$ 2.4 Billion Vessel Sealing System Market Size by 2028: Grand View Research, Inc. | New
SAN FRANCISCO, August 9, 2021 / PRNewswire / – Global Ship Sealing Systems Market Size Expected to Reach $ 2.4 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected to grow at a lucrative 8.1% CAGR from 2021 to 2028. Major factors driving the market growth include the number growing number of surgeries around the world, an aging population and technological advancements.
Main lessons and findings:
- The increasing prevalence of chronic diseases is increasing the number of surgeries performed around the world. It is one of the major factors contributing to the growth of the market
- The applications segment was dominated by laparoscopic surgery in 2020 due to the wider use of vessel seals in these procedures, while the general surgery segment held a significant share. In June 2021, for example, Johnson and Johnson’s Ethicon launched ENSEAL X1 Curved Jaw Tissue Sealer for use in colorectal, bariatric, gynecological and thoracic procedures
- However, the laparoscopic surgery segment is also expected to experience the fastest growth due to the increase in technological advancements and minimally invasive surgeries.
- Instruments segment held the largest share of revenue in 2020 and is also expected to register the highest CAGR during the forecast period. The easy availability of instruments is one of the main factors driving this segment
- The hospitals and specialty clinics segment held the largest revenue share of 57.4% in 2020, as they are the primary point of care for treatment. In addition, hospitals and specialty clinics are known to provide superior care to their patients and treatments at these centers are generally reimbursed, which promotes adoption.
Read the 150-page market research report, “Vessel Sealing Devices Market Size, Share and Trend Analysis Report by Application (General Surgery, Laparoscopic Surgery), by Product (Generators, Instruments, Accessories), by End User, by Region and Segment forecast, 2021-2028“, by Grand View Research
The COVID-19 pandemic has brought several challenges such as logistical bottlenecks, low demand, decreased sales and marketing activities, and reduced sales. The key impact, however, has been the cancellation or postponement of elective surgeries during the pandemic. Most countries have been stuck with the implementation of movement restrictions while academic societies and regulators have recommended postponing elective surgeries. According to Harvard Business Review, a decline of about 4.8% in the GDP of the US economy, in the first quarter of 2020, could be attributed to deferred health services, particularly delayed elective procedures. The resumption of elective surgeries is expected to increase demand over the next few years.
The number of surgeries performed is a key factor in the growth of the market. In the United States, the increasing prevalence of chronic diseases and the aging of the population are leading to an increase in the number of surgeries performed each year. According to the US Census Bureau, approximately 75 million of the 328 million people of the United States were aged 60 and over in 2019. This implies that a significant number of American citizens are vulnerable to chronic and acute illnesses, resulting in an increase in the number of surgeries.
According to Definitive Healthcare, LLC, in 2019 there were approximately 9,280 active day surgery centers in the United States. This high number also contributes to the growth of the market. Additionally, ASCs enable large volumes of surgeries in a short period of time which is expected to fuel the market growth during the forecast period.
The adoption of automated and robotic systems in surgery is another factor that is expected to contribute to the growth of the market. In a study conducted by the University of Michigan, School of Medicine, it was found that between 2012 and 2018, the use of robotic technology in general surgery increased from 1.8% to 15.1%. Market players are taking advantage of this trend to introduce new products, expand their regional presence and increase their market share. Bolder Surgical, has partnered with Intuitive Surgical to provide an exclusive licensing agreement for its energy-based vessel sealing and tissue stapling technologies for use in the latter’s robotic-assisted surgery solutions. In May 2021, Bowa Medical has opened a new office in Cairo monitor and support sales activities for Turkey, Iran, Pakistan, and the whole Middle East Region.
Grand View Research has segmented the global Vessel Sealing Devices market on the basis of application, product, end user, and region:
- Ship Sealing Device Application Outlook (Revenue, USD Million, 2016 – 2028)
- General surgery
- Laparoscopic surgery
- Vessel Seals Product Outlook (Revenue, USD Million, 2016 – 2028)
- Ship Sealing End User Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals and specialized clinics
- Outpatient surgical centers
- Regional Ship Sealing Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
List of Major Players in the Vessel Sealing Devices Market
- Olympe Society
- B. Braun Melsungen SA
- Medical Devices Business Services, Inc. (Johnson & Johnson)
- Erbe Elektromedizin GmbH
- Bowa Medical
- OmniGuide Holdings, Inc.
- Intuitive surgery
- Bold Surgical, LLC
- KLS Martin Group
Discover other studies related to the treatment and therapy of blood vessels, conducted by Grand View Research:
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Browse Grand View Research’s coverage on Global medical device industry.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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SOURCE Grand View Research, Inc.