Endoscopic Closure Devices Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Endoscopic Closure Devices Market 2024-2028

The global endoscopic closure devices market size is estimated to grow by USD 702.36 million at a CAGR of 7.39% between 2023 and 2028. 

Healthcare professionals adopt MI procedures during various surgeries as they are more effective, cause minimum pain, require shorter hospital stays, and result in fewer complications. For instance, healthcare professionals adopt the MI approach for gastrointestinal surgeries, which need a long incision from the sternum to the navel. MI surgeries are gradually attaining the gold standard status owing to higher efficiency over traditional open surgeries and their growing adoption. Also, these procedures inflict less injury to the healthy tissues during surgical procedures and offer better patient outcomes owing to accelerated recovery. The growing demand for MI surgeries is growing the need for endoscopic procedures. Such procedures help patients to recover early and reduce hospital stays. Hence, growing demand for MI procedures is expected to drive the market growth during the forecast period. 

Technavio has segmented the market into Product, End-user, and Geography

• The product segment is classified into endoscopic closure systems, endoscopic clips, and others
• The End-user segment is classified into hospitals, ambulatory surgery centers, and others
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW)

It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.

What will be the size of the Endoscopic Closure Devices Market During the Forecast Period?

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Endoscopic Closure Devices Market Segmentation by Product, End-user and Geography Analysis 

Product Analysis 

Endoscopic closure systems

The market share growth by the endoscopic closure systems segment will be significant during the forecast period. The endoscopic closure systems segment includes over-the-scope clips and endoscopic suturing systems. Factors such as the increasing incidences of GI diseases and the rising technological advances to develop new endoscopic closure systems drive the market.

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The endoscopic closure systems segment was the largest and was valued at USD 589.84 million in 2018. Further, endoscopic suturing systems consist of an endoscope, along with a stitching device, to treat defects in the GI tract. This device is used by healthcare professionals for various applications such as perforation closure, stent fixation, fistula closure, ESD and EMR closures, closure of inadvertent mucosotomy, and perforations created during peroral endoscopic myotomy (POEM). To support the growing adoption of endoscopic procedures, Companies in the endoscopic closure devices market are launching new products. The growing focus of companies to develop advanced products and the launch of new products will accelerate the adoption of endoscopic closure systems, which will drive the growth of the endoscopic closure systems segment in the endoscopic closure devices market during the forecast period.

Product Analysis 

Hospitals

Hospitals, which may be private entities or work under government institutions, are well-equipped with advanced medical facilities. They have technologically advanced medical equipment to detect/diagnose the most critical cases and perform surgeries. They have state-of-the-art infrastructure, which caters to the growing demand of physicians and patients. The multispecialty hospitals have a capacity of 500 beds and engage closely with the suppliers/distributors for the procurement of medical products such as endoscopic closure devices. Also, many reimbursement authorities and government organizations tie up with hospitals to provide treatment to patients. Further, owing to the rise in the target population requiring surgeries for treating a broad range of acute and chronic diseases, there will be a steady increase in demand for endoscopic closure devices in hospitals, which in turn will boost the growth of the global endoscopic closure devices market during the forecast period.

Ambulatory surgery centers

ASCs are also called same-day surgery centers or outpatient surgery centers, which provide advanced healthcare facilities. They provide therapeutic services for people who do not require an extended period of hospitalization (expected stay no longer than 24 hours). Owing to the implementation of the Affordable Care Act in the US, the healthcare system is pressured to reduce hospital costs. Furthermore, the high volume of the orthopedic and cardiovascular surgeries increases the demand for ASCs, as most individuals prefer them over hospitals. Owing to the significant reduction in healthcare expenditure and reduced length of hospital stays, most people prefer ASCs, which is anticipated to positively impact the ASCs segment, which will drive the growth of the endoscopic closure devices market during the forecast period.

Regional Analysis

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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The endoscopic closure devices market in North America will grow at a moderate rate during the forecast period. North America has been witnessing an increase in the adoption of various advanced technologies over the last few years. The market growth in this region is driven by factors such as high adoption of technology, increasing prevalence and incidences of chronic diseases, growing geriatric population, availability of reimbursement for endoscopic procedures, and the growing presence of prominent Companies that develop endoscopic closure devices. Further, favourable initiatives taken by the US government and private organizations, such as increasing the awareness related to screening and treatment of GI-related diseases and granting funds for research, are fueling the growth of the endoscopic closure devices market. 

In addition, the growth of the market is driven by the presence of several global and regional companies, such as Abbott Laboratories, Boston Scientific Corp., Cardinal Health Inc., Johnson and Johnson and Teleflex Inc. These Companies offer a wide range of endoscopic closure devices. Hence, the high availability of endoscopic closure devices is likely to contribute to the growth of the endoscopic closure devices market in the region during the forecast period.

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Key Endoscopic Closure Devices Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Abbott Laboratories - The company offers endoscopic closure devices such as Perclose ProGlide SMC System.

• Ackermann Instrumente GmbH
• AHM Grup
• Ambu AS
• B.Braun SE
• Boston Scientific Corp.
• Cardinal Health Inc.
• Carmonja GmbH
• Changzhou Jiuhong Medical Instrument Co.
• Cook Group Inc.
• Endocor GmbH and Co. KG
• Haemonetics Corp.
• Johnson and Johnson
• Medtronic Plc
• Micro Tech Nanjing Co. Ltd.
• Olympus Corp.
• Ovesco Endoscopy AG
• STERIS plc
• Teleflex Inc.
• The Cooper Companies Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Endoscopic Closure Devices Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. 

Key Endoscopic Closure Devices Market Drivers

Increasing incidence of gastrointestinal diseases is notably driving the market growth. The prevalence of gastrointestinal diseases, such as gallstones, ulcerative colitis, fissures, hemorrhoids, IBD, and GERD, has increased significantly across the world. Improper diet, inactive lifestyle, stress, food sensitivity, and bacterial or viral infection are the major factors contributing to the increasing incidence of chronic and acute gastrointestinal diseases. IBD is one of the most commonly prevalent gastrointestinal diseases, and it causes inflammation of the gastrointestinal tract. Crohns disease and ulcerative colitis are the most common forms of IBDs. People with IBDs are more susceptible to developing certain chronic health conditions such as cancer, respiratory diseases, liver diseases, kidney diseases, and cardiovascular diseases (CVDs).

However, prolonged treatment is required for the prevention and cure of IBDs. GERD is a chronic condition that affects people of all age groups. Erosive esophagitis, esophageal stricture, Barretts esophagus, dental diseases, and asthma are the major medical complications associated with GERD. Thus, such factors are expected to increase the demand for endoscopic closure devices, which will drive the growth of the endoscopic closure devices market during the forecast period.

Significant Endoscopic Closure Devices Market Trends

The rise in the integration of imaging technologies in endoscopic closure devices is an emerging trend shaping market growth. The endoscopic closure devices market has witnessed a significant rise in the integration of imaging technologies, which enhances the efficacy and precision of these devices. This trend is driven by the increasing demand for minimally invasive procedures and the growing adoption of advanced medical technologies. Integration of imaging technologies, such as fluorescence imaging and ultrasound, into endoscopic closure devices, allows for real-time visualization and accurate placement of devices.

Further, the active integration of imaging technologies in endoscopic closure devices is exemplified by the development of advanced endoscopic suturing systems. The real-time imaging feedback enhances the precision of suturing, contributing to improved patient recovery and reduced postoperative complications. Thus, such factors are expected to drive market growth during the forecast period. 

Major Endoscopic Closure Devices Market Challenges

The availability of substitutes for endoscopic closure devices is a significant challenge hindering market growth. Biosurgery products serve as an effective alternative to endoscopic closure devices in surgical procedures. The primary complications in surgical procedures include excessive bleeding, wounds, and tissue damage, which can be treated or controlled using biosurgery products. These products have unique features, such as biocompatibility and bio absorbability, which help improve clinical outcomes and provide optimal patient care. Biosurgery products such as topical hemostatic agents, sealants, and adhesives are primarily used during surgical procedures.

Moreover, the availability of various other alternatives, such as epinephrine injection, thermal coagulation, and cryotherapy, which are also used for hemostasis of GI bleeding during endoscopic procedures, is expected to restrict the growth of the endoscopic closure devices market during the forecast period.

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Key Endoscopic Closure Devices Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Endoscopic Closure Devices Market Customer Landscape

Segment Overview

The endoscopic closure devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Product Outlook
  • Endoscopic closure systems
  • Endoscopic clips
  • Others

• End-user Outlook
  • Hospitals
  • Ambulatory surgery centers
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest Of World
    • Brazil
    • Argentina
    • Australia 

Endoscopic Closure Devices Market Scope
Report Coverage	Details
Page number	173
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.39%
Market Growth 2024-2028	USD 702.36 million
Market structure	Fragmented
YoY growth 2023-2024(%)	6.91
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 36%
Key countries	US, Germany, UK, China, and Japan
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Abbott Laboratories, Ackermann Instrumente GmbH, AHM Grup, Ambu AS, B.Braun SE, Boston Scientific Corp., Cardinal Health Inc., Carmonja GmbH, Changzhou Jiuhong Medical Instrument Co., Cook Group Inc., Endocor GmbH and Co. KG, Haemonetics Corp., Johnson and Johnson, Medtronic Plc, Micro Tech Nanjing Co. Ltd., Olympus Corp., Ovesco Endoscopy AG, STERIS plc, Teleflex Inc., The Cooper Companies Inc., and Era Endoscopy Srl
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Endoscopic Closure Devices Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the endoscopic closure devices market  between 2024 and 2028
• Precise estimation of the endoscopic closure devices market size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of endoscopic closure devices market companies

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