Vessel Sealing Devices Market Size Worth $ 2.4 Billion By 2028: Grand View Research, Inc. | News
SAN FRANCISCO, Aug. 9, 2021 / PRNewswire / – The global vessel sealing devices market size is anticipated to reach USD 2.4 trillion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 8.1% from 2021 to 2028. The key factors driving the market growth include the rising number of surgeries across the globe, aging population, and technological advancements.
Key Insights & Findings:
- Rising prevalence of chronic diseases is increasing the number of surgeries performed around the globe. This is one of the key contributing factors towards market growth
- The application segment was dominated by laparoscopic surgery in 2020 owing to wider use of vessel sealing devices in these procedures, while the general surgery segment held a significant share. In June 2021, for instance, Johnson and Johnson’s Ethicon launched ENSEAL X1 Curved Jaw Tissue Sealer for use in colorectal, bariatric surgery, gynecological, and thoracic procedures
- The laparoscopic surgery segment, however, is also anticipated to grow the fastest due to rise in technological advancements and minimally invasive surgeries
- The instruments segment held the largest revenue share in 2020 and is also expected to register the highest CAGR over the forecast period. Easy availability of instruments is one of the primary factors driving this segment
- The hospitals and specialty clinics segment held the largest revenue share of 57.4% in 2020, as they are the primary point of care for treatment. Furthermore, hospitals and specialty clinics are known to offer superior care to their patients and treatment at these centers are generally reimbursed, which drives adoption
Read 150 page market research report, “Vessel Sealing Devices Market Size, Share & Trends Analysis Report By Application (General Surgery, Laparoscopic Surgery), By Product (Generators, Instruments, Accessories), By End User, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
The COVID-19 pandemic resulted in several challenges such as logistical bottlenecks, low demand, decreased sales and marketing activities, and reduced sales. The key impact, however, was the cancellation or postponement of elective surgeries during the pandemic. Most nations went under lockdown with the implementation of movement restrictions while academic societies and regulatory bodies recommended postponement of elective surgical procedures. According to Harvard Business Review, around a 4.8% GDP decline in the American economy, in the first quarter of 2020, could be attributed to deferred healthcare services, in particular delayed elective procedures. The resumption of elective surgeries is expected to lead to increased demand over the coming years.
The number of surgeries performed is a key contributor to the market growth. In the US increasing prevalence of chronic diseases and an aging population, are leading to increase in the number of surgical procedures performed every year. According to the US Census Bureau, an estimated 75 million of the 328 million US population, were aged 60 years and older in 2019. This implies that a significant number of American citizens are vulnerable to chronic and acute conditions, leading to an increased number of surgeries.
According to Definitive Healthcare, LLC, as of 2019, there were about 9,280 active ambulatory surgery centers in the US This high number also contributes to market growth. In addition, ASCs enable large volumes of surgeries in a short period, which is expected to fuel the market growth during the forecast period.
The adoption of automated and robotic systems in surgery is another driver estimated to contribute to the market growth. In a study conducted by the University of Michigan, School of Medicine, it was found that from 2012 to 2018 the use of robotic technology in general surgery increased from 1.8% to 15.1%. Market players are leveraging this trend to introduce new products, expand their regional presence, and increase their market share. Bolder Surgical, partnered with Intuitive Surgical to provide an exclusive licensing agreement to its energy-based vessel sealing and tissue stapling technologies for use in the latter’s robotic-assisted surgery solutions. In May 2021, Bowa Medical opened a new office in Cairo to control and support sales activities for Turkey, Iran, Pakistan, and the entire Middle East region.
Grand View Research has segmented the global vessel sealing devices market on the basis of application, product, end user, and region:
- Vessel Sealing Devices Application Outlook (Revenue, USD Million, 2016 – 2028)
- General Surgery
- Laparoscopic Surgery
- Vessel Sealing Devices Product Outlook (Revenue, USD Million, 2016 – 2028)
- Vessel Sealing Devices End-user Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals & Specialty Clinics
- Ambulatory Surgical Centers
- Vessel Sealing Devices Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
List of Key Players of Vessel Sealing Devices Market
- Olympus Corporation
- B. Braun Melsungen AG
- Medical Devices Business Services, Inc. (Johnson & Johnson)
- Erbe Elektromedizin GmbH
- Bowa Medical
- OmniGuide Holdings, Inc.
- Intuitive Surgical
- Bolder Surgical, LLC
- KLS Martin Group
Check out more studies related to blood vessel treatment and therapeutics, conducted by Grand View Research:
- Vascular Grafts Market – Global vascular grafts market size was valued at USD 2.01 trillion in 2018 and is expected to witness a CAGR of 6.4% over the forecast period. Increasing incidence of cardiac diseases, diabetes, End Stage Renal Disease (ESRD), and vascular occlusions is the major factor responsible for market growth.
- Blood Clot Retrieval Devices Market – Global blood clot retrieval devices market is driven by the advancement in technology and growing prevalence of stroke. However, lack of skilled professionals and fruitless root canal procedures occurring due to unfavorable results and failure of device during the blood clot retrieval, are some limitations faced by the blood clot retrieval devices market.
- Blood Flow Measurement Devices Market – Increasing prevalence of peripheral vascular disorders and rising geriatric base are expected to fuel blood flow measurement devices market. The rate of blood flowing or the amount of blood through cross section of blood vessel per unit of time is used for diagnosis of diseases and disorders.
Browse through Grand View Research’s coverage of the Global Medical Devices Industry.
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About Grand View Research
Grand View Research, US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company understood over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.