[218 Pages Report] The global anastomosis devices market is projected to reach USD 2.9 billion by 2024 from an estimated USD 2.1 billion in 2019 at a CAGR of 7.2% during the forecast period. The growth of this market is primarily driven by the increasing incidence of target diseases and the subsequent growth in the number of surgical procedures, growing demand for minimally invasive surgeries, and technological advancements.
However, the high cost of devices and the extensive clinical data requirements for launching new products are expected to restrain the growth of this market during the forecast period.
The surgical staplers segment dominated the anastomosis devices market in 2018.
Based on the type, the global anastomosis devices market is segmented into surgical staplers, surgical sutures, and surgical sealants & adhesives. In 2018, surgical staplers accounted for the largest share of the market, and this segment is also estimated to grow at the highest CAGR during the forecast period. The large share of this segment can be attributed to the advantages associated with surgical staplers (ease of use, minimal risk of complications, reduced blood loss/leakage, and shorter operating time) in comparison with surgical sutures and surgical sealants and adhesives.
In 2018, the gastrointestinal surgeries segment accounted for the largest share of the anastomosis devices market.
Based on application, the market is segmented into gastrointestinal surgeries, cardiovascular & thoracic surgeries, and other applications. The gastrointestinal surgeries segment is estimated to grow at the highest CAGR during the forecast period.
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This growth can be attributed to the rising incidence of gastrointestinal cancer and the extensive usage of anastomosis devices in these surgical procedures.
Hospitals accounted for the largest share of the anastomosis devices market in 2018
Based on end user, the anastomosis devices market is segmented into hospitals and ambulatory surgery centers (ASCs) & clinics. Hospitals commanded the largest share of the anastomosis devices market in 2018. The large share of this end-user segment can be attributed to the increasing number of hospitals, high patient preference for hospital treatment, and the availability of skilled healthcare professionals & technologically advanced facilities.
The Asia Pacific market, on the other hand, is projected to register the highest growth during the forecast period. Factors such as the increasing number of hospitals, developing healthcare infrastructure, increasing healthcare expenditure, growing geriatric population, and the presence of a large patient population are driving the growth of the anastomosis devices market in the Asia Pacific.
Key Market Players
The major players in the global anastomosis devices market are Johnson & Johnson (US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Smith & Nephew (UK), EndoEvolution LLC (US), CryoLife, Inc. (US), Becton, Dickinson and Company (US), CONMED Corporation (US), Intuitive Surgical, Inc. (US), Boston Scientific Corporation (US), Baxter International, Inc. (US), Péters Surgical (France), Biosintex (Romania), and Meril Life Sciences (India).