(PharmaNewsWire.Com, August 16, 2020 ) The growth of anastomosis device market is primarily driven by the increasing incidence of target diseases and the subsequent growth in the number of surgical procedures, growing demand for minimally invasive surgeries, and technological advancements.
[218 Pages Report] The global anastomosis devices market is projected to reach USD 2.9 billion by 2024 from an estimated USD 2.1 billion in 2019 at a CAGR of 7.2% during the forecast period.
Anastomosis Device Market by Product, Surgical Staplers (Manual, Powered), Surgical Sutures (Absorbable, Non-absorbable), and Surgical Sealants and Adhesives, Application (GI, CVD, Other), & End Users (Hospital, ASCs/Clinic) - Global Forecast to 2024
What drives the Market?
Increasing Target Disease Prevalence and Subsequent Growth in the Number of Surgical Procedures Growing Demand for Minimally Invasive Surgeries Technological Advancements
However, the high cost of devices and the extensive clinical data requirements for launching new products are expected to restrain the growth of this market during the forecast period.
Based on the type, the global anastomosis devices market is segmented into surgical staplers, surgical sutures, and surgical sealants & adhesives. In 2018, surgical staplers accounted for the largest share of the market, and this segment is also estimated to grow at the highest CAGR during the forecast period. The large share of this segment can be attributed to the advantages associated with surgical staplers (ease of use, minimal risk of complications, reduced blood loss/leakage, and shorter operating time) in comparison with surgical sutures and surgical sealants and adhesives.
North America accounted for the largest share of the market in 2018
North America dominated the anastomosis devices market in 2018. The large share of North America in the global market can be attributed to the favorable reimbursement scenario in the US, rising incidence of cancer in the region, and the implementation of a new funding model for Canadian hospitals.
The Asia Pacific market, on the other hand, is projected to register the highest growth during the forecast period. Factors such as the increasing number of hospitals, developing healthcare infrastructure, increasing healthcare expenditure, growing geriatric population, and the presence of a large patient population are driving the growth of the anastomosis devices market in the Asia Pacific.
In 2019, Intuitive Surgical received FDA approval for its SureForm 45 Stapler. In 2018, Baxter International Inc. acquired Mallinckrodt Pharmaceutical’s PREVELEAK Surgical Sealant. This acquisition is expected to broaden Baxter’s existing portfolio of advanced surgical sealants.
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