Closure Devices Market Size, Share & COVID-19 Impact Analysis | Global | 2020-2026 | MedCore | Includes: Laparoscopic Staplers, Endosuturing Devices & Clip Appliers
- Year: 2020
- Scope: 10 Years
- Region: Global
- Type: MedCore
The global closure devices market size is expected to reach over $6.3 billion by 2026, with the North American market showing the most promising growth. Currently, the majority of the global market share is controlled by Medtronic and Ethicon.
The vast majority of the global closure device market value is generated by sales of laparoscopic staplers, gradually substituting the use of traditional endosuturing products. Surgical stapling is usually recognized as a technological advancement of the closure technique, offering time-saving benefits. Although it is less complicated than the endosuturing technique, the use of a laparoscopic stapler usually requires that the surgeon have endosuturing experience. Thus, this market study forecast the impact of this trend over the next 6 years, until 2026.
The growth of the global closure device market is primarily 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. However, this growth will be limited by the use of advanced energy devices and this study projects the impact of technological advancements on the global market.
How Many Bariatric Surgeries Are Performed Every Year?
Historically, there are over 800,000 bariatric surgeries performed each year across the globe. However, the procedure numbers saw a significant decline of over 15% in 2020 due to the impact of COVID19.
Through this study on the global closure devices market, iData Research has performed an analysis on the bariatric surgery volumes in order to increase the accuracy of our market sizing and provide you with the volume of procedures over a 10-year range and across 70+ countries.
How is COVID-19 Impacting The Closure Device Market?
In 2020, the global closure devices market saw a decline of over 14% when compared to the valuation of $5.3 billion in 2019. The global market is expected to reach its pre-COVID level in mid/late 2022 and fully recover.
Despite a decline in the total procedural volume in 2020, the laparoscopic stapler market will still remain the dominant segment of the total closure device market over the forecast period, primarily impacted by the continuing adoption of minimally invasive surgery and changes in the number of bariatric surgery procedures.
What Are The Top Closure Device Companies?
Currently, over 60% of the global closure device market share is controlled by Medtronic and Ethicon.
The global market for closure devices is heavily dominated by Medtronic and Ethicon, with robotic staplers becoming the main threats 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.
Like Medtronic, Ethicon’s major focus is on the global stapler market. Its ECHELON FLEX™ ENDOPATH® stapler competes with Medtronic’s line of Endo GIA™ staplers. It’s anticipated that fierce competition will take place over the forecast period, as both companies attempt to dominate this lucrative market segment.
Top Global Closure Device Companies Analyzed
Market Segmentation Summary
This market research takes a look at the largest segments within the global stent graft and surgical stent markets and provides a forecast of the Units Sold, Average Selling Prices, Market Sizes, and more. The segments included are:
- Laparoscopic Staplers Market | Global | 2020-2026
- Endosuturing Devices Market | Global | 2020-2026
- Clip Appliers Market | Global | 2020-2026
Global Research Scope Summary
|Regions||North America (Canada, United States)
Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela, and more)
Western Europe (Austria, Benelux, France, Germany, Italy, Portugal, Scandinavia, Spain, Switzerland, U.K., and more)
Central & Eastern Europe (Baltic States, Bulgaria, Croatia, Czech Republic, Greece, Hungary, Kazakhstan, Poland, Romania, Russia, Turkey, Ukraine, and more)
Middle East (Bahrain, Iran, Israel, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, and more)
Asia Pacific (Australia, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, and more)
Africa (Algeria, Egypt, Ghana, Kenya, Libya, Morocco, Nigeria, South Africa, Sudan, Uganda, and more)
|Quantitative Coverage||Market Size, Market Shares, Market Forecasts, Market Growth Rates, Units Sold, and Average Selling Prices.|
|Qualitative Coverage||COVID19 Impact, Market Growth Trends, Market Limiters, Competitive Analysis & SWOT for Top Competitors, Mergers & Acquisitions, Company Profiles, Product Portfolios, FDA Recalls, Disruptive Technologies, Disease Overviews.|
|Data Sources||Primary Interviews with Industry Leaders, Government Physician Data, Regulatory Data, Hospital Private Data, Import & Export Data, iData Research Internal Database.|
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Top Global Closure Device Companies Analyzed
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