The anastomosis devices market is estimated to be valued at US$ 22.4 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anastomosis devices are used to connect or reattach tubular organs or tissues such as blood vessels, respiratory ducts, gastrointestinal tract during surgical procedures. Key applications of anastomosis devices include coronary artery bypass grafting, gastrointestinal surgery and vascular surgery. Technological advancements resulting in minimally invasive procedures have increased adoption of anastomosis devices.
Market Dynamics:
Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases is a key factor driving growth of the anastomosis devices market. For instance, according to World Health Organization, cardiovascular diseases are the number 1 cause of deaths globally, taking an estimated 17.9 million lives each year. Moreover, according to Global Burden of Disease Cancer Collaboration, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths occurred globally.
Other major driver influencing growth of the market is increasing number of surgical procedures. For instance, according to American Cancer Society, in 2022 over 1.9 million new cancer cases are expected to be diagnosed in the U.S. Factors such as growing geriatric population coupled with rise in medical tourism are also boosting the market growth. However, high cost of minimally invasive surgeries may hamper market growth over the forecast period.
SWOT Analysis
Strength: Anastomosis devices market is expected to witness high growth due to increaasing chronic diseases, growing geriatric population and rising number of surgeries. Anastomosis devices offers minimal invasive surgeries, reduced hospital stay and quick recovery time for patients which drives their adoption. Standardization of product design further ensure consistency in performance.
Weakness: High price of innovative designed anastomosis devices limits their adoption in cost sensitive regions. Requirement of trained medical professionals for handling these devices adds to installation and maintenance cost.
Opportunity: Rising healthcare expediture of developing countries and growing medical tourism provides new opportunities. Development of bio-absorbable anastomosis materials reduces need for secondary surgery andoffer new prospects.
Threats: Presence of alternative traditional and minimally invasive surgergy methods restrict market potential. Stringent regulations for approval delays product launch and affect marginal players.
Key Takeaways
The Global Anastomosis Devices Market Share is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing prevalence of target chronic diseases and rising number of surgeries. The market size for 2023 is US$ 22.4 Mn.
Regional analysis
North America dominates the global Anastomosis Devices market and is estimated to continue its dominance over the forecast period. This is attributed to growing aging population, rising obesity prevalence leading to various health issues, and supportive healthcare infrastructure in the region. The Asia Pacific region is expected to exhibit fastest growth owing to increasing healthcare spending, large patient pool and growing medical tourism in the region.
Key players
Key players operating in the Anastomosis Devices market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others. Medtronic dominates the market owing to strong portfolio of innovative anastomosis products and global brand presence.
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