Vessel Sealing Devices Market - Growth, Trends, and Forecasts (2020 - 2025)
The vessel sealing devices market is expected to witness a CAGR of nearly 4.25%, over the forecast period. The major factors attributing to the growth of the market are the increasing number of invasive surgical processes and technological advancement in medical devices.
Furthermore, the growing demand for reliable and efficient technologies during surgeries, to decrease blood loss and infection rates and reduce operative time, is the major reason for the market growth. Rising investments in surgical instruments by hospitals and government initiatives are boosting the market studied. However, the high cost of the instruments involved and the complications arising after using the devices are the major drawbacks of the market studied.
Key Market Trends
Laparoscopic Segment Accounted for Major Share on the Market
Laparoscopy is a surgical diagnostic method used to analyze the organs inside the abdomen. It is a minimally invasive procedure that requires only small incisions. It uses an instrument called a laparoscope, to look at the abdominal organs. Vessel sealing devices are the major part of the laparoscopic surgeries that are performed.
The major factors driving the growth of the segment are the increasing awareness of the advantages of laparoscopic surgeries over the open surgeries and an increasing number of laparoscopic surgeries across the world.
North America Dominates the Market and Expected to do the Same during the Forecast Period
North America is expected to dominate the overall vessel sealing devices market, throughout the forecast period. The largest share is mainly due to the presence of key players and an increase in per capita healthcare spending and expansion in the investment, made by the major market players in the region.
Furthermore, there is a growing awareness among the population about the advantages of surgeries with such advanced technology. High adoption of surgical procedures with advanced energy in the United States, an increase in the number of approvals for new devices by FDA, and a rise in the fraction of minimally invasive surgical procedures performed in the United States aid to North America’s high market share in the market studied.
The vessel sealing devices market is moderately competitive, and it consists of several major players. Some of the market players are Medtronic PLC, B Braun Melsungen AG, Erbe Medical India Pvt. Ltd, Olympus Corporation, Ethicon US LLC (Johnson & Johnson), Boston Scientific Corporation, BOWA-electronic GmbH & Co. KG, CONMED Corporation, and Bolder Surgical Holdings Inc.
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