Global Ligation Devices Market
Number of pages: 100 | Report Format: PDF | Published date: February 21, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 988.0 million |
|
Revenue Forecast in 2030 |
US$ 1,789.0 million |
|
CAGR |
6.8% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, Procedure Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global ligation devices market was valued at US$ 988.0 million in 2021 and is expected to register a revenue CAGR of 6.8% to reach US$ 1,789.0 million by 2030.
Global Ligation Devices Market Fundamentals
Ligation is the medical term for linking chemical chains, such as those of protein or DNA, or for surgically closing up anatomical channels. This procedure involves the surgical tying of veins by making a tiny incision into the skin to stop blood from pooling. It is used to treat a variety of disorders, including venous diseases. Numerous medical specialties, such as gynecology, urology, cardiology, and abdominal surgery, employ ligature devices. Band ligators are one of the many accessories in the market used to completely remove the formed hemorrhage. Both laparoscopic and open surgical procedures require ligature attachments. Additionally, esophageal varices are banded using ligation devices.
Ligation devices are also mostly used to provide support during important procedures. They are designed to perform surgeries in a particular location where the use of other instruments cannot work due to their complex features. The market is anticipated to register higher revenue growth during the forecast period due to the increased prevalence of conditions, including protuberant gastrointestinal lesions, gastric varices, and angiodysplasia. The need for minimally invasive procedures utilizing ligation devices and accessories is predicted to rise significantly in the next few years.
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Global Ligation Devices Market Dynamics
The rising prevalence of diseases that require surgeries and the rise in gastrointestinal, gynecological, urological, and cardiac surgeries are driving the ligation devices market revenue growth. Moreover, increase in the demand for minimally invasive surgical procedures is playing a significant role in the revenue growth of the ligation devices market. The growing geriatric population, which is more susceptible to going through various surgeries due to illnesses, is boosting the ligation devices market expansion. Additionally, there is rise in the adoption of cutting-edge technology to improve ligation devices. These innovative instruments help medical personnel, specifically from hospitals and clinics, to carry out precise ultrasound-guided ablation. Furthermore, major companies are continuously investing in the development of advanced ligation devices. This factor is expected to propel the growth of the ligation devices market.
However, the high cost associated with the ligation devices and the surgical procedure is the major restricting factor of the ligation devices market.
Global Ligation Devices Market Ecosystem
The global ligation devices market has been analyzed from five perspectives: product, application, procedure type, end user, and region.
Ligation Devices Market by Product
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Based on product, the global ligation devices market is segmented into handheld instruments and accessories.
The handheld instruments segment accounted for the largest revenue share of the ligation devices market in 2021. The handheld instruments segment is predicted to a generate larger revenue share during the forecast period due to the tremendous rise in cancer cases and the requirement to control pregnancy rates, both of which entail the usage of handheld devices. There is an upsurge in surgical procedures requiring the utilization of portable equipment in both developed and developing countries. The segment is expected to experience rapid revenue growth during the forecast period, due to the dramatic rise in cancer incidence and the demand for portable ligation equipment to lower pregnancy rates.
Ligation Devices Market by Application
Based on application, the global ligation devices market is segmented into gastrointestinal and abdominal surgery, gynecological surgery, cardiovascular surgery, urological surgery, and others.
The cardiovascular surgery segment dominates the ligation devices market with the largest revenue share of the global market. This is attributed to the rise in the prevalence of cardiovascular disease (CVD)-related surgeries. According to WHO, CVDs are the leading cause of death worldwide, with about 17.9 million people dying due to CVDs each year. In open surgery, ligation devices can also be utilized to bypass clogged arteries or repair a failing heart valve. The market is also being driven by an increase in minimally invasive heart surgeries. Left atrial appendage closure is frequently advised for patients with atrial fibrillation. By using the lariat device and avoiding open heart surgery, the pericardial ligation treatment reduces post-operative complications, thus boosting the segment revenue growth.
Ligation Devices Market by Procedure Type
Based on procedure type, the global ligation devices market is segmented into minimally invasive surgery (MIS) and open surgery.
The MIS segment accounted for a significant share of the ligation devices market in 2021. This is largely attributed to the increasing demand for minimally invasive procedures due to their several advantages, such as quick recovery and lower risk of complications than standard surgery. Moreover, shorter hospital stays, reduced discomfort, reduced loss of blood, and smaller incisions during surgery is the propelling the segment revenue growth.
Ligation Devices Market by End User
Based on end user, the global ligation devices market is segmented into hospitals, ambulatory surgical centers, and others.
The hospitals segment accounted for the prominent revenue share of the ligation devices market in 2021. The rising preference of hospitals for surgical procedures is the major driving factor of the segment revenue growth. Moreover, the hospitals have better spending capacity, allowing for buying better ligation devices in the hospitals. Moreover, hospitals have skilled and experienced healthcare professionals. These factors are leading to a rise in the patients’ inclination toward going through surgical procedures in hospitals.
Ligation Devices Market by Region
Based on the region, the global ligation devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global ligation devices market in 2021. The large revenue share of the region is attributed to the increasing number of surgical procedures, the presence of well-developed healthcare, and rise in the demand for minimally invasive surgeries in the region. Similarly, rise in investment by regional governments and the presence of major companies also fuel regional revenue growth.
Europe is the second-largest market region, followed by North America. According to a 2019 assessment by the European Heart Network, CVDs are responsible for approximately 4 million deaths in Europe. The use of ligation devices is expanding as the number of disorders requiring minimally invasive operations is rising in the region. Moreover, favorable reimbursement policies, rising healthcare costs, and increasing R&D expenditures are boosting market expansion in Europe.
Global Ligation Devices Market Competitive Landscape
The prominent players operating in the ligation devices market are:
Global Ligation Devices Market Strategic Developments
North America accounts for the largest market share in terms of revenue. Asia Pacific is expected to register growth at the fastest CAGR, and it can be considered the key revenue growth region due to the rapid market developments.
The high cost related to ligation devices is the major factor restricting the global market growth.
Medtronic Plc, Johnson and Johnson (Ethicon), The Cooper Companies, Inc., B. Braun Melsungen AG, and CONMED Corporation are among the top market players.
Based on application, the cardiovascular surgery segment accounts for the largest revenue share of the global market.
The ligation devices market revenue is expected to register a revenue CAGR of 6.8% during the forecast period from 2022 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain