Endoscopic Clips Market to Reach US$ 617.0 Mn by the End of Year 2026
Transparency Market Research (TMR) has published a new report titled, “Endoscopic Clips Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global endoscopic clips market was valued at US$ 355.5 Mn in 2018 and is projected to expand at a CAGR of 7.1% from 2018 to 2026. Inclination toward minimally invasive procedures, wide usage of endoscopic clips for hemostasis, and rise in acceptance of endoscopic clips are anticipated to boost the growth of the global market from 2018 to 2026.
Endoscopic clips are specialized instruments. These clips are designed to achieve tissue approximation in gastrointestinal endoscopy. These were first introduced for the sole purpose of achieving hemostasis of gastrointestinal bleeding, especially peptic ulcer bleeding.
The global population is aging rapidly. According to the WHO, nearly 2 billion people will be aged 60 years and above by 2050, accounting for around 16.7% of the global population. The population in developed countries such as Japan, the U.S., and countries in Western Europe is aging at a faster rate. This is attributed to better health care infrastructure and polices and adoption of techniques new endoscopic techniques. Additionally, access to various diagnostic and treatment services has improved in these regions in the past few years. This, in turn, has increased the life expectancy of the overall population.
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The incidence and prevalence of gastrointestinal diseases (GI) such as colorectal and pancreatic cancers, inflammatory bowels disease, and gastroesophageal reflux disease (GERD) increase with age. Several of these conditions can be diagnosed or cured using endoscopy procedures, and some of these are minimally invasive procedures. For example, capsule endoscopy is safe for all age groups. Bleeding of ulcers could occur in many cases. Endoscopic clips can be used to achieve hemostasis in various conditions such as lesions, gastric tumors, Mallory Weiss tears, ulcers, small varices, arteriovenous malformations, and diverticula.
Endoscopic clips have been used in the past few years for non-hemostatic conditions such as closure of perforations in the GI tract, prevention of post EMR bleeding & post-polypectomy, and attachment of feeding tubes.
Emerging markets such as India and China are experiencing rapid economic growth. Hence, the focus has shifted toward improved health care services in these countries. Governments are spending on health care infrastructure, thereby increasing access to advanced techniques such as minimally invasive procedures. Therefore, global companies such as Olympus America, Johnson & Johnson, Stryker, Medtronic, and Boston Scientific are focusing on Asia Pacific to increase market share. Technological innovations in medical imaging devices have expanded the scope of medical devices, and thereby increased the customer base.
Johnson & Johnson gained critical pre-marketing approval for the use of computer-aided surgical sedation devices in endoscopic procedures. The devices are now available to 15 million patients in the U.S. Apollo Endosurgery launched a second-generation OverStitch endoscopic suturing system, which will be beneficial for patients that have undergone endoscopic procedures. Robot-assisted endoscopic procedures have led to a paradigm shift in the endoscopic devices market. Intuitive Surgical is a pioneer and market leader in this technology. Several companies are striving to increase share in the robot assisted endoscopic procedures segment. Minimally invasive diagnostic and surgical procedures using robotic technology are adding value to the market.
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These technological innovations are boosting demand for endoscopic devices among end-users, which is likely to drive the global endoscopic clips market. MUSE, manufactured by Medigus Ltd., is used in fundoplication procedures and requires no abdominal incision. It received clearance from the FDA and the CE mark in 2014. This is likely to provide a new direction to the treatment of GERD. Similarly, endoscopic clips have become one of the most important accessories in therapeutic practice due to technological advancements. Therefore, technological advancements are expected to augment the global endoscopic clips market.