The global endoluminal suturing devices market was valued at USD 78.0 million in 2022 and it is anticipated to grow further to USD 239.5 million by 2032, at a CAGR of 11.9% during the forecast period.
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Endoluminal suturing devices are devices that are used to close incisions or wounds in the lining of the gastrointestinal tract. These devices are inserted through the mouth or rectum and are used to close incisions in the stomach, small intestine, or large intestine. Endoluminal suturing devices are made of a variety of materials, including stainless steel, titanium, and polypropylene.
Market Driver and Trends
The key drivers of the Endoluminal Suturing Devices market include the rising prevalence of gastrointestinal diseases, the increasing number of surgical procedures, the availability of advanced endoluminal suturing devices, and favorable reimbursement policies.
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The rising prevalence of gastrointestinal diseases is one of the major drivers of the Endoluminal Suturing Devices market. According to the World Health Organization, the prevalence of gastrointestinal diseases has increased significantly over the past few years. The number of people suffering from gastrointestinal diseases is expected to continue to grow in the coming years. This is expected to drive the demand for endoluminal suturing devices.
The increasing number of surgical procedures is another major driver of the Endoluminal Suturing Devices market. According to the American College of Surgeons, the number of surgical procedures performed in the United States has increased significantly over the past few years. The number of surgical procedures is expected to continue to grow in the coming years. This is expected to drive the demand for endoluminal suturing devices.
The favorable reimbursement policies are another driver of the Endoluminal Suturing Devices market. The favorable reimbursement policies have made it possible for more people to get access to endoluminal suturing devices. This is expected to drive the demand for endoluminal suturing devices.
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Major Players in the Global Endoluminal Suturing Devices Market
The key players studied in the global endoluminal suturing devices market are Apollo Endosurgery, Inc., Ethicon Endo-Surgery, Medtronic Plc., USGI Medical Inc., Covidien., Ovesco Endoscopy AG, Endo Tools Therapeutics S.A., ErgoSuture, Stryker Corporation, and Sutrue Ltd. among others.
COVID-19 Impact
The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on society and affecting millions of people and businesses. Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth. Over 4 million people are affected globally, with 300 thousand losing their lives due to SARS-CoV-2. Healthcare organizations are already working in battle mode, preparing new plans to respond to the growing number of COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers. Due to the diversion of the medical field towards treating COVID-19, the funding for R&D activities related to endoluminal suturing devices has been reduced and this segment has to face negligence subsequently causing a negative impact on the endoluminal suturing devices market.
Market Segments
By Application
- Gastrointestinal Surgery
- Bariatric Surgery
- Gastroesophageal Reflux Disease
By End Use
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
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