Market Size of Endoscopic Clips Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Endoscopic Clips Market Analysis
The Endoscopic Clips Market is anticipated to witness a CAGR of nearly 7.0% during the forecast period.
Several communities, industries, and businesses were affected during COVID-19 as a result of restrictions and curfew. Most elective and non-urgent surgeries were postponed during the pandemic as the healthcare infrastructure was reserved for the treatment of COVID-19 patients. As a result, all surgical departments around the world saw a significant decrease in the number of procedures conducted during the pandemic. According to the study published in the Journal of Clinical and Translational Gastroenterology in June 2021, by the Clinical and Translational Gastroenterology, non-urgent endoscopic treatments were postponed due to contamination concerns. The study found that endoscopy was the most often postponed operation during the COVID-19 pandemic. As a result, the COVID-19 pandemic had a considerable impact on market growth in its early stages. However, the post-COVID-19 situation is likely to have huge growth as pending procedures will increase in the surgical volume.
The major factors attributing to the growth of the endoscopic clips market are increasing in the geriatric population and a rise in the global prevalence of gastrointestinal (GI) bleeding disorders such as colorectal and pancreatic cancers, inflammatory bowel disease, gastroesophageal reflux disease (GERD), cardiac vessel bleedings, and gastrointestinal hemorrhages with the increasing geriatric population. According to the WHO Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is aging at a much faster rate than in the past. Additionally, according to the American Cancer Society's Statistics 2021, with 60,430 new cases and 48,220 fatalities, pancreatic cancer was the third most frequent cancer in the United States. Thus, the growing geriatric population and rising incidence of GI bleeding disorders are expected to boost the market growth over the forecast period.
Furthermore, the strategic initiatives taken by the market players are also expected to propel the growth of the market segment. For instance, in January 2022, Cook Medical's Instinct Plus Endoscopic Clipping Device was made commercially available to physicians in the United States. The new clipping device, based on the design of the original Instinct Endoscopic Clip, features smoother operation and responsive handling, strong clip retention and expanded indications beyond hemostasis and endoscopic marking, including compatibility through a side-viewing scope (also known as a duodenoscope), applications for defect closure, anchoring procedures, and prophylactic clipping in the gastrointestinal (GI) tract.
Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, stringent regulatory reforms and patient safety concerns due to severe risks associated with endoscopic clips may restrain the market growth over the forecast period.
