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Vessel Sealing Devices Market Size, Share & Trends Analysis Report By Application, By End-Use, By Region And Segment Forecasts, 2023 - 2030
Vessel Sealing Devices Market Size, Share & Trends Analysis Report By Application (General Surgery, Laparoscopic Surgery), By End-Use (Hospitals & Specialty Clinics, Ambulatory Surgical Centers), By Region, And Segment Forecasts, 2023 - 2030
New York, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vessel Sealing Devices Market Size, Share & Trends Analysis Report By Application, By End-Use, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06377932/?utm_source=GNW
Vessel Sealing Devices Market Growth & Trends
The global vessel sealing devices market size is expected to reach USD 2,967.0 million by 2030 and is anticipated to expand at a CAGR of 9.04% from 2023 to 2030. Growing product developments, surgical procedures, and preference for minimally invasive surgeries are some of the key drivers of this market.
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 the 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 U.S. increasing prevalence of chronic diseases and an aging population, are leading to an increase in the number of surgical procedures performed every year. According to the U.S. Census Bureau, an estimated 75 million of the 328 million U.S. 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 U.S. 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.
Vessel Sealing Devices Market Report Highlights
• The rising prevalence of chronic diseases is increasing the number of surgeries performed around the globe. This is one of the key contributing factors to market growth
• The application segment was dominated by laparoscopic surgery in 2022 owing to the 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 a rise in technological advancements and minimally invasive surgeries
• The instruments segment held the largest revenue share in 2022 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 55.28% in 2022, 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 is generally reimbursed, which drives the adoption
• North America dominated the vessel sealing devices market and accounted for the largest revenue share of 51.35% in 2022
Read the full report: https://www.reportlinker.com/p06377932/?utm_source=GNW
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