Market Trends of Global Surgical Clips Industry
This section covers the major market trends shaping the Surgical Clips Market according to our research experts:
The Ligating Clips Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The demand for ligating clips is increasing in the market and is estimated to rise further during the forecast period. The growth of the ligating clips market is majorly attributed to the increasing number of surgeries and the growing burden of the geriatric population. These clips are made specifically for tying tubular structures and are used in both open and laparoscopic surgery to ligate organs and blood arteries.
According to the April 2021 data of the University of Alabama at Birmingham, every year, about 350,000 CABG surgeries are performed in the United States. This high number of procedures is expected to increase with the country's rising burden of cardiovascular diseases and boost growth in the studied segment.
Furthermore, the high prevalence of cancer is estimated to propel the segment's growth as the majority of patients undergo some type of surgery to treat their cancer. For instance, according to the Canadian Cancer Statistics November 2021 report, an estimated 2 in 5 Canadians are likely to be diagnosed with cancer in their lifetime. It stated that an estimated 229,200 Canadians was predicted to be diagnosed with cancer in 2021. Thus the high prevalence of cancer is estimated to propel the usage of ligating clips for surgical interventions.
Therefore, due to the factors such as the high burden of cancer and cardiovascular disorders, the market studied is expected to grow in the segment over the forecast period.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
North America is expected to hold a significant market share owing to factors such as the rising incidence of chronic diseases, growing geriatric population, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the region.
According to an article published in the Canadian Society of Intestinal Research and updated in September 2021, diverticular disease occurs when small sac-like protrusions develop along the gastrointestinal tract. It affects 5% of the western adult population younger than 40 years of age but affects 50% of those aged 60 years and above and rises to 65% in those aged 85 years and above. It is also reported that constipation affects 15% of the Canadian population but is much more common in older individuals, affecting 13% of those aged 30-64 years and 23% of those aged 65-93 years. Also, as per the American Cancer Society report, there will be an estimated 106,180 new colon cancer cases in the United States in 2022. The high burden of gastrointestinal diseases such as appendicitis and colon cancer among the older population commonly requires surgical procedures, which use surgical clips during the process and propel the growth of the studied market.
Additionally, the high healthcare expenditure by government bodies contributes to market growth. For instance, as per the Canadian Institute of Health Information 2021 article, total health expenditure in Canada rose to over USD 308 billion in 2021. The high healthcare expenditure is expected to create growth opportunities for various surgical interventions in the region, which is ultimately expected to propel the market growth.
Thus, owing to the increasing number of surgical procedures and new product approvals, the surgical clips market is expected to grow over the forecast period in North America.
