Rapid Growth Predicted for Endoscopic Closure Systems Market with a 6.4% CAGR Through 2033
The global endoscopic closure systems market is poised for substantial growth, with an expected increase from USD 308.3 million in 2023 to USD 573.3 million by 2033, representing a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2024 to 2033. This growth is driven by several key factors, including the rising adoption of minimally invasive surgeries, technological advancements in endoscopic procedures, and the increasing prevalence of gastrointestinal and cardiovascular conditions requiring endoscopic interventions.
Minimally invasive procedures are favored due to their benefits, such as reduced recovery times and lower risks of complications. This trend significantly boosts the demand for advanced endoscopic closure systems. Additionally, the ongoing innovations in endoscopic technologies, such as vacuum-assisted closure systems, enhance the effectiveness and safety of these procedures, further propelling market growth.
However, the market faces challenges, including stringent regulatory requirements and high costs associated with advanced endoscopic devices. Regulatory hurdles can delay product approvals, impacting the timely introduction of new technologies. Moreover, the high cost of these devices may limit their adoption, particularly in developing regions.
Recent developments in the market highlight the dynamic nature of this industry. For instance, the publication of the Multi-center ESG Randomized Interventional Trial (MERIT) Study by Apollo Endosurgery in 2022 has underscored the effectiveness of minimally invasive procedures in gastrointestinal and bariatric treatments, potentially increasing the adoption of endoscopic closure systems. Additionally, Cooper Companies’ acquisition of Cook Medical’s Reproductive Health business in 2022 is expected to enhance research and development activities, fostering innovation in endoscopic technologies.
Overall, the endoscopic closure systems market is set to grow significantly, driven by technological advancements, increasing procedural volumes, and strategic industry developments, despite facing regulatory and cost-related challenges.
Key Takeaways
- The market is projected to be worth USD 573.3 million by 2033, growing at a CAGR of 6.4% from 2024 to 2033.
- Endoscopic clips dominate with over 38% market share in 2023 due to their versatility and effectiveness.
- Hospitals account for more than 56% market share in 2023, driven by the extensive adoption of endoscopic procedures.
- Gastrointestinal diseases affect over 4.4 million people annually, increasing the demand for minimally invasive interventions.
- High costs of procedures and equipment hinder market expansion, especially in regions with limited resources.
- Technological innovations, like magnetic systems, expand endoscopic capabilities, improving patient outcomes.
- Over 80% of surgeries in the US are minimally invasive, boosting the demand for closure systems.
- North America leads with a 37.8% market share in 2023, followed by Europe and Asia-Pacific.
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Endoscopic Closure Systems Market Key Segments
Type
- Endoscopic clips/Endoclips (Over-the-scope Clips)
- Overstitch endoscopic suturing system
- Cardiac septal defect occluders
- Endoscopic vacuum assisted closure systems
- Others
Application
- Hospitals
- Ambulatory Surgical Centers
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
CooperSurgical Inc. offers the Carter-Thomason II Port Site Closure System, which is designed for suture passing through soft tissues during endoscopic and laparoscopic surgeries. This system includes a sterile, single-use suture passer and guide to facilitate precise and secure port site closure. It aims to improve surgical efficiency and patient outcomes by reducing complications associated with port site closure. The product is part of CooperSurgical’s extensive portfolio of surgical and reproductive care solutions, reflecting their commitment to advancing women’s health and clinical excellence.
US Endoscopy specializes in providing innovative devices for gastrointestinal endoscopy, including endoscopic closure systems. Their product range includes solutions for managing and closing gastrointestinal perforations and leaks, enhancing patient safety and procedural efficacy. US Endoscopy focuses on developing user-friendly, effective tools that support gastroenterologists in delivering high-quality care. Their emphasis on innovation and clinical collaboration has positioned them as a key player in the endoscopic closure market, catering to the evolving needs of the healthcare industry.
Life Partners Europe provides advanced endoscopic solutions, including closure systems for various surgical applications. Their offerings are designed to improve surgical precision and patient outcomes by ensuring secure and effective closure of incisions and wounds during endoscopic procedures. Life Partners Europe emphasizes quality and reliability in their products, which are widely used across European healthcare settings. Their commitment to innovation and patient safety has made them a trusted name in the endoscopic equipment market.
Ovesco Endoscopy AG is renowned for its OTSC (Over-The-Scope Clip) system, an advanced endoscopic closure device used to manage gastrointestinal tract lesions. The OTSC system is highly effective in treating bleeding, perforations, and fistulas, providing a robust and durable closure. Ovesco’s focus on developing cutting-edge endoscopic solutions has led to significant advancements in minimally invasive procedures, enhancing patient care and treatment outcomes. Their products are widely recognized for their reliability and efficacy in clinical settings.
Apollo Endosurgery Inc. offers a range of endoscopic closure systems, including the OverStitch
Endoscopic Suturing System. This device allows for precise tissue approximation and secure closure during endoscopic procedures, reducing the need for invasive surgeries. Apollo’s commitment to innovation in therapeutic endoscopy has resulted in products that enhance procedural efficiency and patient safety. Their endoscopic solutions are used globally, reflecting their impact on advancing endoscopic surgery techniques and improving patient outcomes.
Endoscopic Closure Systems Market Key Players:
- CooperSurgical Inc.
- US Endoscopy
- Life Partners Europe
- Ovesco Endoscopy AG
- Apollo Endosurgery Inc.
- St. Jude Medical Inc. (Abbott)
- Other Key Players
Endoscopic Closure Systems Market Report Scope >> Market Value (2023): USD 308.3 Million || Forecast Revenue (2033): USD 573.3 Million || CAGR (2024-2033): 6.4% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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