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The Endoscopic Clips Market studied was anticipated to grow with a CAGR of nearly 7.0%, during the forecast period. The major factors attributing to the growth of the endoscopic clips market are rise in the global prevalence of gastrointestinal (GI) bleeding disorders such as colorectal and pancreatic cancers, inflammatory bowel disease, and gastroesophageal reflux disease (GERD), cardiac vessel bleedings, and gastrointestinal hemorrhages with the increasing geriatric population. For instance, according to the International Foundation for Gastrointestinal Disorders Report published in 2019, GERD affects about one-third of the total population leading to bleeding problems driving the growth of the global market.
Key Market Trends
The Endoscopic Marking are Expected to Hold the Largest Market Share in the Endoscopic Clips Market
- The endoscopic marking segment is expected to dominate the market throughout the forecast period at a high CAGR during the forecast period owing to their wide usage in various surgical interventions to treat bleeding arteries, ulcers, polypectomy, and others. Furthermore, the use of endoscopic clips throughout the GI tract in the cessation of perforations for endoscopic marking, post-operative anastomotic leakage, fluoroscopic-guided therapy, endoscopic repeat examination, etc, is expected to increase their demand in the recent years due to rise in the volume of target patients. Also, the increased adoption of endoscopic clips as opaque markers in precise marking in minimally invasive surgical (MIS) procedures due to rise in patient preference, along with rise in technological advancements offering various advantages in endoscopy such as enhanced rotatability, mucosal adherence resulting in reliable deployment will fuel the growth of the segment and driving the global endoscopic clips market revenue over the forecast period.
- By end-user, hospitals account for the highest market share which can be attributed to factors such as rise in preference for minimally invasive surgical procedures as minimizing the hospital stay, reduction in cost burden, and enhanced patient recovery process. Also, a rise in the volume of hospitals and collaborations of hospitals with research institutes to develop advanced surgical procedures are expected to drive the demand for the segment and propel the global endoscopic clips over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall endoscopic clips market throughout the forecast period. The dominance is due to the rise in arterial bleeding among cardiac patients and GI-related surgeries in the United States which holds the largest market share due to the presence of a huge patient population. For instance, according to the World Gastroenterology Organization report published in the year 2018, the prevalence of GERD ranges from 18% to 28% in North America which is likely to fuel the market. Also, several factors such as well-established direct reimbursement policies and the availability of advanced healthcare infrastructure may favor the market in this region contributing for its outstanding market share during the forecast period.
The endoscopic clips market is moderately competitive and consists of several major players. Few of the major players currently dominating the market are making acquisitions with the other companies to consolidate their market positions across the globe and while others are launching new products with advanced technologies to facilitate fast and accurate placement. For instance, STERIS Corporation, a leading provider of endoscopic devices, acquired Aponos medical in April 2017, with this acquisition, Steris added the Padlock Clip system to its existing product portfolio of endoscopic devices. The system facilitates fast and effective full circumferential tissue closure while still maintaining blood flow to promote healing which is expected to have a positive impact on the overall market growth. Some of the companies which are currently dominating the market are B. Braun Melsungen AG, Boston Scientific Corporation, CONMED Corporation, Johnson & Johnson, and STERIS plc.
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