(PharmaNewsWire.Com, August 19, 2020 ) Growth in this 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.
Ligation Devices Market by Product (Hand-held Instruments, Accessories), Procedure (Minimally Invasive & Open Surgery), Application (Gynaecology, GIT, Cardiothoracic, Urology), End User (Hospital, Nursing Homes).
According MarketsandMarkets, a new market research report – [110 Pages Report] The Ligation Devices Market is projected to reach USD 1,189 million by 2024 from USD 876 million in 2019, at a CAGR of 6.3%.
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.
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. The cardiovascular surgeries segment is anticipated to drive growth in the market at a CAGR of 6.9% over the forecast period. This growth can be attributed to the increase in the incidence of cardiovascular diseases. Additionally, with technological advancements in cardiovascular robotic surgery, the demand for ligation devices is anticipated to increase.
The ligation devices market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2018, 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 devices market are 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 market. 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.
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