Endoluminal Suturing Devices Market Analysis

Endoluminal Suturing Devices Market Analysis

GI defects segment accounted for USD 24.5 million in 2020. The increasing prevalence of gastrointestinal diseases will fuel the demand for endoluminal suturing devices products and drive the industry value. The functional gastrointestinal disorder is a chronic disease that includes severe symptoms like acid reflux, heartburn, dyspepsia, chronic constipation, bloating, irritable bowel symptoms, and abdominal distention. The symptoms may arise throughout the GI tract from the upper part (oesophagus and stomach) to the lower part (intestine). A recent international survey revealed that 40% of the adult population of the world suffer from functional gastrointestinal diseases varying in severity. The disease is linked to a significantly lower level of quality of life. Additionally, rising incidences of GI diseases worldwide will further augment the demand for endoluminal suturing devices in the industry.
 

The hospital segment dominated more than 58.9% of the market share in 2020 led by the rising popularity of minimally invasive surgical procedures in a hospital setting. In addition, increasing government regulations to provide high-quality patient care will attract a larger patient pool in hospitals to seek medical care, thereby fostering the market demand. Furthermore, the increasing burden of GI disease and rising healthcare investments across the globe will further boost the industry growth of endoluminal suturing devices.
 

North America endoluminal suturing devices market is expected to show considerable growth rate of 11.4% through 2027. The rising incidence of bariatric surgery is credited to increasing obesity and overweight among the population, adoption of a sedentary lifestyle along with unhealthy diet, alcohol, and drug abuse. The American Society for Metabolic & Bariatric Surgery (ASMBS) reported that in 2019 there have been 256,000 total bariatric surgeries operated in the U.S. The unhealthy lifestyle has led to obesity which is the significant reason behind bariatric surgeries and obesity-related morbidities. The high prevalence of obesity will drive the demand for bariatric surgery, thereby propelling the market growth of endoluminal suturing devices over the forecast timeframe.