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% during the forecast period. 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.
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Accessories dominated the ligation devices market in 2018
By product, the ligation devices market is segmented into handheld instruments and accessories. In 2018, the accessories segment accounted for the largest share of the market. The large share of this product segment can be attributed to the increasing volume of surgical procedures resulting in high demand for accessories.
Gastrointestinal & abdominal surgeries held the largest share of the applications market in 2018
Based on applications, 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. In 2018, the gastrointestinal & abdominal surgeries segment accounted for the largest share of the ligation devices market. The large share of this segment can be attributed to the increasing incidence of gastrointestinal cancer and the growing number of cholecystectomy and hernia treatment procedures.
Hospitals were the largest end users of ligation devices in 2018
By end user, the ligation devices market is segmented into hospitals and other end users. The hospitals segment accounted for the largest market share in 2018 while the other end users segment is projected to grow at the highest CAGR during the forecast period. The large volume of surgical procedures performed in hospitals is the major factor driving the growth of this segment.
North America commanded the largest share of the ligation devices market in 2018
North America commanded the largest share of the ligation devices market. The large share of North America in this market can be attributed to the increasing prevalence of cancer and hernia, the growing number of bariatric surgeries, growing healthcare expenditure, increasing preference for MIS, and the favorable reimbursement scenario for laparoscopic surgeries.
Some of the major players in this market include 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).