Market Trends of Endoscopic Clips Industry
This section covers the major market trends shaping the Endoscopic Clips Market according to our research experts:
Hemostasis Expected to See Notable Growth in the Endoscopic Clips Market
Hemostasis clips are used to stop bleeding in the gastrointestinal tract. This is usually done after removing polyps from the colon or to cure a bleeding ulcer. Polyps are tiny tissue growths that might be noticed during a GI treatment. The segment is driven by the rising prevalence of GI bleeding diseases and product launches by the key market players.
According to the study published by the National Library of Medicine in July 2022, gastroesophageal reflux disease (GERD) is one of the most common chronic gastrointestinal disorders, affecting around 20% of people in western countries. It is defined by the regurgitation of gastric contents into the esophagus. As a result, this frequent ailment among the target group is predicted to raise disease awareness, leading to treatment and diagnosis. As a result, it is likely to propel market expansion throughout the forecast period.
Additionally, market participants concentrating on the launch of cutting-edge items are fostering market expansion. For instance, in May 2022, Micro-Tech Endoscopy introduced the largest clip in its Lockado line of hemostasis clips. Its ease of use and procedural benefits made it popular among Microtech customers. The thumb ring allows for easy deployment, while the rotating grip allows for 360 degrees of controlled rotation. The new Lockado hemostasis clip provides clinicians with the same accuracy, dependability, and confidence as the rest of the Micro-Tech hemostasis clip portfolio but with a wider reach. Thus, the launch of such a hemostasis clip in the market is expected to significantly contribute to the segment's growth.
North America Expected to See Significant Growth in the Forecast Period
North America is expected to witness significant growth in the overall endoscopic clips market throughout the forecast period. The dominance is due to the rise in arterial bleeding among cardiac patients and GI-related surgeries in the United States, which holds the largest market share due to the presence of a huge patient population. For instance, according to a study published by the Surgical Endoscopy in November 2021, laparoscopic cholecystectomy was the most common abdominal surgical treatment in the United States, with over 750,000 surgeries performed annually. Additionally, as per the study published in the National Library of Medicine in January 2021, in the United States, around 17.7 million endoscopic procedures (EPs) were performed each year. Surgeries like these are expected to increase the demand for endoscopic clips, thereby contributing to market growth.
Moreover, several key market players have also focused on the launch of innovative endoscopic clips in the nation, adding to the market's growth. For instance, in April 2022, SonoScape Medical Corp. announced that the US FDA approved its video endoscopy system HD-550 for gastrointestinal diagnosis.
As a result of the increasing number of surgical procedures and new product approvals, the endoscopic clips market in North America is likely to rise during the forecast period.
