Ligation Devices Market | Ongoing Trends and Recent Developments | Major Key Players like Teleflex Incorporated (US), Olympus (Japan), Applied Medical (US)

Growth in this market is mainly driven by the increasing prevalence of diseases requiring surgical treatment, especially minimally invasive surgery (MIS).

What the Market Looks Like?

Predicted to grow at a CAGR of 6.3% during the forecast period, the global ligation devices market is estimated to reach USD 1,189 million by the end of 2024. However, the high cost of ligation devices is a major restraint for this market, particularly in emerging countries.

By product, the ligation devices market is segmented into handheld instruments and accessories. The accessories segment accounted for a share of 68.2% in 2018 and is anticipated to grow at a CAGR of 6.9% during the forecast period. This growth can be attributed to the increasing number of surgical procedures, especially in emerging markets.

Based on applications, the ligation devices market is segmented into gastrointestinal & abdominal surgeries, gynecological surgeries, cardiovascular surgeries, urological surgeries, and other applications such as wound, ENT, and cosmetic applications. The cardiovascular surgeries segment is anticipated to drive growth in the market at a CAGR of 6.9% over the forecast period. This growth can be attributed to the increase in the incidence of cardiovascular diseases. Additionally, with technological advancements in cardiovascular robotic surgery, the demand for ligation devices is anticipated to increase.

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What Drives the Market?

The growth of the global market for ligation devices is primarily influenced by the following factors:

• Growing Demand for Minimally Invasive Surgery
• High Price of Ligation Devices
• Growth Potential in Emerging Economies

Geographical growth scenario of Ligation Devices Market:

North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the large patient population and increasing infrastructural development in the region.

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Recent developments:

• In 2018, Genicon, Inc. entered into a distribution agreement with Greenpine Pharma, China to distribute its complete range of products in China.
• In 2017, B.Braun opened 5 new production and administration facilities in Penang to cater to end users in Malaysia. The company aims to manufacture medical devices for infusion therapy, pharmaceutical solutions, and surgical instruments in these facilities.

Leading market players and strategies adopted:

Ethicon (Johnson and Johnson) (US), Teleflex Incorporated (US), Olympus (Japan), Applied Medical (US), ConMed (US), Cooper Surgical (US), Genicon (US), Grena Think Medical (UK), B.Braun (Germany), and Medtronic (Ireland).

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This release was published on openPR.