Global Vessel Sealing Devices Market Overview
The key driver impacting the vessel sealing devices market is the expanding number of surgeries globally. The majorly performed surgeries include general surgery, urological surgery, cardiovascular surgery, gynecology surgery, cardiovascular surgery, and orthopedic surgery is boosting demand for vessel sealing devices in the forecast period. For instance, As per the National Quality Forum, there was a rise of 300 percent during the ten years (1996 to 2006) in the rate of surgeries at freestanding ambulatory surgery centers. In 2006, around 53.3 million non-surgical and surgical procedures were performed in the U.S. Moreover, the key players growing focus towards increasing the safety and minimizing the risk of infection on using these devices is also estimated to be a significant determinant that adds growth to the market.
According to Value Market Research, the global vessel sealing devices market was valued at around USD 3500 million in 2019 and is estimated to grow at a CAGR of about 5% during the forecast period of 2020-2026.
The huge investment in surgical instruments segment by hospitals and growing research and development activities in developing technologically advanced products is predictable to enhance market demand in the forecast period. However, the high cost of the instruments may hamper the global vessel sealing devices industry in the long run. Also, complications arising after using the devices are negatively impacting the market. The current industry trend, such as the increase in the number of skilled personnel to perform various surgeries and the growing demand for technologically advanced instruments, is expected to provide beneficial market opportunities for the key market players in the coming years.
The vessel sealing devices market is vast, with a large number of local and global players. The key leaders follow numerous strategies to enhance their market position, such as acquisitions, extending product portfolio, expansions, mergers, and product innovations to strengthen their market share at the global scale. For example, Olympus Corporation had launched DualKnife JTM 2 in 2016, which enabled health care providers to perform surgical procedures efficiently. The important players included in the report are Medtronic, Bovie Medical Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Ebre Elektromedizin GmbH, Symmetry Surgical, Inc., Olympus Corporation, Ethicon (a Johnson and Johnson Company), OmniGuide Holdings, Inc., CONMED, JustRight Surgical, LLC., KLS Martin.
In this research report, the vessel sealing devices market is segmented by energy, applications, end-user, and region.
Analysis by Energy:
By energy, the report is categorized into bipolar, ultrasonic, hybrid, and others. The bipolar vessel sealing devices dominates the energy segment in 2019 with a maximum market share of 30%. It is due to the rising advancement in the bipolar vessel sealing devices with the growing usage in human and veterinary medicine to minimizes the operation time and intraoperative blood loss. Moreover, the growing usage of bipolar vessel sealing devices for laparoscopic surgery is also contributes to the Bipolar vessel sealing devices segment's growth in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into hospitals, specialty clinics, and ambulatory surgical centers. The Hospital segment is accounted for the largest share of 45% in 2019. It is due to the growing demand for vessel sealing devices from hospitals as there is a significant increase observed in the number of patients undergoing surgical procedures. Moreover, the presence of many skilled and highly qualified doctors at the hospital contributes to the hospital segment's growth in the forecast period.
Analysis by Applications:
By applications, the report is categorized into general surgery, urological surgery, cardiovascular surgery, gynecology surgery, orthopedic surgery, and others. Vessel sealing devices are majorly utilized for minimally invasive surgeries in the field of vascular diseases, gynecology, open surgery, urology, and flexible endoscopic procedures. Conventionally it is used in open as well as laparoscopic surgical procedures by surgeons globally.
Analysis by Region:
In the regional outlook of the global vessel sealing devices market, the North America region dominates with a maximum market share of 30% in 2019. It is due to the increase in the number of approvals for new devices by the U.S. FDA, coupled with the massive adoption of surgical instruments and devices with advanced energy in the U.S region. Moreover, the increasing percentage of minimally invasive surgical procedures executed in the U.S. and Canada contributes to the vessel sealing devices market growth across North America.
Market Segmentation covered in the Report:
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
- Ambulatory Surgical Centers
- General Surgery
- Urological Surgery
- Cardiovascular Surgery
- Gynecology Surgery
- Orthopedic Surgery
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.