Key Technological Innovations to Bolster Prospects of Endoscopic Clips Market, Market to Register Slowdown amid COVID-19 Pandemic, Opines Fact.MR
Technological innovations in medical imaging devices have immensely boosted the endoscopy market. For example, Johnson & Johnson has acquired critical pre-market approval for using computer-aided surgical sedation devices in endoscopic procedures. Robot assisted endoscopic procedures have also created a paradigm shift in the endoscopic devices market.
Such important developments in endoscopy are expected to leverage the market during the forecast period (2020-2026). The global endoscopic clips market is anticipated to register a staggering CAGR of 7.3%, reaching a value of US$ 617.0 Mn. Production of endoscopic clips is anticipated to plummet during the COVID-19 pandemic, owing to delay in elective procedures and subsequently a dip in demand.
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Hemostasis to find Widespread Application, Endoscopic Markers Trailing Behind
The Hemostasis segment is project to capture the majority of the endoscopic clips market share during the forecast period. Additionally, hemostatic endoscopic clips provide good mucosal adherence and tissue retention. The Hemostasis segment is projected to account for almost half the endoscopic clips market share, expanding at a CAGR of 7.8%.
Trailing behind is the Endoscopic Markers segment, anticipated to expand at a CAGR of 7.5% during the forecast period. The need to perfectly mark an area before any surgical or minimally invasive surgical procedure in order to minimize the risk of bleeding is expected to leverage the endoscopic marker’s market share. Endoscopic Markers are expected to capture one-third of the total endoscopic clips market in the forecast period.
North America to Retain Market Hegemony, Asia-Pacific to Register Prolific Growth
North America is set emerge as the leader in the global endoscopic clips market, constituting almost two-fifth of the total market. Investments in technologically-enhanced research and treatment platforms, rising incidence of cancers and GI tract disorders and presence of a large number of endoscopic clip manufacturers in the region are projected to be key growth drivers.
Expected CAGR for the forecast period is pegged at an impressive 7.2%. More than half of the North American market uses Hemostatic endoscopy as a preferred application, owing to its low cost, speedy recovery and reduced need for open surgery procedures.
Prolific growth opportunities exist for the Asia-Pacific region, set to expand at a CAGR of 7.6% throughout the forecast period. Robust economic development, large untapped market and burgeoning health sectors have made the endoscopic clips market highly lucrative in the Asia-Pacific. In terms of application, the hemostasis segment is anticipated to capture more than two-fifth of the total endoscopic clips market.
Broad Market Presence and Product Launches to Determine Competition Landscape
The global endoscopic clips market is highly consolidated with the presence of three key market players: Boston Scientific Corporation, Cook Medical and Olympus Corporation. Broad market presence, cross-selling opportunity, comprehensive product portfolio, and new product launches are the main approaches of the abovementioned market players. Boston Scientific Corporation manufactures the radiopaque Resolution Clip which is designed for hemostasis, endoscopic marking, closure and anchoring of jejunal feeding tubes.
Another leader, Olympus Corporation, manufactures endoscopes QuickClip2- Single-use rotatable clip fixing devices, QuickClip2 Long and EZ Clips. The QuickClip series offers a range of benefits, such as precise rotation which provides exclusive control in orienting the clip, increased strength and flexibility and easy penetration and channel protection.
The third player, Cook Medical, manufactures endoscopic clips through its Instinct Endoscopic Hemoclip series. This series is suitable for endoscopic marking, hemostasis and mucosal/submucosal defects less than 3 cm in the upper GI tract.
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COVID-19 Impact Analysis:
The ongoing COVID-19 pandemic has significant ramifications on the endoscopic clips market. In general, endoscopy departments face significant risk for diffusion of respiratory diseases that can be spread through an airborne route. This includes aspirations of oral and fecal material via endoscopes.
Postponement of elective endoscopy procedures is anticipated to affect the production of endoscopic clips. This is attributed to rising number of COVID-19 infections. Since these patients require urgent care, availability of hospital beds and equipment is more.
Important endoscopic clips manufacturers are taking extensive precautions. Cook Medical, a leading endoscopic clips market player, is ensuring that critical medical supplies are not disrupted. Employees are encouraged to work remotely and any outside visits to the manufacturing facility is strongly discouraged. Focus has shifted towards the production of more critical care products for COVID-19 than endoscopic clips.
Similarly, Boston Scientific Corporation 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 clip production and urged its employees to work from home.
The global endoscopic clips market is bolstered by rapid technological advancements in imaging techniques. Moreover, introduction of automation and robotics in endoscopic surgeries is anticipated to provide a tremendous boost. Hemostasis and endoscopic marking are poised to find important applications for endoscopic clips.
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Global Endoscopic Clips Market: Report Scope:
The recent study on global endoscopic clips market by Fact.MR offers a 6-year forecast period from 2020 to 2026. The study incorporates the key drivers, restraints and opportunities for the growth of endoscopic clips market. The report has been complied after conducting a thorough study of each segment in terms of their value, growth and market attractiveness. The segmentation is done on the basis of application and end-users.
A detailed regional landscape has been mapped, analyzing possible future growth trends across the various segments highlighted above. Regional segmentation has been done based on the following geographies: North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
In addition, an in-depth analysis of the competitive landscape has also been incorporated. This section includes key players’ growth strategies, their revenue and market share as well as an analysis of their strengths, weaknesses, opportunities and threats.
Global Endoscopic Clips Market Segmentation
Fact.MR has studied the global endoscopic clips market with detailed segmentation on the basis of application, end-users and key regions.
By Application :
- Endoscopic marking
- Mucosal/Sub-mucosal defects
- Bleeding ulcers
- Bleeding arteries
- Polypectomy sites
By End-users :
- Ambulatory surgical centers
By Key Regions :
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East & Africa (MEA)
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