Increasing inclination toward minimal invasive surgeries has boosted the market growth for medical devices which assists such surgeries. Advancements in the suturing techniques and their significant performance in the surgeries have led to the increase in adoption of highly sophisticated equipment. Devices such as endoscopic suturing have recorded substantial demand in the market and are projected to grow significantly during the forecast period. Physicians use endoscopic suturing devices for advanced endoscopic surgeries to place the full thickness sutures through flexible endoscope. Due to this tissue endoscopy has secure market growth. A small, flexible, and specialized endoscopic suturing device is used to perform suturing through an endoscope. Endoscopic suturing devices facilitate a faster recovery through assisting in minimal invasive surgeries leading to early recovery of patients and shorten average length of stay in clinical settings.
Burgeoning demand for minimally invasive surgeries is anticipated to trigger the market growth for endoscopic suturing devices. Other factors are foreseen to drive the market growth which include extended aggrandizement in the number of suturing procedures, increasing elderly population, and technological improvements in the area of product expansion. The restraints of the endoscopic suturing devices market are that presently the devices lack dexterity and suffer numerous functional limitations. The market faces compelling threat from advanced wound closure substances such as glues, fibrin, and eminent-strength medical adhesives as a consequence as well as other sealants. These substances are actively endorsed by surgeons and health care providers owing to factors such as less healing time, decreased blood loss, and better clinical outcomes. One of the clauses of the U.S. Patient Protection and Affordable Care Act (PPACA), which affirms an excise tax of 2.3% on medical devices, serves the all-embracing market as a restraint as it will appoint a supplementary strain on medical device manufacturers.
Based on application type, the endoscopic suturing device market can be segmented as perforation closure, endoscopic suturing device, EMR closure, post-bariatric surgery endoscopic stoma reduction, primary endoscopic obesity surgery, and other procedures. In terms of type of product, the market can be segmented as single-use suturing device, multiple-use suturing device, and others.
Geographically, the global market for endoscopic suturing device is distributed over North America, Europe, Asia Pacific, and rest of the world (RoW). The U.S. is anticipated to account for a substantial share of the endoscopic suturing device market in North America. Europe is likely to follow North America in terms of market share. It is anticipated to comprise a significant share of the endoscopic suturing device market. However, the Asia Pacific and RoW markets are predicted to show high growth rate during the forecast period owing to factors such as high unmet suturing needs, emerging economies, and continuously improving scenario. In Asia Pacific, multinational players operating in the endoscopic suturing device market are projected to face intense competition from local manufacturers as the latter offers various types of endoscopic suturing devices at low prices. Rapidly evolving medical tourism sector in countries such as India, South Korea, Malaysia, Thailand, and Singapore drives major health care providers to equip themselves with the latest endoscopic suturing devices, which in turn is estimated to boost the growth of the market.
Each segment of the endoscopic suturing device market is dominated by a selected number of players. The market for endoscopic suturing devices is dominated by players such as Apollo Endosurgery, Inc., Ethicon Endo?Surgery, USGI Medical, Inc., and Covidien.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.