambulatory care centers segment to witness the highest growth during the forecast period
Based on end users, the endoluminal suturing devices market is segmented into hospitals, ambulatory surgical centers, clinics, and other end users. The ambulatory care centers segment is expected to register the highest growth during the forecast period. This can be attributed to the cost-effective treatments offered to patients in ambulatory surgery centers.
The Asia Pacific region is expected to witness the highest growth during the forecast period
Asia Pacific is expected to witness the highest growth during the forecast period due to presence of high-growth markets such as India, China, and Japan, the rising cases of gastrointestinal cancer is the major factors that is expected to drive the growth of the endoluminal suturing devices market in the Asia Pacific region.
The prominent players in the endoluminal suturing devices market are Apollo Endosurgery, Inc. (US), Johnson & Johnson (US), Medtronic Plc (Ireland), Cook Group Incorporated (US), USGI Medical (US), Ovesco Endoscopy AG (Germany), Endo Tools Therapeutics S.A. (Belgium), ErgoSuture (US), and Sutrue Ltd. (UK).