ALBANY, N.Y, Jan. 21, 2021 /PRNewswire/ -- A rise in the number of minimally invasive procedures along with surgical procedures is foreseen to trigger expansion of the global ligation devices market over the timeframe of analysis, from 2020 to 2028. There has been increasing cases of cardiac, urological, gynecological, and gastrointestinal surgery procedures requiring ligation devices for treatment and diagnosis. In addition, there has been considerable prevalence in aging related diseases, which is likely to open up avenues of growth for the global ligation devices market over the analysis timeframe, from 2020 to 2028. Rising demand for endoscopic procedures is anticipated to be another growth factor for the market.
Ligation device is usually utilized in tying a blood vessel or duct in a bid to avert bleeding during a medical or surgical process. These devices are made in such a fashion that it offers optimum surgical experience to patients. Ligation devices find use in urological, gynecological, cardiovascular, gastrointestinal and abdominal surgeries. Assisting healthcare practitioners attain good grip of tissue during the process of minimally invasive placement of ligation devices and surgeries is emerging as an important focus area of market participants. As such, players in the global ligation devices market are tweaking their technical and engineering expertise to better medical outcomes.
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The global ligation devices market is estimated to be considerably influenced by its increasing use in endoscopic procedures. The market is estimated to expand at a growth rate of ~6% CAGR over the forecast period, from 2020 to2028.
Key Findings of Ligation Devices Market Study
Increased Demand for Use in Treatment Procedures to Accelerate Market Growth
In addition to use of ligation devices in urological and gynecological surgeries, companies in the global ligation devices market are making use of the demand generated by the treatment procedure of varicose veins. Such treatments are creating new streams of revenue generation by bettering the capabilities of production and come up with self-ligating orthodontic brackets. Besides, growing popularity of precision ablation utilizing vessel ligation devices is likely to emerge as another growth factor for the global ligation devices market over the forecast timeline, from 2020 to 2028.
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Increased Government Support for Elective Surgeries to Bolster Demand
Many countries, especially in Europe, support elective surgeries as these surgeries are chosen by patients. Governments are making considerable investment to offer hassle-free access to patients for availing these surgeries. Rise in incidences of chronic diseases together with an increasing number of patients opting for surgeries has caused much of a technical and financial burden on the global healthcare systems. In addition, shortage of hospital beds, doctors and other resources have further augmented the problem. As such, government agencies are taking initiatives and providing grants, funds to hospital, and other medical organizations to better access to elective surgeries. These initiatives are meant to lessen healthcare cost and waiting times. All these factors are likely to play important role in fostering growth of the global ligation devices market in the forthcoming years.
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High Cost of Ligation Devices to Restrain Growth of the Market
The price of ligation devices and various other surgical devices are quite high, which exerts considerable financial burden on both the healthcare system and the patient. Besides, government programs and insurance companies cover a part of the expenses but not the entire cost. This factor is estimated to restrain growth of the global ligation devices market in the near future.
Ligation Devices Market: Key Driving Factors
- Long procedure of FDA approval and strict regulatory requirements discourage makers of litigation devices in the U.S. and they explore options in other regions to introduce their products.
- Ligation devices find extensive use in minimal invasive surgeries in various fields, such as laparoscopic procedures, gynecology, flexible endoscopic procedures, vascular disease, and others
Ligation Devices Market: Key Market Participants
Some of the prominent industry players in the global ligation devices market are Teleflex Incorporated, B. Braun Melsungen AG, Stryker Corporation, Genicon, Inc., Olympus Corporation, and Medtronic Plc.
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
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