Increase in surge in number surgical procedures, which require ligation devices for assistance in minimally invasive procedures.
PORTLAND, OR, UNITED STATES, September 15, 2021 /EINPresswire.com/ — Ligation devices are the set of instruments and accessories that help in binding a blood vessel or other tube in the body with a piece of medical graded thread or wire. Furthermore, these devices can also be utilized to remove or cut a specific part of the irregular tissue growth in the body. Ligation devices are very complex in nature and are designed to help assist during surgical procedures. These devices can be used in the management of conditions such as gastrointestinal problems, hemorrhoid development, left atrial appendage, and ureteral obstruction due to cardinal ligaments. Furthermore, the accessories such as band ligators can be used for the removal of hemorrhoids and hence is an important accessory for performing the surgeries. Ligation accessories can be used in laparoscopic and open surgical procedures. In addition, ligation devices help for banding esophageal varices. They can be used in controlling pregnancy by performing tubectomy.
The global ligation devices market was valued at $946.2 million in 2020, and is projected to reach $1,680.5 million by 2030, registering a CAGR of 6.1% from 2021 to 2030.
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• Shortage of skilled workforce as well as limitation in required resources, especially during the initial stage of the pandemic, led to the postponement of elective surgical procedures, which in turn impacted the global ligation devices market negatively.
• However, with mass immunization drive onboard, the global situation is being ameliorated slowly, and the market is anticipated to revive soon.
Increase in prevalence of ovarian and cervical cancers, which requires ligation devices for management of the condition, is anticipated to propel the market to generate higher revenue shares. In addition, rise in incidence of urological diseases that requires ligation devices to help remove the extra tissue growth fuels the market growth. Upsurge in prevalence of diseases that requires surgical treatment, especially minimally invasive surgery (MIS) would help the ligation devices market to generate higher revenue in the next few years. Surge in awareness programs for family planning by various governments from both developed and developing countries, led to an increase in rates of tubectomy and hence is expected to help the ligation devices market generate higher revenue during the forecast period. However, greater price of ligation devices will hamper the growth of the market. In addition, upsurge in potential of ligation devices in emerging countries is expected to help the market generate greater opportunities in the next few years.
The global ligation devices market is segmented on the basis of product, application, end user, and region.
On the basis of product, the handheld instruments segment is anticipated to gain the highest revenue during the forecast period, owing to the surge in number of surgical procedures, which require ligation handheld instruments for performing surgery in both developed and developing countries. In addition, increase in incidences of cancer and need for controlling pregnancy rates that require ligation accessories would propel the growth of the segment during the forecast period. In addition, growth in awareness regarding the need for early therapeutics for cancer is anticipated to propel the growth of the segment in the coming few years.
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Based on application, the cardiovascular surgeries segment is anticipated to gain the fastest CAGR during the forecast period, owing to increase in incidences of cardiovascular diseases and adoption of sedentary lifestyle causing risks of heart-related conditions. In addition, advancement in cardiovascular robotic surgery would help to surge the demand for ligation devices, and thus propel the growth of the segment in the next few years. Increase in awareness programs regarding the need to endure prior treatment options for cardiovascular diseases had let to the growth in demand for the segment during the forecast period.
On the basis of end user, the hospitals segment is anticipated to gain the highest revenue during the forecast period, owing to the surge in number of outpatients and inpatients preferring hospitals and higher investment of hospitals for getting improved accessories for ligation and related surgical procedures. In addition, growth in number of surgical procedures in hospitals is expected to help generate higher revenue shares by the segment in the coming years.
North America is projected to account for a significant share of the global ligation devices market during the forecast period. The market in the region is anticipated to grow in the future, owing to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to witness the fastest CAGR and highest revenue share during the forecast period, owing to large patient population and surge in infrastructural development in the region.
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The Major Key Players Are:
Ethicon (Johnson and Johnson), Teleflex Incorporated, Olympus Corporation, Applied Medical, ConMed Corporation, Cooper Surgical, Genicon, Inc., Grena Think Medical, B.Braun Melsungen AG, and Medtronic PLC.
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Source: EIN Presswire