Endoscopic Clips Market: North America to Retain Market Hegemony, Asia-Pacific to Register Prolific Growth
The scope of endoscopic treatment has witnessed an upsurge in recent years, attributed to rising cases of various internal diseases. Endoscopic clips are widely used in closing perforations, lesions and bleeding arteries. This extensive utilization has prompted several companies to invest heavily in designing diverse endoscopic clips, endowed with state-of-the-art modern technology, such as computer-aided surgical sedation.
Based on these trends, the global endoscopic clips market is set to witness an upswing during the forecast period (2020-2026). Projections indicate an impressive CAGR of 7.3%, pegged to reach a value pool of US$ 617.0 Mn. Other generic factors such as an increased geriatric population pool and rising cases of disease requiring endoscopic treatment are also expected to drive the growth of the endoscopic clips market.
Key Takeaways of Global Endoscopic Clips Market Study:
- Hemostatic Endoscopy is set to capture the maximum market share in terms of application. This is attributed to its importance in stemming bleeding and wound healing. The hemostasis segment is anticipated to account for almost half the market, expanding at a CAGR of 7.8%.
- Hospitals are anticipated to register maximum usage of hemostatic endoscopic clips during the forecast period, reaching a value of US$ 333.9 Mn by 2026. A staggering CAGR of 7.8% is projected for this segment. Favorable reimbursement plans and increase in the number of treatment cases shall augment hospitals’ market share.
- North America shall remain the kingpin in the global endoscopic clips market. Investments in technologically-rich research and treatment platforms, large market presence of key manufacturers and increasing prevalence of GI tract cancers is augmenting North America’s market share. The region is anticipated to capture almost two-fifth of the marker share, expanding at a CAGR of 7.2% during the forecast period.
- East-Asia shows impressive growth opportunity in the endoscopic clips market. An untapped market combined with robust economic development and a burgeoning health sector are set to drive market growth in this region. Projections indicate a robust CAGR of 7.6% in the forecast period.
- Rising COVID-19 cases are anticipated to hamper market growth. This is attributed to the call for delaying elective procedures in favor of emergency ones.
- Leading endoscopic clips manufacturers have taken proactive steps to limit the spread of the disease. Cook Medical, for instance, has encouraged its employees to work remotely while visitors are strongly discouraged from visiting manufacturing facilities.
- Boston Scientific is a beneficiary of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The act offers economic support to healthcare providers by covering COVID-19 treatment costs and covering up lost revenue due to delayed elective procedures. Likewise, Olympus Corporation has restricted endoscopic clips production and urged its employees to work from home.
“The global endoscopic clips market is anticipated to remain on a positive growth trajectory in the future. Ongoing research and development in advanced endoscopy procedures and product launches are anticipated to provide a boost to the market,” concludes a Fact.MR analyst.
Broad Market Presence and Cross Selling Opportunities to Boost Market Growth
Highly consolidated, the global endoscopic clips market is dominated by three players: Boston Scientific Corporation, Cook Medical and Olympus Corporation. These companies concentrate on broad market presence, cross-selling opportunities, and new product launches.
Boston Scientific Corporation’s radiopaque Resolution Clip is designed for hemostasis, endoscopic marking, closure and anchoring of jejunal feeding tubes. It also carries a CE-mark prophylactic clipping to reduce the risk of delayed bleeding post lesion resection. Moreover, the device is equipped with a pushable sheath construction and smooth needle penetration to reduce trauma to the patient.
Another leader, Olympus Corporation, manufactures the QuickClip series endoscopes like the QuickClip2- Single use rotatable clip fixing devices, QuickClip2 Long and EZ Clips.
They offer precise rotation providing exclusive control in orienting the clip, increased flexibility and easy penetration and channel protection. The third player, Cook Medical, manufactures endoscopic clips through its Instinct Endoscopic Hemoclip series, suitable for endoscopic marking, hemostasis and mucosal/submucosal defects less than 3 cm in the upper GI tract.
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