iData Research (“iData”), a global consulting and market research firm, has released exclusive research in the global closure device market, addressing key insights and the consequences of COVID-19 in 2020 and beyond. While the value of the global closure device market decreased in 2020, due primarily to COVID-19 and delays surrounding elective surgeries, iData forecasts that the total closure device market is projected to grow over the forecast period at a mid-single-digit rate, primarily driven by the laparoscopic stapler segment, closely correlated with the procedural volume.
According to iData’s Global Report for Closure Devices, the global closure devices market saw a decline of over 14% when compared to the valuation of $5.3 billion in 2019. The value of the market decreased in 2020, relative to 2019, due to strong headwinds from COVID-19. However, the market has started to recover moving into 2021 and is expected to reach $6.3 billion by 2026. This report includes unit sales, average selling prices, procedure numbers, market drivers and limiters, competitive market share analysis, and more.
iData’s analysis includes laparoscopic staplers, endosuturing devices, and clip appliers. The growth of the closure device market has been driven by the increasing number of laparoscopic procedures. Bariatric surgery in particular will drive the closure device market, as certain procedures require extensive use of closure staples, such as Roux-en-Y gastric bypass surgery. The growth of this market is limited by the use of advanced energy devices such as bipolar and ultrasonic instruments, which can cut and close vessels without the use of standard closure devices.
“The closure device market is dominated by laparoscopic staplers, which are primarily disposable products,” Says Dr. Kamran Zamanian, Senior Partner and CEO of iData Research, “Their unit sales have been driven by the increasing number of bariatric surgeries performed over the last few years.”
The global market for closure devices is heavily dominated by Medtronic and Ethicon, with robotic staplers becoming the main threat for the current competitors in the laparoscopic stapler market. The majority of Medtronic’s revenue comes from the stapler segment and is driven by strong sales of the company’s Tri-Staple™ devices. Within the suture and clip applier segments, Medtronic offers a number of products from its Endo Clip™ and AcuClip™ product lines in addition to its Endo Stitch™ sutures.
To accurately estimate market shares, units sold, average selling prices, product segments, and brands as well as procedural volumes, iData Research uses its proprietary market and procedure databases, as well as hospital purchase order data to complement its primary and secondary research initiatives.
Follow the link below to download a Free Research Summary of the Global Market Report for Closure Devices:
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