Vessel Sealing Devices Market: Instruments & Accessories Segment is Projected to Lead the Market During the Forecast Period
Vessel Sealing Devices Market: Snapshot
The global vessel sealing devices market is all set to register high growth trajectory during the forecast period of 2018 to 2026. Key reason for this stupendous growth is increased demand for vessel sealing devices from the healthcare sector of all worldwide locations. Vessel sealing devices find application in various laparoscopic and open surgical procedures. Thus, the market for vessel sealing devices is expected to witness remarkable demand avenues from various end-users such as hospitals, specialty clinics, and ambulatory surgical centers.
Increase in number of various surgeries in all worldwide location is one of the key factors fueling the global vessel sealing devices market growth. Urological surgery, general surgery, gynecology surgery, cardiovascular surgery, and orthopedic surgery are some of the important surgery types in which vessel sealing devices are widely used. Considerable increase in the number of skilled personnel to perform various surgeries and increased government initiatives to improve the accessibility to elective surgery are some of the key factors boosting the growth of the global vessel sealing devices market.
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Vessel sealing devices come in direct contact with the patients during surgical procedures. Considering this aspect, many enterprises working in this market are taking more efforts to increase the safety and reduce the risk of infection on using these devices. This factor is stimulating the demand for the global vessel sealing devices market.
Major vendors working in the global vessel sealing devices market are focused on offering innovative and technologically advanced products to the end-users. To achieve this motive, they are heavily investing in research and development activities. Apart from this, numerous well-established players are executing merger and acquisition activities. This move is helping them to maintain their dominance in the global vessel sealing devices market. All these activities connote that the market for vessel sealing devices will expand at a stupendous rate during upcoming years.
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Global Vessel Sealing Devices Market - Snapshot
The global vessel sealing devices market was valued at US$ 3.2 Bn in 2017 and is projected to reach US$ 5.1 Bn by 2026 at a CAGR of 5.2% from 2018 to 2026. The market is characterized by innovations by market players to offer products to reduce complications of vessel sealing and rise in patient preference for outpatient settings due to reduced surgical procedural costs. The global vessel sealing devices market is witnessing increase in demand for technologically advanced instruments that come directly in contact with the patient body and reduce the risk of infection, which is a major factor for rise in adoption rate of single-use instruments. Constant innovations leading to superior technological advancements, surge in the number of minimally invasive surgical procedures performed each year due to rise in availability of skilled personnel, and increase in government initiatives to increase access to elective surgery are the major factors anticipated to drive the global vessel sealing devices market during the forecast period.
The global vessel sealing devices market has been segmented based on product, surgery, application, energy, end-user, and region. In terms of product, the instruments & accessories segment is projected to lead the market during the forecast period, followed by the generators segment. Market players focus on innovations in hand instruments and offering new products with ergonomic designs. For instance, Olympus Corporation introduced DualKnife JTM 2 in 2016. This is enabling health care providers to perform surgical procedures efficiently.
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In terms of end-user, the global vessel sealing devices market has been categorized into hospitals & ambulatory surgical centers, specialty clinics, and others. The hospitals & ambulatory surgical centers segment accounted for major share of the global market in 2017. The segment is projected to sustain its leadership position during the forecast period. In the past few years, an increasing number of patients has undergone surgical procedures and treatments in outpatient settings such as ambulatory surgery centers, especially in the U.S., Europe, and Asia Pacific.
Based on surgery, the global vessel sealing devices market has been bifurcated into laparoscopic and open surgery. The laparoscopic segment accounted for major share of the global market in 2017. The number of laparoscopic surgeries has increased in the past few years. For instance, 90% of cholecystectomies in the U.S. are performed via laparoscopy. Laparoscopic surgeries is expected to be the most attractive segment of the global vessel sealing devices market during the forecast period. Additionally, increase in awareness about laparoscopic surgeries is anticipated to drive the segment.
In terms of region, the global vessel sealing devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in terms of revenue in 2017. The region is projected to continue to dominate the market during the forecast period. High adoption of surgical devices with advanced energy in the U.S., increase in the number of approvals for new devices by the U.S. FDA, and rise in the percentage of minimally invasive surgical procedures performed in the U.S. and Canada contribute to North America’s high market share. Asia Pacific is anticipated to gain market share during the forecast period owing to large patient pool, increase in per capita health care expenditure, and rise in investment by key players in the region.
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Major players operating in the global vessel sealing devices market are Medtronic, B. Braun Melsungen AG, Ebre Elektromedizin GmbH, Boston Scientific Corporation, Olympus Corporation, Ethicon (a Johnson and Johnson Company), Symmetry Surgical, Inc., OmniGuide Holdings, Inc., CONMED, KLS Martin, and JustRight Surgical, LLC. The market is characterized by a large number of acquisitions, which have led to market consolidation and increasing dominance of the top players.
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