The global endoscopic closure systems market is anticipated to be worth US$ 309.2 million in 2023, with a CAGR of 6.3%, to reach US$ 570.2 million between 2023 and 2033. From 2018 to 2022, the endoscopic closure systems business expanded at a CAGR of 4.1%.
Some gastrointestinal (GI) conditions, such as inflammation, surgical anastomoses, neoplastic fistulae, etc., need non-surgical closure. Endoscopic closure systems are used to close such small GI perforations. Closure is also required after natural orifice transluminal endoscopic surgery.
Several endoscopic closure systems are developed and practiced to allow the closure of these GI wall defects. According to the American Society for Gastrointestinal Endoscopy, ideal endoscopic closure systems should be non-expensive, safe, easy to use, and provide fast, reliable, durable, and robust closure.
The endoscopic closure systems industry has evolved. Endoscopic clips or endoclips were the first technology developed for endoscopic closure systems. Over-the-scope clips, an effective endoscopic closure system than standard endoclips were first approved for human use in Europe in 2009 and then in the United States in 2010.
An endoscopic suturing system was then developed that allows the placement of running or interrupted full-thickness sutures. This device was designed based on the Eagle Claw device. However, the device was complex and compatible with only one endoscope.
Visionary Surgeons Pave the Way: Endoscopic Closure Systems Industry Soars to New Heights
ยท Rising Prevalence of Endoscopic Procedures to Accelerate Market Growth
The increasing need and interest in developing dedicated devices and techniques that enable the endoscopic closure of small GI perforations and the rising adoption of minimally invasive endoscopic procedures are the primary factors surging the market growth of endoscopic closure systems.
Several endoscopic closure systems are developed and tested in animal models. For example, Bio-absorbable plugs designed by W.L. Gore and Associates, Mucosal clips developed by Boston Scientific Inc., and End loops under development by Olympus Corporation, among others.
The rising prevalence of gastrointestinal and stomach cancer is expected to impact the endoscopic closure systems market significantly. Also, the market is to expand due to the growing elderly population substantially.
Endoscopic surgery is gaining traction as it uses advanced technology to reach internal organs with the help of small incisions, resulting in less pain and quick recovery compared to traditional surgery methods. These factors are likely to compel the demand for endoscopic closure systems.
The rise in investment by government organizations in the healthcare sector accelerates the market growth for endoscopic closure systems. Also, the market in China is projected to rise, attributed to the widespread adoption of endoscopy and increasing demand for minimally invasive procedures.
Competitive Landscape
Some of the key participants present in the global endoscopic closure systems market include CooperSurgical Inc., US Endoscopy, Life Partners Europe, Ovesco Endoscopy AG, Apollo Endosurgery, Inc., St. Jude Medical, Inc. (Abbott), etc., among others.
The market is highly competitive due to the presence of several key participants. While global players such as CooperSurgical Inc., US Endoscopy, Life Partners Europe, and Ovesco Endoscopy AG account for a considerable market size. Many regional-level players operate across key growth regions, particularly in Asia.
These insights are based on a report Endoscopic Closure Systems Market by Future Market Insights.