Albany NY, United States: According to Transparency Market Research’s latest research report on the global ligation devices market for the historical period and the forecast period, increase in the number of minimally invasive surgical procedures performed is anticipated to drive the global ligation devices market in the near future
Albany NY, United States: According to Transparency Market Research’s latest research report on the global ligation devices market for the historical period (2018–2019) and the forecast period (2020–2028), increase in the number of minimally invasive surgical procedures performed is anticipated to drive the global ligation devices market in the near future
According to the report, the global ligation devices market was valued at US$ 913.6 Mn in 2019 and is projected to expand at a CAGR of 6% from 2020 to 2028
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Increase in Number of Minimally Invasive Surgical Procedures Performed: A Key Driver
Ligation devices have been extensively utilized for minimal invasive surgeries in the field of gynecology, vascular disease, general surgery, laparoscopic procedures, and flexible endoscopic procedures
Minimally invasive surgery has been a highly preferred method of treatment in the last few years among healthcare providers across the world
According to the American Congress of Obstetricians and Gynecologists (ACOG), the percentage of minimally invasive hysterectomy procedures performed in the U.S. has increased from an estimated 14% in 2004 to 53% in 2013
Introduction of robot-assisted surgery has also driven the number of laparoscopic surgeries performed for different surgeries such as prostatectomy, colorectal cancer, and hernia repair
According to the American Society of Plastic Surgeons, an estimated 20 million surgical procedures were performed across the world in 2014, and 52% of these were minimally invasive surgeries
Increase in the number of laparoscopic surgeries performed each year is expected to drive the demand and subsequent consumption of ligation devices in the global market. This, in turn, is expected to propel the global ligation devices market during the forecast period.
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Rise in Government Initiatives to Increase Access to Elective Surgery
Elective surgery is defined as a surgery subject to choice of a patient and does not involve medical emergency. Governments across the world have been actively supporting elective surgeries and investing for granting easy access to patients opting for these surgeries.
Increase in incidence of chronic diseases and rise in number of people undergoing surgeries is exerting financial and technological pressure on healthcare systems across the world, which is augmented by a lack of hospital beds and other resources
Therefore, regional governments are undertaking initiatives, such as funding and grants to various hospitals and organizations, to improve access to elective surgeries in order to reduce waiting times and indirect healthcare costs associated with medical emergencies
This is expected to propel the demand for ligation devices during the forecast period
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High Cost of Ligation Devices to Hamper Global Market
High price of ligation and other surgical devices in the healthcare industry exert a lot of burden on individuals and the health care system, as they struggle to bear the expenses to cover some of today’s highly expensive procedures
Insurance companies and government programs cover a portion of the expenses for patients. Individuals without health insurance face an even greater burden, making the rising cost of health care a big concern for everyone involved.
In the U.S., medical devices expenditure amounted to over US$ 170 Bn and accounted for about 6% of total national health expenditures of US$ 2.9 Trn in 2013
The cost of medical devices sold in the U.S., especially implantable devices, is often greater than in that in other countries
Thus, the high cost of the ligation devices can restrain the market
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Stringent Regulatory Requirements for Device Approvals and Product Recalls
Stringent regulatory requirements and long procedure for FDA approval have discouraged manufacturers of ligation devices in the U.S., who are looking at regions such as Europe and Asia to launch newer products
Moreover, a large number of ligation device recalls has had a significant effect on the sales of ligation devices and accessories in the market
In 2013, a class II recall was issued for SurgMaster electrosurgical unit, manufactured by Olympus
Ligation Devices Market: Competition Landscape
This report profiles major players operating in the global ligation devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global ligation devices market is moderately fragmented, with the presence of a few large players in the international market and numerous small players in regional markets. The top four to five players hold major share of the global ligation devices market.
Prominent players operating in the global ligation devices market include
- Ethicon (Johnson & Johnson)
- Medtronic Plc
- B. Braun Melsungen AG
- CONMED Corporation
- Teleflex Incorporated
- Olympus Corporation
- Applied Medical
- Genicon, Inc.
- Grena Think Medical
- Stryker
The report on the global ligation devices market discusses individual strategies, followed by company profiles of manufacturers of ligation devices. The ‘competition landscape’ section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global ligation devices market.
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