The Endoscopic Closure Systems Market Size is valued at USD 726.93 Million in 2023 and is predicted to reach 1341.76 Million by the year 2031 at a 8.13% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- A key factor is the continued increase in the number of endoscopic procedures, including gastrointestinal and pulmonary interventions.
- Endoscopy has become a routine diagnostic and therapeutic approach, and as the number of procedures increases, the demand for effective closure systems has increased dramatically.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the use of endoscopic closure systems in complex situations, such as large perforations or irregular tissue structures, which pose technical challenges.
Endoscopic closure systems are likely to transform the industry because of their advantages over previously available methods. The rising global prevalence of gastrointestinal and stomach cancer is expected to impact the market significantly. As the elderly population grows, the market is likely to expand dramatically. Endoscopic surgery is becoming more popular because it employs advanced technology to access inside organs through small incisions, resulting in less discomfort and faster recovery than traditional surgical procedures. These key factors are expected to drive demand for endoscopic closure systems. Endoscopic closure devices are in great need due to increased diagnostic endoscopy treatments and surgery. The market is driven by rising GI illness prevalence and technical advancements to produce novel endoscopic closure techniques.
Furthermore, the growing number of diagnostic and therapeutic endoscopic operations, such as EMR, ESD, and full-thickness excision of subepithelial cancers, is driving demand for endoscopic closure systems. The market's expansion is hampered by a need for more qualified staff with experience performing endoscopic procedures.
Competitive Landscape
Some major key players in the Endoscopic Closure Systems Market:
- Coopersurgical, Inc. (The Cooper Companies Inc)
- Abbott Laboratories
- Apollo Endosurgery, Inc.
- Boston Scientific Corporation
- Conmed Corporation
- Cook Group Incorporated
- Duomed Group
- ENDO-FLEX GmbH
- EnVision Endoscopy
- Johnson & Johnson Services, Inc.
- Leo Medical Co.,Ltd.
- Medorah Meditek Pvt. Ltd.
- Medtronic PLC
- Meril Life Sciences Pvt. Ltd.
- Micro-Tech USA Incorporated
- Olympus Corporation
- Ovesco Endoscopy AG
- Saint-Gobain S.A.
- SiTime Corporation
- Steris plc
- Wuxi Beien Surgery Device Co., Ltd
- Other Market Players
Market Segmentation:
The endoscopic closure systems market is segmented on the product, distributional channel and end-use. Based on product, the endoscopic closure systems market is divided into endoscopic clips/end clips (over-the-scope clips), overstitch endoscopic suturing systems, endoscopic vacuum-assisted closure systems and other products. The endoscopic closure systems market is segmented directly and indirectly based on the distributional channel. Based on end-use, the market is divided into hospitals, clinics and ambulatory surgery centers.
Based On The Product, The Endoscopic Vacuum-Assisted Closure System Segment Is Accounted As A Major Contributor To The Endoscopic Closure Systems Market.
The endoscopic vacuum-assisted closure system segment is expected to hold a substantial share of the market during the forecast period. Endoscopic closure devices are in great demand due to increased diagnostic endoscopy treatments and surgery. The market is driven by rising GI illness prevalence and technical advancements to produce novel endoscopic closure techniques. Furthermore, the growing number of diagnostic and therapeutic endoscopic operations, such as EMR, ESD, and full-thickness excision of subepithelial cancers, is driving demand for endoscopic closure systems.
The Hospital Segment Witnessed Growth At A Rapid Rate.
Hospitals grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the expected time. It is due to patients' increased product preference for chronic disease treatment. Furthermore, good infrastructure and reimbursement policies boost segment expansion. Moreover, hospitals execute a high number of surgeries and are regarded as the primary healthcare system in the majority of countries. Compared to other healthcare systems, hospitals perform the greatest number of surgeries, boosting segment growth.
The North American Endoscopic Closure Systems Market Holds A Significant Regional Revenue Share.
The North American endoscopic closure systems market is expected to register the highest market share in revenue shortly. The increasing prevalence and incidences of chronic diseases, the growing geriatric population, the availability of reimbursement for endoscopic procedures, and the growing presence of prominent vendors will all contribute to the growth of the endoscopic closure devices market in North America over the forecast period. In addition, Asia Pacific is projected to grow rapidly in the global Endoscopic closure systems market. Rising gastrointestinal disease prevalence, increased government funding for healthcare expansion, and well-developed technologies are significant drivers of the sector. These countries contribute to the growth of the healthcare industry. Furthermore, increased cancer and gastrointestinal disorders patients in developed countries would quickly raise demand for new detection and treatment types, leading to increased economic growth.
Recent Developments:
- In Jan 2024, The Administrative Council for Economic Defense (CADE) will assess the purchase of specific endoscopic vacuum therapy assets, including all reserved rights, from B. Braun Surgical and Aesculap AG. These companies are indirect subsidiaries of Boston Scientific Corporation (BSC).
- In April 2023, Boston Scientific successfully acquired Apollo Endosurgery, a publicly traded medical technology business specializing in the design, development, and commercialization of medical devices for gastrointestinal therapeutic endoscopy and endobariatrics.
Endoscopic Closure Systems Market Report Scope
Report Attribute |
Specifications |
Market Size Value In 2023 |
USD 726.93 Million |
Revenue Forecast In 2031 |
USD 1341.76 Million |
Growth Rate CAGR |
CAGR of 8.13 % from 2024 to 2031 |
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
Product, Distribution Channel, End-Use |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Competitive Landscape |
Coopersurgical, Inc. (The Cooper Companies Inc.), Steris, Apollo Endosurgery, Inc., Boston Scientific Corporation, Ovesco Endoscopy Ag, Abbott, Medtronic, Olympus Corporation, Teleflex Incorporated, B. Braun Melsungen Ag. |
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |