Ligation Device Market

Ligation Devices

The study involved four major activities to estimate the current size of the ligation device market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing estimates with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Major Growth Drivers:

Growth in the ligation device market is mainly driven by the increasing prevalence of diseases requiring surgical treatment, especially minimally invasive surgery (MIS). However, the high cost of ligation devices is a major restraint for this market, particularly in emerging countries.

Expected Revenue Growth:

The ligation device market is projected to reach USD 1,189 million by 2024 from USD 876 million in 2019, at a CAGR of 6.3%.

Accessories to Fuel the Growth of Ligation Devices Market:

By product, the ligation devices market is segmented into handheld instruments and accessories. The accessories segment accounted for a share of 68.2% in 2018 and is anticipated to grow at a CAGR of 6.9% during the forecast period. This growth can be attributed to the increasing number of surgical procedures, especially in emerging markets.

Gastrointestinal & abdominal surgeries held the largest share:

Based on applications, the ligation devices market is segmented into gastrointestinal & abdominal surgeries, gynecological surgeries, cardiovascular surgeries, urological surgeries, and other applications such as wound, ENT, and cosmetic applications. In 2018, the gastrointestinal & abdominal surgeries segment accounted for the largest share of the ligation devices market. The large share of this segment can be attributed to the increasing incidence of gastrointestinal cancer and the growing number of cholecystectomy and hernia treatment procedures.

Hospitals were the largest end users of ligation devices:

By end user, the ligation devices market is segmented into hospitals and other end users. The hospitals segment accounted for the largest market share in 2018 while the other end users segment is projected to grow at the highest CAGR during the forecast period. The large volume of surgical procedures performed in hospitals is the major factor driving the growth of this segment.

North America and Asia Pacific commanded the largest share of the ligation device market:

North America commanded the largest share of the ligation devices market. The large share of North America in this market can be attributed to the increasing prevalence of cancer and hernia, the growing number of bariatric surgeries, growing healthcare expenditure, increasing preference for MIS, and the favorable reimbursement scenario for laparoscopic surgeries.

Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the large patient population and increasing infrastructural development in the region.

Key Players:

Some of the prominent players in the ligation device market are Ethicon (Johnson and Johnson) (US), Teleflex Incorporated (US), Olympus (Japan), Applied Medical (US), ConMed (US), Cooper Surgical (US), Genicon (US), Grena Think Medical (UK), B.Braun (Germany), and Medtronic (Ireland).

Johnson & Johnson (Ethicon) is the largest player in the ligation devices industry. The company focuses on the development of devices, consumables, accessories, and software required to perform minimally invasive surgeries and open surgeries. The company also invests a significant amount on research and development activities. In 2018, it spent ~7% of its revenue on R&D activities.

Medtronic (Covidien) is a major player in the ligation devices market. The company has a global distribution network and a good brand reputation among end users. The company’s strong presence and wide distribution channels across the globe have helped it to maintain its leading position in the ligation devices market.

Source: https://express-press-release.net/news/2021/01/07/831393

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