Global Ligation Devices Market Report: By Product (Handheld
Instruments, Accessories), Procedure (Minimally Invasive Surgery, Open
Surgery), and Application (Gastrointestinal and Abdominal, Gynecological,
Urological Applications)—Global Forecast till 2024
Ligation Devices Market Highlights
As per Market Research Future
(MRFR) analysis, the global ligation devices market is estimated to register a
CAGR of 6.7% from 2019 to 2024 (forecast period).
Ligation devices are used for
closing incisions during surgeries or for connecting separate organ/tissue
parts. The number of surgeries and laparoscopic procedures has increased in the
last few years. According to the 2017 National Health Statistics Reports
published by the Centers for Disease Control and Prevention, 48.3 million
surgical/non-surgical procedures were performed in the United States in 2010.
It is reported that surgeries are often reimbursed, thereby facilitating a
wider pool of patients for producers.
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Ligation Devices Market Dynamics
Favorable reimbursement policies,
rising health expenditures, and increasing research and development expenditure
are expected to boost the market. As per the GI Endoscopy Coding and
Reimbursement Guide published by Cook in 2017, procedures such as endoscopic
retrograde cholangiopancreatography (ERCP) are covered by CPT code 43261 with
an average facility payment of approximately USD 1.134.02.
However, it is projected that
factors such as the high cost of surgery and related side effects would hinder
the market growth.
Ligation Devices Market Segmentation
The global market for ligation
devices has been segmented based on the product, procedure, application,
end-user, and region.
Based on product, the global
market for ligation devices has been segmented into handheld instruments and
accessories.
Based on the procedure, the
global market for ligation devices has been segmented into minimally invasive
surgery and open surgery.
Based on application, the global
market for ligation devices has been segmented into gastrointestinal and
abdominal applications, cardiovascular applications, gynecological
applications, urological applications, and others.
Based on the end-user, the global
market for ligation devices has been segmented into hospitals & clinics,
ambulatory surgical center, and others.
Ligation Devices Market Regional
Analysis
Regionally, the global ligation devices market analysis
has been segmented into the Americas, Asia Pacific, Europe, the Middle East
& Africa.
The Americas held the largest
market share for ligation devices due to rising health expenditure and the
growing prevalence of chronic diseases. As reported by the Centers for Disease
Control and Prevention in 2018, coronary heart disease (CHD) has been estimated
to be the most common type of heart disease in the U.S. and is expected to
cause 370,000 heart disease per year.
Europe held the second position
in the global market for ligation devices in 2018. It can be due to growing
awareness, government funding, the production of technologically advanced
medical devices, and the rising number of surgeries. However, stringent
regulation is expected to hinder the growth of the global market for ligation
devices over the forecast period.
The Asia Pacific was the
fastest-growing region on the global market for ligation devices in 2018. Asia Pacific
has an enormous market potential for the market for ligation devices. Factors
such as increasing healthcare infrastructure, developing healthcare industries,
increasing number of surgeries, and rising medical tourism are driving market
growth in the region. Monash University stated that the bariatric surgery
burden in Australia was burgeoning in 2015, and roughly 15,000 surgical
procedures were carried out in the region in the same year. Moreover, the
emergence of developing economies such as India and China are boosting the
market.
The Middle East and Africa have
had the least market share in the global market for ligation devices. Factors
such as the existence of poor economies and low per capita income, particularly
in the African region, make the market lag within the region. It is projected
that the Middle East holds most of the regional market due to increased
government funding in the healthcare sector and the presence of developed
economies such as the United Arab Emirates, Saudi Arabia, and others.
Ligation Devices Market Key
Players
Some of the significant
participants in the global ligation devices market are Medtronic, Johnson &
Johnson, Conmed Corporation, Teleflex Incorporated, B. Braun Melsungen AG,
Olympus Corporation, Applied Medical Resources Corporation, The Cooper
Companies, Inc., Grena Think Medical, Genicon, Inc., and others.
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