Endoluminal Suturing Devices Market To Generate $258.1 Million Revenue by 2030

The global endoluminal suturing devices market revenue is expected to reach USD 258.1 million by 2030, exhibiting a CAGR of 12.3% during 2022–2030. This can be attributed to the rise in the number of surgeries, an increase in the demand for minimally invasive operations, and technological enhancements.

There has been a significant desire for minimally invasive surgical (MIS) operations, which has led to enhancements in technology in this particular field. For instance, intracorporeal suturing has now been simpler to learn as a result of the development of three-dimensional robotic suturing, largely due to its intuitiveness and the greater degree of wrist mobility provided by robotic wrists.

In order to increase their share in the industry, key companies are concentrating on various development strategies, such as acquisitions and mergers, partnerships and collaborations, and new product releases. For instance, the FDA granted 510(k) approval to Endo Tools Therapeutics S.A. for the Endomina System in 2021.

Increased Demand for Surgical Procedures Drives the Industry

There has been a remarkable rise in demand for surgical operations all around the world, which would result in driving the sector’s growth remarkably. Open, abdominal, endoscopy, and other gastrointestinal surgeries frequently require these suturing devices. The cost and availability of surgeries have improved over time, which has resulted in the rising need for operational processes involving these devices. In addition, the demand for cutting-edge surgical tools, particularly suturing equipment, has expanded further as a result of the rising frequency of lifestyle illnesses.

Furthermore, there has been a substantial boom in the demand for MIS procedures, especially for weight loss purposes. These techniques are widely used by patients, as they are less expensive than traditional and in-patient open surgeries with the same results. Thus, these factors drive the demand for endoluminal suturing systems.

Hospitals Are the Largest End Users in the Industry

With around 60% revenue share in 2022, the hospitals category dominates the market, globally. This is ascribed to the growing prevalence of chronic illness and bariatric procedures, advancements in healthcare infrastructure, the presence of a large patient base and qualified medical personnel, and the expanding private and public healthcare financing.

Whereas, the ambulatory surgical centers category is expected to expand at the highest CAGR, of 14%, during the forecast period. This can be attributed to the increasing need for MIS procedures and shortened hospital stays in these settings, Additionally, more outpatient procedures are now possible owing to technological advancements in endoluminal surgeries. As compared to hospital fees, these centers' surgical costs are substantially lower, saving both patients and insurance companies a lot of money.

On the other hand, clinics hold a significant share as well. This is because clinics provide immediate assistance, are cost-effective in nature, and have less waiting time for treatment.

North America Accounts for Largest Revenue Share

In 2022, North America held the largest revenue share, around 45%, in the industry. This is due to a sizable patient base, advantageous reimbursement schemes, and an increase in the demand for bariatric procedures in the region. In addition, the availability of a highly advanced healthcare system, a boost in the volume of operations, an increase in the number of medical procedures performed at ambulatory surgery centers, and the presence of major competitors in the area all contribute to the regional market growth.

Key players in the market include Apollo Endosurgery Inc., Johnson & Johnson, Boston Scientific Corporation, Medtronic plc, Cook Group Incorporated, USGI Medical Inc., Stryker Corporation, ErgoSuture, and Sutrue Ltd.