Ligation Devices Market Revenue Status and Outlook 2020-2028
Transparency Market Research has published a new report titled, ‘Global Ligation Devices Market’. According to the report, the global ligation devices market was valued at US$ 913.6 Mn in 2019 and is projected to expand at a CAGR of 6% from 2020 to 2028. Ligation is used to close or re-join a wound or an area of operation, such as a vessel, a nerve, or tissue. A variety of sutures and clips as well as suture needles and ligating instruments are available.
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Ligation is used in cardiovascular, ophthalmic, and neurological procedures. It may be used to effect hemostasis or to close off a structure to prevent leakage. It is necessary to ligate a blood vessel or tissue grasped in a hemostatic clamp to achieve hemostasis in the operative field. The safety of clips used in ligation is mainly achieved by deep indentation of the metal bar with a high retention force. Safety concerns have prompted a tremendous advance in vessel ligation devices.
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In terms of product, the global ligation devices market has been segmented into ligation devices and accessories. The accessories segment captured the largest market share in 2018. The segment is expected to expand at the highest CAGR during the forecast period, owing to rise in need & demand for diagnosis by patients. Based on surgery, the global ligation devices market has been divided into minimally invasive surgery and open surgery. The minimally invasive surgery segment captured the largest market share in 2019.
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Ligation Devices Market: Prominent Regions
North America held a major share of the global ligation devices market in 2019. Highly structured healthcare industry, presence of key players, and growth strategies of these players are the major factors driving the market in the region. Rise in awareness about benefits of procedures and increase in healthcare expenditure also contribute to the growth of the market in North America. Asia Pacific held the second largest share of the global ligation devices market in 2019.
Growth of the ligation devices market in the region can be attributed to rise in prevalence of chronic diseases and well-developed healthcare sector in the region. The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Increase in number of people with cardiovascular diseases, product approvals, and rise in awareness about cardiovascular diseases, which ultimately leads to regular checkup and diagnosis, are factors anticipated to fuel the growth of the ligation devices market in the region.
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Ligation Devices Market: Key Players
Key players are expanding their footprint to strengthen their positions in the global ligation devices market. Gradual increase in surgical procedures, which includes ligation devices globally offers lucrative opportunities to key players to increase their share in the ligation devices market. Hence, manufacturers are engaging in new product development, collaborations, and distribution to gain market share. Leading players operating in the global ligation devices market include Ethicon (Johnson & Johnson), Medtronic Plc, B. Braun Melsungen AG, CONMED Corporation, Teleflex Incorporated, Olympus Corporation, Applied Medical, Genicon, Inc., Grena Think Medical, and Stryker.
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