(PharmaNewsWire.Com, October 22, 2019 ) 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.
Market Size - The global anastomosis device 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%.
The anastomosis devices market is well established owing to the dominance by prominent market players. In 2018, Johnson & Johnson (US), Medtronic plc (Ireland), and B. Braun Melsungen AG (Germany) were the key players operating in this market. Other prominent players in the market include Smith & Nephew Inc (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).
Johnson & Johnson dominated the anastomosis devices market in 2018. The company offers a robust and broad portfolio of surgical sutures, staplers, and sealants & adhesives, which serves as an important factor for its large market share. Research and development is a major focus area for the company. J&J invested 6.5% of its Medical Devices segment’s revenue for the development of novel medical devices. In 2017, the company launched its PROXISURE suturing device to improve precision in minimally invasive surgery. J&J has a wide global footprint and strong distribution channels. It also has a prominent presence in the US, where it registered 41.8% of its overall sales in 2018.
Medtronic is another major player in the anastomosis devices market. The company offers a wide range of anastomosis devices, including surgical sutures, surgical staplers, and surgical sealants & adhesives. The company has a strong presence in the US market and is focusing on expanding its reach in emerging markets. The company opened its regional headquarters in Singapore to improve its market presence in the Asia Pacific market. The company’s specialized product portfolio, strong geographic presence, and market penetration are some of the factors expected to enhance its presence in the anastomosis devices market in the coming years.
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