Ligation Device Market is anticipated to grow at a CAGR of 6% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Ligation Device Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global ligation device market is estimated to be over US$ 850 million in 2019. It is anticipated to grow at a CAGR of 6% from 2019 to 2030.
The increasing prevalence of various chronic diseases and the rising demand for minimally invasive surgeries are anticipated to boost growth of the ligation device market. Moreover, growing geriatric populations, which are more prone to old age-linked diseases and the increasing applications of ligation devices are further driving market growth. Furthermore, increasing government initiatives and increasing healthcare expenditure play a pivotal role in boosting market growth during the forecast period. However, the high cost of ligation devices is hindering growth of the ligation device market.
Minimally invasive surgeries offer various advantages over traditional open surgeries including faster recovery times, reduced pain, smaller incisions, reduced scarring, and higher accuracy. Minimally Invasive Surgeries (MIS) are broadly used for several routine operations, including cholecystectomy (removal of the gallbladder), appendectomy, gynecological surgeries, and hernia repair. The advantages of minimally invasive surgeries have led to the increase in demand as well as preference for MIS. As ligation devices are used in surgeries, increasing number of surgeries, especially minimally invasive surgeries, is anticipated to fuel growth of the ligation device market during the forecast period.
According to the United Nations Department of Economic and Social Affairs, in 2019, 703 million persons were estimated to be in the age group, 65 years, and the number is projected to double to 1.5 billion by 2050. Thus, the rising geriatric population coupled with increasing incidents of diseases that are common among the elderly, such as digestive or other chronic disorders, has led to the increase in number of surgeries to treat these chronic conditions. The rising number of surgeries have further led to increased demand for ligation devices. Such factors are playing a pivotal role in boosting the ligation device market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Ligation Device Market By Product (Handheld Instrument and Accessories), Procedure (Minimally Invasive Surgery and Open Surgery), Application (Gastrointestinal & Abdominal Applications, Gynecological Applications, Cardiovascular Applications, and Urological Applications), End Users (Hospitals and Ambulatory Surgical Centers) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/ligation-device-market/350
However, the high cost of ligation devices is likely to hinder market growth to a certain extent. Similarly, the high cost of surgeries in developed countries, especially in North America, is acting as a major restrain to market growth. Higher costs of surgeries have led to increased medical tourism in countries, such as Brazil, India, Thailand, South Korea, Germany, Singapore, Malaysia, Sweden, and others, as the cost of surgeries is comparatively lower in these countries.
Asia Pacific is estimated to account for the highest CAGR in the ligation device market over the forecast period. Increasing incidents of chronic diseases, funding & initiatives by government organizations for the development of healthcare infrastructure, and increasing prevalence of gastrointestinal & cardiovascular diseases will create lucrative opportunities for market growth in this region. Moreover, rising geriatric populations and the low costs of surgeries in countries, such as China, India, Japan, Thailand, South Korea, and others, are anticipated to propel growth of the ligation device market during the forecast period
Some of the prominent players in the global ligation device market include Medtronic, Ethicon US, LLC., Corning Incorporated, The Cooper Companies Inc., B. Braun Melsungen AG., Olympus America, Teleflex Incorporated., GRENA LTD, Stryker, and CONMED Corporation, among others.
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