The surgical clips market is projected to register a CAGR of 5.2% over the forecast period. The increasing number of surgical procedures, primarily due to injuries during sports activities, accidents, and cardiac surgeries, owing to the high prevalence of cardiovascular diseases and other chronic conditions where the surgery is being suggested as mandatory, is the major factor driving the growth of the market studied. The developing countries such as India are also witnessing a high number of surgical procedures which is augmenting the demand for surgical clips across such countries. According to the All India Institute of Medical Science (AIIMS), the institute performed 1.94 lakh surgeries in 2018, recording the highest number of surgeries performed across the world in 2018. Furthermore, the increasing geriatric population is boosting the market growth.
Key Market Trends
Ligating Clips Segment is Dominating the Surgical Clips Market
The demand for ligation clips is increasing in the market and it is estimated to increase during the forecast period. The major share of the segment can be attributed to the increasing number of surgeries and the increasing geriatric population. According to the European Union Statistics, during 2016-2017, in Germany, hip replacement surgery was performed for 304 times per 100,000 individuals. In Austria and Finland, it was around 273 and 265 per 100,000, respectively. According to Eurostat, about 1.4 million cesarean sections were performed in the EU region in 2017. Furthermore, there is an increase, in terms of reported surgeries, in recent years by most EU Member States, primarily for appendectomies performed using keyhole surgery. The statistics mentioned above indicate that the increasing number of surgeries is propelling the segment growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market is witnessing growth, due to factors, such as the presence of key players, high prevalence of accidents and trauma in the region, and established healthcare infrastructure. In this region, the United States has the maximum share, due to supportive healthcare policies, a high number of patients, and a developed healthcare market. According to the Journal of Infectious Disease Adviser, about 27 million surgical procedures are performed in the United States each year. As per the statistics, the increasing number of surgeries and increasing disposable revenue in this country are the factors that are expected to boost the growth of the market in the region.
The surgical clips market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Ackermann Medical GmbH & Co, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Johnson & Johnson, Lemaitre Vascular Inc., Medtronic PLC, Scanlan International, and Teleflex Incorporated.
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