The global Vessel Sealing Devices market size is expected to be worth around US$ 10.4 billion by 2030, according to a new report by Trends Market Research.
The global Vessel Sealing Devices market size was valued at US$ 2.3 billion in 2020 and is anticipated to grow at a CAGR of 10.1% during forecast period 2021 to 2030.
The key factors driving the market growth include the rising number of surgeries across the globe, aging population, and technological advancements.
Get Sample PDF Pages now with Some Benefits!! https://www.trendsmarketresearch.com/report/sample/13642
The COVID-19 pandemic resulted in several challenges such as logistical bottlenecks, low demand, decreased sales and marketing activities, and reduced sales. The key impact, however, was the cancellation or postponement of elective surgeries during the pandemic. Most nations went under lockdown with the implementation of movement restrictions while academic societies and regulatory bodies recommended postponement of elective surgical procedures. According to Harvard Business Review, around a 4.8% GDP decline in the American economy, in the first quarter of 2020, could be attributed to deferred healthcare services, in particular delayed elective procedures. The resumption of elective surgeries is expected to lead to increased demand over the coming years.
The number of surgeries performed is a key contributor to the market growth. In the U.S. increasing prevalence of chronic diseases and an aging population, are leading to increase in the number of surgical procedures performed every year.
The laparoscopic surgery segment dominated the market for vessel sealing devices and accounted for the largest revenue share of 71.8% in 2020. The segment is also estimated to witness a CAGR of 10.8% in the coming years. The key factor contributing to this growth includes a growing preference for and rising number of minimally invasive surgeries and awareness of benefits of laparoscopic surgeries over open surgeries. According to a 2020 retrospective study performed by the Department of Surgery, Cleveland Medical Center, in the U.S. the number of open procedures performed by general surgery residents has been on the decline since 2000 with a growing preference for minimally invasive surgery. This trend is expected to continue fueling the demand for vessel dealing devices.
The instruments segment dominated the market for vessel sealing devices and accounted for the largest revenue share of 53.1% in 2020. The segment is also expected to witness the fastest CAGR of 10.6% over the forecast period. The key factors contributing to this share include rising demand for reliable, affordable, and safe vessel sealing instruments, product developments, and the rising number of surgical procedures. There is also growing demand for reprocessed or reusable vessel sealing instruments due to their cost-efficacy and associated environmental benefits such as significant reduction in medical waste. KLS Martin Group, based in Germany, offers reusable vessel sealing instruments under the brand name- marSeal.
The hospitals and specialty clinics segment dominated the market for vessel sealing devices and held the largest revenue share of 67.4% in 2020. This is attributable to a higher volume of surgeries performed in hospital settings. Vessel sealing devices in particular reusable devices, also offer better efficacy and cost savings for the end-users. According to a study published in the Journal of Surgical Oncology, reusable vessel sealing devices used in modified total neck dissection procedures significantly reduced medical costs and provided similar clinical efficacy compared to disposable devices.
The Ambulatory Surgical Center (ASC) segment is anticipated to register the fastest CAGR of 11.9% over the forecast period due to the increasing number of ambulatory centers and related cost-effectiveness. According to the March 2021 data provided by the Centers for Medicare and Medicaid Services (CMS), there are about 187 Medicare-certified ASCs in Washington state, 817 in California, 442 in Texas, 457 in Florida, and 368 in Georgia. These numbers are expected to increase over the coming years.
North America dominated the vessel sealing devices market and accounted for the largest revenue share of 62.1% in 2020. The large share of the region is due to the presence of key players and technologically equipped hospitals in the U.S. and Canada. Europe held the second-largest revenue share of the market in 2020 due to an aging population and prevalence of chronic conditions resulting in the increasing number of surgeries.
- Olympus Corporation
- B. Braun Melsungen AG
- Medical Devices Business Services, Inc. (Johnson & Johnson)
- Erbe Elektromedizin GmbH
- Bowa Medical
- OmniGuide Holdings, Inc.
- Intuitive Surgical
- Bolder Surgical, LLC
- KLS Martin Group
- Application Outlook
- General Surgery
- Laparoscopic Surgery
- Product Outlook
- End-user Outlook
- Hospitals & Specialty Clinics
- Ambulatory Surgical Centers
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- You can Buy This Report from Here @ https://www.trendsmarketresearch.com/checkout/13642/Single
- North America
The Vessel Sealing Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Vessel Sealing Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Vessel Sealing Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Vessel Sealing Devices market development in United States, Europe and China.
Get Discount on This Report: https://www.trendsmarketresearch.com/report/discount/13642
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Vessel Sealing Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.