APAC endoluminal suturing devices market will reach USD 13.8 million by 2027 owing to the high prevalence of gastroesophageal reflux disease in the region.
Selbyville, Delaware, July 22, 2021 (GLOBE NEWSWIRE) --
According to latest report “Endoluminal Suturing Devices Market by Application (Bariatric Surgery Gastrointestinal Defects, Gastroesophageal Reflux Disease (GERD)), End-use (Hospitals, Ambulatory Surgical Centres), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of endoluminal suturing devices will cross $119.8 million by 2027.
Technological advancement of minimally invasive surgeries for obesity management has led to an increase in the adoption of endoluminal suturing devices to a great extent. The high acceptance of new endoluminal therapies like magnetic sphincter augmentation (MSA) and EsophyX (transoral incision-less fundoplication) demonstrate long-term benefit to the patient. Moreover, obesity-related diseases, GI defects, and other morbidities are becoming increasingly common which require a tailored approach. Therefore, high investment in the development of new medical devices is expected to influence the growth of the market growth in the coming years.
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The GERD (gastroesophageal reflux disease) segment in the endoluminal suturing devices market accounted for USD 8.6 million in 2020. According to the American Gastroenterological Association, around one-third of the world’s population is suffering from GERD. Since, GERD is a chronic disease, it causes a significant economic burden due to long-term treatment of the disease. The direct and indirect cost associated with GERD and chronic condition decreases the quality of life. Over the past couple of years, increasing GERD prevalence in the community has led to serious medical complications and high medical expenditure.
The ambulatory surgical centers' segment captured 29.2% of the market share in 2020 led by the use of ambulatory surgical centers due to low-cost treatment, high accessibility, and short hospital stay.
Asia Pacific endoluminal suturing devices market is estimated to cross USD 13.8 million by 2027 on account of the high prevalence of gastroesophageal reflux disease in the region. For instance, as per estimates, approximately 59% of the adult population are overweight and 20% are being obese in Asia. Obesity and overweight contribute to the rise in GERD in Asia. Furthermore, the rising prevalence of lifestyle disorders such as diabetes, hypertension, depression, and eating disorders generates a need for technologically advanced platforms for the prevention and treatment of such diseases, thereby augmenting the market expansion.
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Few notable companies operating in the endoluminal suturing devices market include Medtronic plc, Apollo Endosurgery, Inc., and Johnson and Johnson. The players are focusing on various strategies such as mergers, acquisitions, new service launches among others. For instance, in November 2018, Apollo Endosurgery, Inc announced its first commercial shipment of OverStitch suturing device system into the market. The product is used in the treatment of gastroesophageal diseases, bariatric surgeries, and other comorbidities. This launch was for customers in U.S. & Europe due to the high prevalence of GI defects and obesity-related diseases. This launch has increased the company’s customer base and strengthened its market position.
Table of Contents (ToC) of the report:
Chapter 3 Endoluminal Suturing Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By application
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Product landscape
3.7 Regulatory scenario
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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