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(Health-NewsWire.Net, August 06, 2024 ) According to a new report by InsightAce Analytic, the "Endoscopic Closure System Market in terms of revenue was estimated to be worth $726.93 Mn in 2023 and is poised to reach $1,341.76 Mn by 2031, growing at a CAGR of 8.13% from 2024 to 2031.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global endoscopic closure system market are:
Increased number of endoscopic procedures
Reduced complications after the procedure
Advances in Endoscopic Technology
The following are the primary obstacles to the endoscopic closure system market's expansion:
Extending the scope for complex endoscopic procedures
Integration with advanced imaging technologies
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Future expansion opportunities for the global endoscopic closure system market include:
Extending the scope for complex endoscopic procedures
Integration with real-time imaging technology
Advances in device materials and design
Market Analysis:
One barrier is the lack of standardized closure techniques for different endoscopic procedures and anatomical regions. The diversity of procedural approaches and closure techniques may prevent the development of a universal endoscopic closure system, making standardization difficult. Despite these advances, endoscopic closure procedures are not without risk.
List of Prominent Players in the Endoscopic Closure System Market:
Coopersurgical, Inc. (The Cooper Companies Inc.),
Steris,
Apollo Endosurgery, Inc.,
Boston Scientific Corporation,
Ovesco Endoscopy Ag,
Abbott,
Medtronic,
Olympus Corporation,
Teleflex Incorporated,
Braun Melsungen Ag.
Other Market Players
Read Free Report Download:https://www.insightaceanalytic.com/report/global-endoscopic-closure-systems-market/1446
Recent Developments:
In August 2023, MAQUET Cardiovasive introduced the VASOVIEW HEMOPRO 2 Endoscopic Vasectomy (EVH) System, which utilizes HEMOPRO's advanced cutting and sealing technology to produce optimal lead quality for coronary artery bypass graft (CABG) patients with limited heat dissipation. The VASOVIEW HEMOPRO 2 Minimally Invasive System is an excellent example of MAQUET Cardiovasive's commitment to technology that supports the highest level of EVH and lead quality.
In July 2023, PENTAX Medical Therapeutics (Jiangsu) Co., Ltd. is a joint venture to develop single-use therapeutic products in the flexible medical endoscope market. In May 2021, PENTAX Medical (a member of the HOYA Group) and Jiangsu Vedkang Medical Science and Technology Co., Ltd. (Bedgang).
In January 2023, KADEN will be a cutting-edge group dedicated to product sales, development, and exclusive distribution of Japanese PENTAX endoscopy products in the Chinese market. KADEN is committed to promoting cutting-edge medical technology in all fields of the medical industry, providing high-quality customer service, and introducing foreign advanced endoscopic diagnostic technology to Chinese hospitals. It helps improve endoscopic care at all levels of the hospital. KADEN endoscopy services cover the entire Chinese market.
Endoscopic Closure System Market Dynamics:
Market Drivers: Widespread Use of Minimally Invasive Procedures
A global shift towards less invasive procedures, including endoscopic procedures, is a key factor. Due to shorter recovery times, fewer complications, and improved patient comfort, patients and healthcare providers are increasingly choosing minimally invasive techniques, making endoscopic closure systems more desirable. Technological advances in endoscopic instruments and techniques are driving the demand for innovative closure systems. Improved visualization, accuracy, and versatility in endoscopy require corresponding improvements in closure devices to ensure effective closure and closure of the incision or opening.
Challenges: Lack of Awareness and Knowledge
Despite increased awareness of endoscopic procedures, healthcare providers may lack awareness and knowledge regarding the availability and benefits of advanced closure systems. Addressing this knowledge gap is critical to the widespread adoption of these technologies. Regulatory approval is required for endoscopic closure systems to enter the market. Delays in the regulatory approval process or difficulties in meeting regulatory requirements could result in the unavailability of advanced closure devices in a timely manner, impacting their integration into clinical practice.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North America Endoscopic Closure System Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is due to the global shift towards less invasive procedures, including endoscopic procedures, is a key factor. Due to shorter recovery times, fewer complications, and improved patient comfort, patients and healthcare providers are increasingly choosing minimally invasive techniques, making endoscopic closure systems more desirable. As the prevalence of gastrointestinal diseases such as inflammatory bowel disease, colon cancer, and gastrointestinal bleeding increases, the demand for endoscopic procedures is increasing. Endoscopic closure systems are an essential part of the management and treatment of these conditions, thus supporting the growth of the market.
Segmentation of Endoscopic Closure System Market-
By Product Type -
Endoscopic Clips/Endoclips (Over-the-scope Clips)
Overstitch Endoscopic Suturing System
Cardiac Septal Defect Occluders
Endoscopic Vacuum-Assisted Closure Systems
Others
By Distribution Channel -
Direct
Indirect
By End-user -
Hospitals
Clinics
Ambulatory Surgical Centers
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+8884144123
diana.dsouza@insightaceanalytics.com
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